American Association of State Compensation insurance Fund
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member fund.


CopperPoint Mutual Insurance Company
Phone: (602) 631-2000
Address: 3030 North Third Street
Phoenix, AZ   85012
Website: www.copperpoint.com

State Compensation Insurance Fund
Phone: 888-STATEFUNDCA
Address: 333 Bush Street
Suite 800
San Francisco, CA   94104
Website: www.statefundca.com

Pinnacol Assurance
Phone: (303) 361-4000
Address: 7501 East Lowry Boulevard
Suite 800
Denver, CO   80230-7006
Website: www.pinnacol.com

Hawaii Employers' Mutual Insurance Co. Inc.
Phone: (808) 524-3642
Address: 1100 Alakea Street
Suite 1400
Honolulu, HI   96813
Website: www.hemic.com

Idaho State Insurance Fund
Phone: (208) 332-2100
Address: 1215 West State Street
P.O. Box 83720
Boise, ID   83720-0044
Website: www.idahosif.org

Kentucky Employers Mutual Insurance
Phone: (859) 425-7800
Address: 250 West Main Street Suite 900
P.O. Box 83720
Lexington, KY   40507-1724
Website: www.kemi.com

Louisiana Workers' Compensation Corporation
Phone: (225) 924-7788
Address: 2237 South Acadian Thruway
P.O. Box 83720
Baton Rouge, LA   70808
Website: www.lwcc.com

Maine Employers Mutual Insurance Company (MEMIC)
Phone: (207) 791-3300
Address: 261 Commercial Street
P.O. Box 11409
Portland, ME   04104
Website: www.memic.com

Chesapeake Employers’ Insurance Company
Phone: (410) 494-2000
Address: 8722 Loch Raven Boulevard
P.O. Box 11409
Towson, MD   21286-2235
Website: www.ceiwc.com

SFM Mutual Insurance Company
Phone: (952) 838-4200
Address: 3500 American Boulevard West Suite 700
P.O. Box 11409
Bloomington, MN   55431-4434
Website: www.sfmic.com

Missouri Employers Mutual Insurance
Phone: (800) 442-0590
Address: 101 N Keene St
P.O. Box 11409
Columbia, MO   65201
Website: www.mem-ins.com

Montana State Fund
Phone: (406) 495-5015
Address: 855 Front Street
P.O. Box 4759
Helena, MT   59604-4759
Website: www.montanastatefund.com

New Mexico Mutual Group
Phone: (505) 345-7260
Address: 3900 Singer Boulevard NE
P.O. Box 4759
Albuquerque, NM   87109
Website: www.newmexicomutual.com

New York State Insurance Fund
Phone: (212) 312-7001
Address: 199 Church Street
P.O. Box 4759
New York, NY   10007
Website: www.nysif.com

Workforce Safety and Insurance
Phone: (701) 328-3800
Address: 1600 East Century Avenue Suite 1
P.O. Box 4759
Bismarck, ND   58506-5585
Website: www.WorkforceSafety.com

Ohio Bureau of Workers Compensation
Phone: (800) 644-6292
Address: 30 West Spring Street
P.O. Box 4759
Columbus, OH   43215-2256
Website: www.bwc.ohio.gov

CompSource Mutual Insurance Company
Phone: (405) 232-7663
Address: 1901 North Walnut Ave.
P.O. Box 53505
Oklahoma City, OK   73152-3505
Website: www.compsourcemutual.com

State Accident Insurance Fund (SAIF)
Phone: (503) 373-8000
Address: 400 High Street SE
P.O. Box 53505
Salem, OR   97312-1000
Website: www.saif.com

Pennsylvania State Workers Insurance Fund
Phone: (570) 963-4635
Address: 100 Lackawanna Avenue
P.O. Box 5100
Scranton, PA   18505-5100
Website: www.dli.state.pa.us/swif

Beacon Mutual Insurance Company
Phone: (401) 825-2667
Address: One Beacon Centre
P.O. Box 5100
Warwick, RI   02886-1378
Website: www.beaconmutual.com

South Carolina State Accident Fund
Phone: (803) 896-5800
Address: P.O. Box 102100
P.O. Box 5100
Columbia, SC   29221-5000
Website: www.saf.sc.gov

Texas Mutual Insurance Company
Phone: (800) 859-5995
Address: 6210 East Highway 290
P.O. Box 5100
Austin, TX   78723-1098
Website: www.texasmutual.com

