Boca Raton, FL – NCCI recentlhy released a new issue of its Industry Roundtable, where president and CEO Bill Donnell engages with workers compensation leaders on critical issues and trends impacting the industry today and in the future.
In this installment, Donnell speaks with Phil Kalin about industry transformation and disruption. Kalin is the president and CEO of Pinnacol Assurance, and the current chair of the American Association of State Compensation Insurance Funds, which represents workers compensation insurance companies from 26 different states, plus 8 workers compensation boards in Canada.
Q. We often speak about the need to transform as an industry to remain relevant. It’s evident that this is something you’ve been committed to as a leader in the past several years. Why do you believe transformation is necessary for the workers compensation industry?
A. We believe that every aspect of how business gets done in every industry is rapidly being disrupted by a variety of market forces, the most powerful being customer expectations of fast, easy, and less expensive products and services. Increasingly, those customer experiences are being provided through customer-centric, digital-first solutions. We believe that our customers and stakeholders in insurance, and specifically, workers compensation, have many of the same expectations that drive the success of Amazon, Uber, Netflix, and other consumer and business services.
These customer expectations are playing out in an increasingly competitive workers comp space. Record low combined ratios have made the line more attractive to both established and new carriers, many of which are using new distribution channels to reach customers. This disruption requires every CEO and leadership team in workers comp to map out and be implementing their own plans for staying ahead of the rapid changes that are accelerating every single day.
Read the full interview: NCCI Industry Roundable: Transformation and Disruption with Phil Kalin