COVID: Chance to Rethink Work Comp
by Karlyn Carnahan, Head of Property Casualty, Americas. Workers’ compensation pre-COVID was an extremely competitive market and now, as we’re in the midst of COVID, continues to be a highly competitive line of business. With declining payrolls, insurers are looking for ways to differentiate and retain their existing book of business while finding ways to attract and grow new business.
Well, I have an idea for you. It’s an entirely new product for workers’ compensation.
You may be asking: How can that be? Workers’ compensation is defined by law, right? It’s a state-mandated program consisting of payments required to be made to an employee who is injured or disabled in connection with work. The coverage is mandated by law, the benefits are defined by law and the rates are determined by law. So how can you create a new workers’ compensation product?