For the PEO industry, I’d like to thank the Workers’ Compensation Institute (“WCI”) Co-Founders/Co-Chairmen Mr. James McConnaughhay and Mr. Steven Rissman for their long-term support of Professional Employer Organizations (“PEOs”). Over the years, Steve and Jim have provided PEOs and their extended family a forum to discuss matters of importance with the backdrop being the overall workers’ compensation market and all players of significance within it. There is nothing even close to this educational conference for any line of insurance in size and scope. Jim and Steve – nice job my friends in continuing to grow and expand an already outstanding event!
On that very theme, the WCI in conjunction with the National Council of Compensation Insurance (“NCCI”) held the very first Agent Breakout Educational Session. The summary of this two day event from the WCI site is as follows:
“The traditional role of the insurance agent in the workers’ compensation system is to sell a policy of insurance and when a claim is filed, refer the injured worker (assuming the agent even knows about the occurrence of an accident) to the claims department for the insurance company. That hands-off approach has changed for the successful agent dealing in the workers’ compensation system. Whether the impetus is customer retention, providing value added services, or creating increased marketing opportunities, the agent must play a vital role in assisting in the prevention of accidents on-the-job (risk management) or assisting the insured employer in navigating through the ever-increasing difficult tasks of timely complying with statutory and regulatory mandates. A session on Monday, August 18, at the Workers’ Compensation Educational Conference, is designed to help the agent understand workers’ compensation and be able to teach their customers their obligations under the law.”
I was honored to sit on a panel with two of the sponsors of the Agent Breakout Session – Pat Borowski, Senior Vice President of The Professional Insurance Agents of America (“PIA”) and Dennis Pillsbury, Executive Editor of Rough Notes magazine. We discussed areas of interest in the following areas:
Alternative Staffing Trends – The rapid uptick in the usage of both “Temporary Staffing” and PEO models, for what reasons and at what cost(s). Continued confusion between coemployment and contingent labor in light of the Affordable Care Act has spawned very close scrutiny by the actuarial bureaus, the regulators and the legislatures across the country.
Technology and its impact on the management and usage of big data. Quantum leaps in technological advancements coupled with the fact that 25% of all current Insurance Producers will retire by 2017 will create disruptions that will have the fast eat the slow versus the big eating the small.
Employment trends in the areas of oil and gas (fracking) and marijuana cultivation and usage
The need for carriers and agents to share information and data to do a better job for our policyholders. Areas like portfolio management and cost containment are good for everyone if properly aligned.
It was an honor to discuss these issues with Pat and Dennis and I look forward to next year’s agent track and hope to be a part of it again.
To highlight the importance of data management and visualization, RiskMD LLC has provided the following claims study on the Miami metropolitan area. This view contemplates claims frequency and severity for a prominent book of co-employed Workers’ Compensation business and is updated in near real-time per the payroll uploads of its insureds. We look forward to seeing you in beautiful Miami Beach for the 2014 Annual National Association of Professional Employer Organizations (NAPEO) Conference.
