By: Karen Byrd
Words, phrases, and quotes can be inspirational, impactful, and energizing. Often, we find ourselves inventing new words and phrases to describe a certain situation or event. This is very true in the post- COVID-19 world we live in. Social media has also made a massive impact on our vocabulary. Words like “influencer”, “Insta-me,” “masking”, “unmute yourself,” “telecommuting,” and “metaverse” are all now part of our everyday lives.
As we have adapted to changes in our world, words have shaped and changed how we do business. Never have we used terminology such as “hybrid or agile work environments,” “virtual meetings,” “remote working,” “gender identity” and “next generation workers.” The ICRB has been working hard this year to do our part in keeping the Indiana workers compensation ecosystem healthy. We do this by evaluating and researching statistical data, patterns, and trends to establish how these modifications will impact the industry.
In 2022, ICRB participated in a large COVID-19 study with the majority of the other Independent Bureaus and the National Council on Compensation Insurance. Along with research studies conducted by the Workers Compensation Research Institute, this compilation of data will help us predict and forecast future rates, class relativities and impacts on the experience rating plan. Note: COVID-19 claims do not go into experience rating in Indiana claims as this time.
COVID-19 still affects individuals and businesses today as we continue to hear concerns regarding vaccine mandates, the residual effect of long-term COVID, return to office delays and the ongoing labor shortage. Generational diversity also plays a huge role in the workforce for everyone. For the first time in history, we are seeing 4 generations in the labor market. This has directly impacted the ICRB has we have had over 5 associates retire in the last 2 years. As new hires have taken place, we have had to adjust our management and training styles according to each person’s generational expectations. Understanding how our newer associates communicate and what their needs are, has been key for successful staffing transitions.
I am honored to represent the ICRB and proud of our associates, service providers and business partners as we have effectively navigated these changes to the work environment. We are all committed to ensuring first-class service, accurate data, and quality resources as we rise to the challenges of any changes that come our way. Former President Jimmy Carter once said, “We must adjust to changing times and still hold to unchanging principles.” I couldn’t have said it better myself.
Our Annual Report was published to our website in November and has more detailed information on the ICRB’s overall performance in 2022. You can access the report from our website or by using this link: ICRB 2022 Annual Report.