San Francisco, CA – The number 100 can be applied to any number of settings, whether it’s the “Top 100 Companies to Work For” or the “Top 100 Rock ‘n’ Roll Songs of All Time.” But for State Fund, it means 100 years of providing fairly-priced workers’ compensation insurance, making workplaces safe, and restoring injured workers. Throughout our history, we’ve served as an important asset to businesses and employees in tough times and a valued partner in growing economic conditions, and we will be looking back at this track record as we commemorate our centennial year.
A focal point of our centennial is a comprehensive historic and interactive timeline, chronicling noteworthy developments for State Fund between 1914 and 2014. The timeline, which debuted on its Web site on January 15, 2014, will provide an interesting and informative glimpse into the evolution of State Fund, juxtaposed against other important historic events in California’s history.
With 2014 underway, it is safe to say we’ve come a long way since our inception, when the California Legislature created State Fund to provide employers a strong and stable option for workers’ compensation insurance. We remain a reliable provider and vital asset to California businesses. Today we insure more than 120,000 policyholders, administer more than $1.2 billion in premiums, and oversee nearly $20 billion in assets. And, as the workers’ compensation market in California has seen its share of volatility, State Fund has unwaveringly fulfilled its constitutional mandate to provide an available market and has served California’s employers and injured workers for a century.
As State Fund marks this important milestone, the organization is in the midst of transformational change to ensure we are able to continue our successful service to California. During the past several years, State Fund’s Board and staff have worked to improve transparency, accountability, efficiency, and productivity. This work has allowed State Fund to:
- Reduce annual operating costs by more than $260 million;
- Declare policyholder dividends for the past three years, totaling approximately $250 million;
- Develop and institute a new pricing model that improves our ability to accurately price accounts;
- Streamline workflows and launch new technology that improves access to prices and quote speeds; and
- Reduce our inventory of older claims through responsible settlements.
These recent changes represent another chapter in State Fund’s service to California, a century in the making. We have a unique opportunity this year to recognize that where we are today is deeply rooted in the successes and challenges of our past. As we move through 2014 we will connect with our past in a variety of ways, but our primary focus will remain on strengthening our ability to serve California’s employers and employees as an efficient and fairly priced workers’ compensation carrier for the next 100 years.
Source: CA State Fund