current trends in the insurance market workers compensation · source: naic data, sourced from...
TRANSCRIPT
![Page 1: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/1.jpg)
Current Trends in the Insurance Market Workers Compensation William V. Taylor, President of the Pennsylvania Compensation Rating Bureau Joseph C. Peiser, Head of Broking for Willis Towers Watson
![Page 2: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/2.jpg)
Agenda
1a. The state of the PA Workers Compensation Market 1b. The state of the National Workers Compensation Market 2. Trends in Program Design including Reinsurance and captives 3. Current and future “disrupters” to Workers Compensation
2
![Page 3: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/3.jpg)
Workers’ Compensation: State of the Pennsylvania
Market
3
![Page 4: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/4.jpg)
Pennsylvania Workers Compensation Direct Written Premium
4
($ billion)
![Page 5: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/5.jpg)
Pennsylvania Loss Cost Changes Since 2000
5
![Page 6: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/6.jpg)
Indemnity Loss Experience Components Indexed to 1.00 at Policy Year 2003
6 Reference: 4/1/17 Filing, Exhibit 10
Claim Frequency Changing by -4.8% annually
Claim Severity Changing by +2.0% annually
Claim Costs Changing by -2.9% annually
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Inde
x Val
ue
Policy Year
Claim Frequency Trended Frequency Claim Severity
Trended Severity Claim Cost Trended Claim Cost
![Page 7: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/7.jpg)
Medical Loss Experience Components Indexed to 1.00 at Policy Year 2003
7 Reference: 4/1/17 Filing, Exhibit 10
Claim Frequency Changing by -4.8% annually
Claim Costs Changing by -0.7% annually prior to 12/24/15 (HB1846), and -0.9% afterward
Claim Severity Changing by +4.2% annually prior to 12/24/15 (HB1846), and +4.1% afterward
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Inde
x Va
lue
Policy Year
Claim Frequency Trended Frequency Claim Severity
Trended Severity Claim Cost Trended Claim Cost
![Page 8: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/8.jpg)
Pennsylvania Claim Settlement Rates Portion of Reported Indemnity Claims That Are Still Open
8
0.0000
0.0500
0.1000
0.1500
0.2000
0.2500
0.3000
0.3500
0.4000
0.4500
0.5000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Ratio
of O
pen
to R
epor
ted
Policy Year
1st Report 2nd Report 3rd Report 4th Report 7th Report 10th Report
![Page 9: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/9.jpg)
Premium and Costs Summary
Premium has risen steadily since 2010, due to rising payroll.
Loss costs have declined by 39% since 2000, 20% of which is in the last 6 years.
SWIF market share reached a high of 15.6% in 2005 and has declined to 7.9% in 2015.
Claim frequency continues to improve by almost 5% per year.
Overall claim cost trends are also improving by about 3% for indemnity and 1% for medical.
9
![Page 10: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/10.jpg)
Ongoing System Issues
Claim frequency
Indemnity severity
Medical severity
Medical cost containment
Workforce composition
Data collection
Terrorism
10
![Page 11: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/11.jpg)
Workers’ Compensation: State of the National Market
11
![Page 12: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/12.jpg)
Workers’ Compensation and Macroeconomic Trends
12
The WC market is driven by macroeconomic trends. US real GDP has grown at 2.1% since the end of the recession and 15 million jobs have been added to payrolls. Greater output and hiring has resulted in WC exposure growth.
Source: US Bureau of Economic Analysis; US Bureau of Labor Statistics; retrieved from FRED, Federal Reserve Bank of St. Louis.
![Page 13: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/13.jpg)
National Net Premiums Written: 2006-15
13
Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance Information Institute.
As WC exposures have grown, so too have net premiums written. NPW have grown from a local trough of $32 billion in 2010 to $45 billion in 2015.
![Page 14: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/14.jpg)
National Premium Rate Trends
14
Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance Information Institute. Source: Willis Towers Watson quarterly rate survey.
Harder Market
2011 - 2015
Rate Stability
2015 - Present
Progressing towards stability….
![Page 15: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/15.jpg)
National Medical Cost and Prescription Drug Price Inflation
15
Source: PricewaterhouseCoopers Health Research Institute; World Bank, retrieved from FRED, Federal Reserve Bank of St. Louis; AARP Public Policy Institute.
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2008 2009 2010 2011 2012 2013 2014 2015 2016
Brand Name Drugs
Medical
Consumer Prices
![Page 16: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/16.jpg)
Trends in Medical Cost and Prescription Drug Price Inflation
16
The Upside: Medical cost inflation is trending downward as insurers, employers and healthcare providers focus on value with managed care programs and similar initiatives.
8.3%
Medical Cost
10.6%
Brand Rx
1.8%
CPI
Over the past 10 years……
![Page 17: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/17.jpg)
Insurers’ Combined Ratios The good news = decreasing frequency and severity nationally
17
Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance Information Institute.
