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

State Compensation Insurance Fund
Address: 333 Bush Street
Suite 800
San Francisco, CA   94104

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Pennsylvania State Workers Insurance Fund
Phone: (570) 963-4635
Address: 100 Lackawanna Avenue
P.O. Box 5100
Scranton, PA   18505-5100

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

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

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

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

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

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

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

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

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

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

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

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

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

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
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Latest Newsletter

Extinction or Adaptation?

By Al Parisian, CIO, Montana State Fund

Modern business history is rife with examples of organizations and industries that failed to detect, appreciate, and appropriately address significant disruption to their industry model.

  • Kodak faced such a disruption with the advent of digital photography (which they invented).
  • Encyclopedia Britannica, even with a digital offering, went from a hugely profitable $800 million company in 1990 to being sold for about $130 million six years later.
  • Travel agencies faced it when airlines extended their computer reservation services to agents directly to consumers.
  • Landline phone service faced it with cell/smart phones.
  • Video rental shops faced it with the advent of services such as Netflix.
  • Countless bookstores faced it when Amazon first started selling books online.
  • Taxi companies face it with Uber and Lyft.

All of these industries and the companies within them enjoyed long-standing supportive ecosystems of suppliers, distribution, invention, and/or regulatory arbitrage. Some of these had an insight about major change and believed they had dealt with it, and all of them believed they had erected effective entry barriers at the “gates” to their competitive domain. And all of them were wrong.

John Sculley said, “The future belongs to those who see possibilities before they become obvious.” He did not say, but might have added, “Those who fail to act decisively on emerging reality will live in the footnotes of business history.”

Well run businesses in long-term successful industries often find strategic discontinuities one of the hardest insights to gain and act decisively upon. It is hard enough when the disruptive change is manifested in a prominent invention, distribution, or other market event. It is significantly more difficult when it is hidden in the composition of several other apparently unrelated market forces.

These same well-run businesses in long-term successful industries develop operational habits and cultural norms that help them successfully detect and deal with their many tactical opportunities and risks. Yet these same habits and norms yield quite different results with the rarer strategic discontinuity where the stakes are quite literally life and death. More alarmingly the pace of model disruption and destruction, which used to emerge at the pace of industrial and infrastructure investment, has increased to approach the disruption pace in the data and computing universe. Model replacements that used to take a few decades to manifest themselves in a market may only take a handful of years today.

These are the questions we must ask ourselves as good strategic stewards of our companies:

  • Is our overall industry model, and possibly our own immediate business, facing a strategic continuity—be it a single event or a composite part of several other market forces?
  • If our usual processes and norms are ill suited to deal with major (and particularly subtle) discontinuities, then where might we look for insights on such change?

We may reasonably dismiss the possibility of an undetected imminent risk from a single major discontinuity event. We would be well aware of an obvious single major redefining factor, such as federal legislation completely redrawing the statutory and regulatory landscape or the emergence of a well-funded major player clearly intending to dominate our risk space. Since such has not emerged (yet), we have not faced having to take decisive action in consequence.

On the other hand, we could look for a pattern in several of the major forces at work in our industry. For example:

  • Talent and succession in the face of growing demand for more specialized skills. Skills that are also competed for by other industries and constrained by demographic trends. All of which seem to drive need for cloud-oriented business scale/scope, work-style attractiveness to younger employees, and virtual workplaces/forces.
  • Rapid purchaser-power consolidation among agent distribution networks, which alters the long-standing relative balance between carriers and agencies and also introduces the specter of agencies creating new competitive market solutions for policyholders in their own strategic search for longer term competitive relevance.
  • Emergence of new, very low-cost micro market competitors who are identifying and attacking profitable granular markets found, defined, and served using new digital tools.
  • Digital-experience consumption expectations trends in almost every part of our industry’s value chain, including our policyholders, injured employees, and other stakeholders.
  • Digitization of (and corresponding business model changes) among our trading partners, regulators, and other stakeholders. As their models change, our value to them also changes.
  • Consolidation and commoditization of insurance transaction-enabling technologies; our industry has never been broadly and competitively served by robust options in competitive core application providers and similar offerings. We seem to be moving quickly into a future dominated by just a few major players who themselves are looking at digital-experience consumption trends to ensure their own strategic future.