Workers Compensation Fund
Phone: (800) 446-2667
Address: 100 West Towne Ridge Parkway
P.O. Box 2227
Sandy, UT   84070
Website: www.wcfgroup.com

Washington Department of Labor and Industries
Phone: (360) 902-5800
Address: P.O. Box 44001
P.O. Box 2227
Olympia, WA   98504-4001
Website: www.lni.wa.gov

Wyoming Division of Workers Safety & Compensation
Phone: (307) 777-7159
Address: Cheyenne Business Center
1510 East Pershing Boulevard
Cheyenne, WY   82002
Website: wydoe.state.wy.us

Workers Compensation Board - Alberta
Phone: (780) 498-3999
Address: 9925-107 Street
P.O. Box 2415
Edmonton, AB   T5J 2S5
Website: www.wcb.ab.ca

Workers Compensation Board of British Columbia (WORKSAFEBC)
Phone: (604) 273-2266
Address: P.O. Box 5350 Station Terminal
P.O. Box 2415
Vancouver, BC   V6B 5L5
Website: www.worksafebc.com

Manitoba Workers Compensation Board
Phone: (204) 954-4321
Address: 333 Broadway
P.O. Box 2415
Winnipeg, MB   R3C 4W3
Website: www.wcb.mb.ca

WorkSafeNB
Phone: (506) 632-2200
Address: 1 Portland Street
P.O. Box 160
Saint John, NB   E2L 3X9
Website: www.worksafenb.ca

Workers Compensation Board of Nova Scotia
Phone: (902) 491-8999
Address: 5668 South Street
P.O. Box 1150
Halifax, NS   B3J 2Y2
Website: www.wcb.ns.ca

Prince Edward Island Workers Compensation Board
Phone: (902) 368-5680
Address: 14 Weymouth Street
P.O. Box 1150
Charlottetown, PE   C1A 7L7
Website: www.wcb.pe.ca

Saskatchewan Workers Compensation Board
Phone: (306) 787-4370
Address: 200 - 1881 Scarth Street
P.O. Box 1150
Regina, SK   S4P 4L1
Website: www.wcbsask.com

Puerto Rico State Insurance Fund Corporation
Phone: (787) 793-5959
Address: G.P.O. Box 365028
P.O. Box 1150
San Juan, PR   00936-5028
Website: www.cfse.gov.pr
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Latest Newsletter

Enterprise Risk Management--One Size Doesn't Fit All

By Meagan Shields, Investment Portfolio Manager & Enterprise Risk Specialist, Louisiana Workers’ Compensation Corporation

To say that the first annual conference for the new ERM Committee was a huge success is an understatement. All four of the ERM sessions were at or near capacity. As we looked across the room, we saw an engaged audience from multiple disciplines, including executive-level management, cybersecurity officers, underwriting managers, investment managers, risk officers, board members, and even representatives from ratings agencies. We were pleasantly surprised by audience participation, as they asked thought-provoking questions and provided practical insight from their respective ERM programs, making the sessions both interactive and informative. To those of you who participated, along with our partners from Guy Carpenter, Oliver Wyman, and Willis Re, thank you!

Earlier this year, the ERM Committee surveyed member organizations to take the pulse of ERM programs across AASCIF. The feedback we gathered was subsequently used to shape the ERM content offered at the annual conference. The survey results demonstrated that no two companies have the same approach to ERM. A panelist from our ERM roundtable session stated that his CEO, when referencing state funds, says it best: “Once you know one state fund, you know one state fund.” From who owns ERM, to the reporting structure, internal audit’s involvement, and which standards and frameworks are used to manage our program, we’re all unique. Yet there was one statistic that stood out among the results—94% of us said that executive leadership expects ERM to provide reasonable assurance that major risks are identified, prioritized, managed, and monitored. While this is certainly a reasonable expectation of ERM, it more closely aligns with a traditional approach to risk management. ERM has evolved over the last several years. We’ve gone from emphasizing operational risk registers and heat maps, to capital modeling and stress testing, to integrating ERM practices and strategy. As our industry has changed, so has the need to be more nimble and equipped with a well-implemented ERM program intended to ensure the sustainability and resiliency of our organizations and facilitate corporate strategy planning and execution. Together, these two ERM objectives protect and position our organizations to thrive, versus simply survive, as the workers’ compensation industry evolves.