![Page 18: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/18.jpg)
18
Developments in Workers’ Compensation
Program Designs
![Page 19: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/19.jpg)
Assumption of Risk by Employers Continues
19
Large employers continue to retain losses in their working layer of risk, regardless of market conditions.
Retaining losses allows employers to:
Capture underwriting profits
Assert control over claims
Directly allocate costs to encourage loss control
Avoid “trading dollars” with carriers for high frequency, low severity exposures
Long Term Total Cost of Risk is about loss prevention and reduction; not premium
Self-Insured
Excess WC Coverage
Statutory Layer
Working Layer
![Page 20: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/20.jpg)
Current Program Designs in Workers Compensation
High deductibles are available in virtually all states
Low growth of Qualified Self Insurance. Historical advantages are not present
While stand-alone QSI capacity took at hit in early 2010, some of that capacity is starting to come back
Following the financial crisis in 2008, many States overhauled the methodologies used to establish collateral. Now very formulaic in their approach and uncompetitive with the marketplace
20
e.g. to get approved as a new QSI in PA, you must post 2x the highest annual incurred losses you’ve had in the previous 3 years
![Page 21: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/21.jpg)
Pennsylvania Excess Workers’ Compensation Market for Qualified Self Insureds
21
![Page 22: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/22.jpg)
Captive Utilization
22
Source: 2015 Business Insurance Survey.
Captive Trends Utilizing for Employee Benefits Improved Tax Efficiencies - Securitas and Rent-a-Center ruling
WC & EB Stop Loss Reinsurance Continued Deductible Buy Back Usage
4 5,587
5,831 6,125
6,420 6,739 6,851
7,006
2010 2011 2012 2013 2014 2015 2016
Total Captives Worldwide
![Page 23: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/23.jpg)
The Reinsurance Market
23
The WC market is in the “soft and profitable” phase of the underwriting cycle, marked by: Decreasing rates Improving combined ratios Stabilizing underwriting cash flows Leveling off of reinsurance utilization
Workers’ Compensation reinsurance Underwriting Cycle
Profitable Hard
Profitable Soft
Unprofitable Soft
Unprofitable Hard
Position in
Cycle??
![Page 24: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/24.jpg)
The Reinsurance Market
24
0%
3%
6%
9%
12%
15%
18%
21%
24%
27%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Ceded WP
Utilization = CWP / DWP
Reinsurance utilization has
risen since 2010
Note: Ceded values reflect non-affiliated transactions Source: SNL Financial and Willis Re
![Page 25: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/25.jpg)
25
Future Issues for the Pennsylvania Market
Legislation with potential impact
on WC claims handling & resolution
![Page 26: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/26.jpg)
Duffy Case
The Supreme Court of PA ruled in Duffey that an IRE physician must investigate conditions beyond the established injury for purposes of rendering a valid Impairment Rating
IRE invalid because P/E failed to rate impairments from all of the work related conditions including psychological conditions raised for first time at IRE
P/E must apply professional judgment regarding:
Complexity of injury
The Specific diagnosis
Whether acknowledged by the employer or not
P/E must exercise “professional judgment” to render appropriate decisions concerning causality and apportionment
![Page 27: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/27.jpg)
Protz Case
On September 18, 2015, the Commonwealth Court issued an opinion in Protz v. WCAB (Dairy Area School District).
The Court concluded that the portion of the Act which requires the use of the “most recent edition” of the AMA Guides was an unconstitutional delegation of legislative authority
The PA Supreme Court accepted employer’s appeal and the matter awaits a decision by the Supreme Court
Protz only dealt with which edition of the Guides can be used to establish a valid impairment rating
There was nothing in the Protz Decision which suggests that IREs themselves are no longer legal
![Page 28: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/28.jpg)
Other possible issues affecting WC Claims in PA
RTW – Collateral Disincentives
Occupational Diseases
Medical Delivery Model (Healthcare reform)
Treatment Guidelines
Impaired Workforce (Marijuana, opioids, etc.)
Attack on Exclusive Remedy
![Page 29: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/29.jpg)
Future Issues for the National Workers Compensation Market
29
![Page 30: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/30.jpg)
The National Opioid Crisis
30
$1.54b Amount spent on opioids by WC
payers in 2015.
60% Percentage of WC claim costs
accounted for by medical expenses.
25% Percentage of medical expenses
accounted for by opioids.
4x WC claims are 4x more likely to
exceed $100k when opioids are
prescribed.
Sales of prescription opioids quadrupled between 1999 and 2014. This rapid uptick, especially prevalent in the WC
system, has driven record rates of opioid use
and abuse.
Prescription opioids account for a significant
percentage of WC medical expenses and are a
key driver of catastrophic claims.
Opioid use can create long-term medical
problems, including addiction, which means
claims stay open longer and can include costly
addiction treatment programs.