In our current situation we see many of these change vectors beginning to share a strong common theme that may be an indicator of fundamental strategic disruption. Each of the changes above, and frankly many more we are facing, are more and more defined by their digital-disruptive character.

These days, nearly all industries are or are rapidly becoming digital technology industries, just as most people are digital technology citizens, consumers, and workers. Unlike the emergence of an obvious single major redefining factor, such as federal legislation, we are facing the cumulative effect of digital/cloud/technical redrawing of several parts of our ecosystem.

Even once accepted as a common theme, we still need to choose an appropriate response. If we believe these to be tactical issues with a coincidental common element, we might take the issues one or two at a time and design a tactical response for each. We have well-practiced reactions for these. But then so did others. Barnes & Noble added a web page to counter the upstart Amazon. Encyclopedia Britannica offered a CDROM product in conjunction with their storied and successful print editions. These were tactical steps consistent with their long-standing norms. In hindsight, we can opine that these entities missed the point of what was happening. Their customers were discovering a new value proposition, and tweaks to an old one (even a quite successful one) were not a sufficient response.

If we believe a digitally driven model disruption is essentially changing our customer’s value perceptions and revolutionizing our industry value chain, then we need a level of strategic innovation that few have ever had to practice.

Assuming we conclude that we face a true model discontinuity, and we have the courage to act on it, then we face a different continuum of choices. Options include:

  • Assuming a “can’t beat them, so join them” position of reinventing oneself as a modern digital entity.
  • Building (or rebuilding) market protection via regulatory arbitrage (erecting monopolistic markets).
  • Targeting a much different market composition/size as our end-game (intentionally become the residual market, abandoning the rest of the market and the costs associated with being all things to all parts of the market).

With any of these, we are reinventing our previously successful model and perhaps abandoning a long-held previous vision of the next stage of our organization’s being. Typical of funds, we are also keeping in mind the one question that drives most of our decisions, “What is best for the workers’ compensation system we serve and the stakeholders in it?”

Perhaps unkindly, we can think of long-term successful businesses facing model-disruption scenarios as being dinosaurs. Successful and dominant for eons, the dinosaurs competed with each other, certain that besting each other defined survival and growth. The attributes that made them successful in their ecosystem, and the failure of challengers to that established system, had come to define their survival and tactics both in habits and genetics. They dealt with incremental change only. They were not looking for major discontinuities; for example, the asteroid that would disrupt their food supply system or the tiny bipeds who were laughably unsuitable for competition against them.

Are we perhaps unaware of and partially undervaluing the importance of changes in our ecosystem? Are our threat and risk detection mechanisms stratified from long running success in a perennially stable industry model? Are we missing discontinuities that will disrupt our value chain and ignoring the tiny digital competitors who are apparently unsuitable for competition against us? In many ways this could be the ultimate “but it has always worked this way” expression of blind faith in the past while facing a completely different future.

If we do conclude that the disruption is real and imminent, then our only viable long-term choice is a strategic innovation—not minor model adjustments such as were made by Kodak and Encyclopedia Britannica.

Strategic innovation is a fundamental reinvention in response to a redefining new opportunity or risk, often at the industry and certainly at the single-entity level. These innovations generally require new appreciations of value propositions and income-extraction opportunities in long-established industry process chains.

And, if the time for model replacement has come, or is about to, we can be assured that someone will invent and implement it. Our concern for the people and systems we serve makes us the worthiest candidates. Let’s not be the footnotes in some future business-history lesson; let’s be the ones who have the insight and courage to adapt.



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