Technology-enhanced workers' compensation risk management solutions use electronic messaging, targeted micro-training and gamification, based on actual worker data, to create safety incentives and reinforce a company's safety culture. (Fotolia)
This year, 2020, was going to be a win for workers' compensation insurers. Coming off record years of profitability, with 2018 the best in the modern history of the National Council on Compensation Insurance (NCCI), this behemoth commercial insurance segment of $55 billion was destined for another good year.
Now, of course, the tables have turned. Workers' compensation is one of the lines of business most impacted by COVID-19. Layoffs and furloughs are causing dramatic payroll drops, and the unemployment rate has been cresting upward. Many furloughed workers will not be brought back, and hopes of a rapid, V-shaped recovery are giving way to what many believe is a bumpy, 'Swoosh' recovery (after the Nike logo).
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