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

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

Lexington, KY   40507-1724

Louisiana Workers' Compensation Corporation
Phone: (225) 924-7788
Address: 2237 South Acadian Thruway

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

Towson, MD   21286-2235

SFM Mutual Insurance Company
Phone: (952) 838-4200
Address: 3500 American Boulevard West Suite 700

Bloomington, MN   55431-4434

Missouri Employers Mutual Insurance
Phone: (800) 442-0590
Address: 101 N Keene St

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

Albuquerque, NM   87109

New York State Insurance Fund
Phone: (212) 312-7001
Address: PO Box 66699

Albany, NY   12206

Workforce Safety and Insurance
Phone: (701) 328-3800
Address: 1600 East Century Avenue Suite 1

Bismarck, ND   58506-5585

Ohio Bureau of Workers Compensation
Phone: (800) 644-6292
Address: 30 West Spring Street

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

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

Warwick, RI   02886-1378

South Carolina State Accident Fund
Phone: (803) 896-5800
Address: P.O. Box 102100

Columbia, SC   29221-5000

Texas Mutual Insurance Company
Phone: (800) 859-5995
Address: 6210 East Highway 290

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

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

Vancouver, BC   V6B 5L5

Manitoba Workers Compensation Board
Phone: (204) 954-4321
Address: 333 Broadway

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

Charlottetown, PE   C1A 7L7

Saskatchewan Workers Compensation Board
Phone: (306) 787-4370
Address: 200 - 1881 Scarth Street

Regina, SK   S4P 4L1

Puerto Rico State Insurance Fund Corporation
Phone: (787) 793-5959
Address: G.P.O. Box 365028

San Juan, PR   00936-5028
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AASCIF Newsletter

Effective Leadership--The Real Secret to Retaining Talent in a Talent Shortage

By Rick Spaulding, SFM Mutual Insurance Company

According to the U.S. Bureau of Labor Statistics, roughly 400,000 employees of the insurance industry workforce are expected to retire by 2020. More than 1 million are expected to retire over the next 10 years. Coupling this with the fact that the insurance industry continues to struggle with reputation—44% of Millennials think working in the insurance industry is “boring”—as well as disseminating employment opportunities within the industry to college graduates, it is easy to infer a tremendous impending talent shortage.

This isn’t breaking news. As participants in the industry, we’ve all had this hammered into our heads. The industry has effectively anticipated this shortage for quite some time, as it has recognized that its workforce is aging faster than other industries. To combat this looming talent shortage, a great amount of attention has been placed on Millennials (those born between 1980 and 2000), specifically recruiting them. This makes complete sense, since Millennials already make up more than 25% of the U.S. workforce and are expected to make up 50% of the global workforce by 2020.

There is no doubt that the effective recruitment of Millennials will play a vital role in the long-term survivability of the insurance industry. However, as a specific insurance carrier competing against other insurance carriers for business, retaining Millennial talent, not recruiting talent, will be even more critical to your future success.

How do you retain Millennial talent? Let’s start with looking at some of the generic expectations assigned to the Millennial generation:

  1. Job stability
  2. Work/Life balance
  3. Meaningful work
  4. Recognition
  5. Having a voice in how they perform their jobs

Job stability? Work/Life balance? Meaningful work? Who, of the 2.5 million people employed in the insurance industry, isn’t looking for these qualities in their employer? Recognition? Having a voice? Again, these expectations aren’t unique to the Millennial generation. In fact, I would argue, these have become universal expectations of all employees of the insurance industry, regardless of generation. If your company isn’t already providing the above-listed items, you’ve probably already lost talent to your competition, Millennial and otherwise.

So let’s ask again. How do you retain Millennial talent? My answer? Effective leadership.

When I use the word leadership, I’m referring to leadership at all levels—supervisors, managers, directors, vice presidents, and presidents.

An effective leader is invaluable in the retention of talent, since it naturally provides employees with the qualities of a career that they’ve come to expect in the insurance industry. But what makes someone an effective leader? My answer, DECK.

Desire for others to succeed. Effective leaders want to see all of their team members succeed, because they want their team to succeed. When the team succeeds, the company succeeds. When the company succeeds, employees are incidentally provided one of their universal exceptions—job stability. In addition, an employee who truly feels that their leader wants them to be successful will work harder, and, at a minimum, require that of any potential future employer.

Empathy. Effective leaders have the ability to identify their team members. Empathy allows leaders to genuinely provide work/life balance. A mistake was made? An empathetic leader recognizes that people make mistakes and utilizes the opportunity to teach. Someone needs to miss work due to a sick child? An empathetic leader understands the situation and gladly grants a vacation/sick day. Someone requests a day off to attend a family vacation? An empathetic leader encourages it.

Communication. Effective leaders communicate with their team regularly. Whether the communication be in the form of recognition for a job well done, constructive criticism to ensure development of their team members, or simple “how’s the family” type conversations, good leaders are constantly engaging their employees. When communication is done properly, employees know exactly what their strengths are, and what their weaknesses are. When employees know what they’re doing well, their recognition expectation is naturally met. When employees know what they’re doing well, what they need to improve, and feel that their leader truly cares about them (and their family), they naturally find their work to be more meaningful—another expectation.

Knowledge of their own strengths and weaknesses. Effective leaders know what they’re good at, and know when to ask for help. They acknowledge that the greatest source of information and knowledge comes from their employees. Effective leaders aren’t afraid to learn from their employees. When leaders learn from their employees, their employees are granted a voice. Ironically, acknowledging weaknesses isn’t a sign of weakness, it’s a sign of strength, and it makes a team stronger.

Effective leadership can singlehandedly be the secret force driving your company’s talent retention, since effective leadership naturally provides employees—Millennials and otherwise—with the qualities expected from an employer. Invest in your leadership. Invest in your Millennials—they will be the leaders of tomorrow.





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