American Association of State Compensation insurance Fund
Canada and USAFind a Member
North America Map Yukon British Columbia Alberta Saskatchewan Manitoba Ontario New Brunswick Prince Edward Island Nova Scotia Maine Washington Oregon Idaho Montana Wyoming North Dakota Minnesota New York Rhode Island California Utah Colorado Missouri Kentucky Ohio Pennsylvania Maryland Arizona New Mexico Oklahoma Texas Louisiana South Carolina Hawaii

Magnifying GlassSelect a state or province from the map above to get primary contact and web information for any
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.ohiobwc.com

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
Tools for Members

Member Home

Member Connection: A member-only forum where you can post questions and ideas.

Stat Book: A highly functional analytical tool that provides valuable comparative benchmarking results from among our members who participate.

Online Directory: Get connected with your counterparts through this comprehensive list of AASCIF members with updated phone number, email and website information.

Associate Member Lookup

AASCIF Newsletter

Summary Results of Finance and Investment Committee Payment Survey

By Members of the Finance and Investment Committee

Have you ever wondered how other workers’ compensation insurance companies handle their daily financial tasks?  Do companies issue live checks and paper EOBs and invoices? Or are the latest advancements in technology utilized to communicate information and send payments to business partners? Have technological advancements, used by so many of us in our daily lives, found a way to facilitate functions for the finance departments of workers’ compensation insurance companies?

The AASCIF Finance and Investment Committee wanted to shed some light on these questions. This past May, a survey was sent to the Finance and Investment contacts of all AASCIF members that asked how their companies handled certain aspects of their business, including incoming and outgoing payments, fee schedules, processing of EOBs, and invoice delivery.

The information we gathered is summarized below:

Fees
Many of the insureds, especially “mom and pop” shops, can receive added benefits from paying by credit card. Benefits can include extending payment terms and earning (very desirable) credit card points. Accepting credit card payments, however, comes as a major cost for insurance companies. Credit card fees can range anywhere from 2.5% to 3%, contributing a significant hit to the bottom line. Yet, 94% of survey respondents revealed they do not pass along these fees. Expectedly, 71% of responding companies pass along non-sufficient funds fees to the insured.  About half of the responding companies also pass along installment and late fees. (See figure below.)

 

Invoice Delivery

Through this survey, we discovered that slightly more than half (56%) of insurance companies offered electronic invoice delivery. Given the high costs associated with processing and mailing invoices, we found this statistic surprisingly low. We expect this percentage to increase in the coming years as insurance companies invest in more up-to-date technology. (See figure below.)

 

Payment Delivery
As with invoice delivery, checks are still favored over other forms of payment for indemnity payments. However, 60% of responding companies offer ACH payments to claimants, while 67% offer ACH for provider payments. Most companies utilize internal ACH payment processes; however, some companies use a third-party vendor to assist in ACH processing. With ACH provider payments comes the difficult task of EOB delivery. Companies responded that to facilitate sending EOBs with payments the following methods were used:  direct mailings, submitting through portals, and sending via emails.

 

Payment Receipt
Our survey supports the notion that insurance companies accept many different payment methods for premium payments. As mentioned previously, credit card payments are becoming a favored choice for some insureds. Checks remain the most widely used payment method; however, 65% of respondents noted their preferred method of payment was via ACH. Due to the high costs of processing credit cards and the high volume of incoming checks and ACH payments, a majority of respondents confirmed the best systems used to receive these payments were either by lockbox or web portal, as noted in the following graph:

Our survey demonstrated that, while technology is available to help facilitate the functions of the finance departments of workers’ compensation insurance companies, it appeared that “old fashioned” paper is still a very important part of the insurance industry. Hopefully, as technology advances and, more importantly, the cost to implement new systems decreases, processes can be streamlined and efficiency can be improved. It will be interesting to revisit this survey in a few years to see if we as an industry have been able to change with the times.

 

*DWS was the sponsor of the Finance and Investment Track at the 2018 AASCIF Annual Conference.

 

none

Home | Contact | Site Map