![Page 31: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/31.jpg)
The National Opioid Crisis
31
Employers, insurers, physicians and injured workers need to work together to develop effective solutions for managing the cost and impact of the opioid crisis on the workers’ compensation system.
When I see the second opioid prescription come through the system, I start reserving for detox.
“ “
– Medical director at a WC insurer
Educate employees about the risks of opioid use.
Employers
Robust treatment guidelines to limit the use of opioids.
Utilization review to ensure appropriate treatment.
Insurers
Educate patients about the risks of opioid use.
Treatment plan to wean patients off of opioids.
Physicians
Willingness to pursue treatment plans that don’t involve opioid use.
Injured
![Page 32: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/32.jpg)
Telemedicine
32
Telemedicine involves the use of technology to remotely connect patients with healthcare providers.
Rapid growth – by 2018, 80% of employers will offer a telemedicine solution for their employee health programs.
Growth in telemedicine is driven in part by a physician shortage – one-third of US-based physicians are 55 or older.
Employees are increasingly willing to embrace telemedicine – 90% satisfaction for injured workers.
Millennials are more willing than older workers to adopt telemedicine
![Page 33: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/33.jpg)
Telemedicine
33
Telemedicine holds the potential to drastically shorten the length of healthcare appointments.
The average length of a healthcare appointment is 121 minutes – 37 in travel time and 84 for the wait, check-in and visit
The average length of an emergency room visit is 2+ hours Average length of a telemedicine visit – 15 minutes Telemedicine is new, but growing in the WC space – it’s beginning to gain traction among employers, insurers and TPAs.
Regional TPAs have been quicker than national TPAs to adopt the technology
![Page 34: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/34.jpg)
Judicial Trends
34
Trend in judicial rulings that favor workers.
Pennsylvania – Protz decision
Florida – Supreme Court ruling
Oklahoma
New York
Legislative trends threatening the Grand Bargain?
Non-subscription thrives in Texas
Opt out law failed in OK
Other States on Hold but for how long?
![Page 35: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/35.jpg)
Disruptive Technologies – Impact on Workers’
Compensation
35
![Page 36: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/36.jpg)
Disruptive Technologies
![Page 37: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/37.jpg)
Disruptive Technologies
![Page 38: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/38.jpg)
Disruptive Technologies
![Page 39: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/39.jpg)
Disruptive Technologies
![Page 40: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/40.jpg)
Disruptive Technologies
![Page 41: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/41.jpg)
Exponential Technologies
![Page 42: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/42.jpg)
Exponential Technologies
![Page 43: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/43.jpg)
Exponential Technologies
![Page 44: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/44.jpg)
Exponential Technologies
![Page 45: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/45.jpg)
Exponential Technologies
![Page 46: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/46.jpg)
Exponential Technologies
![Page 47: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/47.jpg)
Exponential Technologies
![Page 48: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/48.jpg)
Exponential Technologies
![Page 49: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/49.jpg)
Exponential Technologies
![Page 50: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/50.jpg)
Exponential Technologies
![Page 51: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/51.jpg)
Exponential Technologies
![Page 52: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/52.jpg)
Technology Adoption
![Page 53: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/53.jpg)
Technology Adoption
![Page 54: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/54.jpg)
Blockchain
![Page 55: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/55.jpg)
Blockchain
![Page 56: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/56.jpg)
Blockchain
![Page 57: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/57.jpg)
ChainThat – Insurance Blockchain Framework
![Page 58: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/58.jpg)
Blockchain
![Page 59: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/59.jpg)
Autonomous Vehicles
![Page 60: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/60.jpg)
Autonomous Vehicles
![Page 61: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/61.jpg)
Autonomous Vehicles
![Page 62: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/62.jpg)
Autonomous Vehicles
![Page 63: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/63.jpg)
Autonomous Vehicles
![Page 64: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/64.jpg)
Autonomous Vehicles
![Page 65: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/65.jpg)
Autonomous Vehicles
![Page 66: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/66.jpg)
Autonomous Vehicles
![Page 67: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/67.jpg)
Disruptive exponential technologies…
Interesting…real?
Believe it when I see it…
If its mostly true, OK, so?
Sounds great, innovation, nothing to worry about…right?
![Page 68: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/68.jpg)
Impacts
Increased safety
Increased efficiencies
Skilled labor
Less labor?
![Page 69: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/69.jpg)
The future of employment
![Page 70: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/70.jpg)
The future of employment
![Page 71: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/71.jpg)
The future of employment
![Page 72: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/72.jpg)
![Page 73: Current Trends in the Insurance Market Workers Compensation · Source: NAIC data, sourced from S&P Global Market Intelligence; National Council on Compensation Insurance; Insurance](https://reader033.vdocuments.site/reader033/viewer/2022042214/5eba1cf928087646b009fb13/html5/thumbnails/73.jpg)
Technologies and Workers Compensation
Disruptive?
Exponential?
How are they impacting you, your company, and the jobs in your industry?