The “buzz” in ERM the last few years has been all about strategy. Survey results revealed that 87% of us use insights from our organization’s ERM program to inform and influence corporate strategy, yet slightly less than half of us rate our organization’s effectiveness at linking ERM with planning and strategy as moderately or not at all effective. This lackluster assessment revealed that we all could benefit from taking a closer look into how to effectively align ERM and corporate strategy. Thus the overarching goal for the ERM Committee as we developed content for the annual conference was to provide practical ideas for integrating ERM and strategy. As Dave Ingram with Willis Re astutely articulated, “ERM has (or could have) a unique perspective on the business, looking across all functions and aspects of business, providing insights that could, and should, be invaluable to strategic decision making.”

Each session offered actionable ideas for aligning ERM and strategy. For example, Willis Re proposed various ways ERM can add value to the strategy formation, selection, and implementation stages. Dave even provided a step-by-step guide on how to perform an ERM strategy assessment. Oliver Wyman and Guy Carpenter discussed the operationalization of risk appetite and risk tolerances by linking the ERM framework with the risk appetite and risk tolerance framework. They demonstrated how economic capital modeling tools can be used to quantify and articulate risks to support strategic decisions. A key takeaway from our focus on aligning ERM and strategy is this: ERM, if well-implemented, is the critical, cross-functional link between strategy formation, planning, implementation, and assessment.

Another popular ERM topic capturing our attention is emerging risk. Guy Carpenter presented key current and emerging risks faced by our industry and discussed how leading insurers are leveraging practical ERM tools and modeling approaches to effectively manage top risks, enhance financial outcomes, and better future-proof their organizations. The concept of managing emerging risk is quite daunting, as such risks are not easily identified and are difficult to quantify. Getting management to focus on emerging risks is perhaps the most difficult part, as these “risks of the future” are oftentimes perceived as less important since they may never materialize. To address these challenges, Guy Carpenter provided a useful framework with actionable ideas for identifying, assessing, measuring, mitigating, and reporting emerging risks. This was also addressed at our ERM roundtable session, where panelists from AASCIF organizations and audience members shared ideas and ERM program practices. We learned from each other that it’s common for CROs and/or ERM leaders to stay ahead of emerging risks by reading trade journals and white papers, attending conferences, and utilizing third-party tools, such as quarterly questionnaires designed to help with the identification process.  AASCIF organizations are also performing cross-departmental tabletop exercises to gain insights related to emerging risks from their own employees. A few of us have even developed emerging risk registers with mitigation strategies and corresponding emerging risk dashboards to closely monitor these risks.

The last session, designed to encourage open dialogue between panelists and audience members, was a tremendous success, as it granted us the opportunity to communicate with our peers and leverage the expertise in the room. The number of questions and comments from the audience was a clear sign of our common interest in sharing ideas. Perhaps the most obvious assessment one could make after attending this session is that regardless of our ERM program maturity level, we have a lot to learn from one another.

I’d like to thank the members of the ERM Committee for their steadfast work on the survey and conference presentations. In fulfillment of our mission, each committee member has demonstrated a strong commitment to providing AASCIF members with valuable ERM resources and information to further enhance ERM programs across the organization. We intend to capitalize on the momentum from the annual conference by keeping the conversation and flow of information going. We encourage you to reach out to the ERM Committee to ask questions and continue to share your ideas.

*ERM annual conference presentations are available upon request and will be posted to the conference app soon.

2018 ERM Committee Members

  • Phil Kalin (Executive Monitor) – President and CEO, Pinnacol Assurance (Colorado)
  • Meagan Shields (Chair) – Investment Portfolio Manager and ERM Specialist, Louisiana Workers’ Compensation Corporation
  • Don Crawley (Advisor) – Director of Internal Audit, Chesapeake Employers’ Insurance Co. (Maryland)
  • Greta Gonzales – Vice President and Chief Risk Officer, Texas Mutual Insurance Co.
  • Randy Hogan – Vice President and Risk Manager, State Compensation Insurance Fund (California)
  • Patrick Simpson – Internal Auditor, Kentucky Employers’ Mutual Insurance
  • Rick Spaulding – Senior Marketing Underwriter, SFM Mutual Insurance Co. (Minnesota)
  • Henry Gituma – Actuarial and Modeling Analyst, CompSource Mutual Insurance Co. (Oklahoma)
  • Danielle Kopf – Internal Audit Manager, The Beacon Mutual Insurance Co. (Rhode Island)

 

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