During our time at RIMS 2017, we had Workers’ Comp industry stakeholders participate in WorkCompWire’s “RIMS Review” series, focused on what to look for this year, and key takeaways from the conference! Here’s what Mark Walls, VP Communications & Strategic Analysis at Safety National, Founder of the Work Comp Analysis Group, and Co-Host Out Front Ideas had to say:
What do you believe will be the most significant development in the Worker’s Comp industry for this year?
Based on what we have seen thus far in 2017, my expectation is that industry combined ratios will once again push above 100% in 2017. Rating agencies are concerned about the workers’ compensation line as they see the pricing too low for the long tail losses. We have seen some carriers post substantial reserve increases in 2017 and I suspect we will see more of that as the year continues. Pricing is extremely competitive right now, but this is not sustainable.
What is the top challenge you and your organization are currently working on?
Controlling costs on catastrophic claims is always a challenge. Advances in medical science mean greater survivability of serious injuries and that people with serious injuries can lead a more productive life than other before. But all these advances in medicine are very expensive. The costs associated with catastrophic injury claims has been climbing at a rapid rate and this will continue.
What was one major takeaway for you from this particular RIMS Conference?
I was happy to see so many different sessions focusing on the important role that mental health has in claims management. Mental health is undertreated in both workers’ compensation and society because of the stigma associated with it. But more and more, people are starting to realize the very important role this plays in recovery from injuries and overall productivity of the workforce.
What is one thing you’d like to promote?
Safety National recently launched a new captive product and also guaranteed cost coverage for high-premium accounts. We are also currently developing a cyber liability product that will be launched later this year.
Safety National is a WorkCompWire ad partner.
This is not a paid placement.