NYSIF Celebrates 95 Years of Outstanding Service

September 29, 2009

NYSIF Recognizes Long-Time Policyholders

The New York State Insurance Fund Board of Commissioners today announced that NYSIF is celebrating its 95th year as a reliable, self-sustaining workers’ compensation insurance carrier serving New York businesses and injured workers. In doing so, NYSIF is recognizing long-time policyholders throughout 2009 and into the first half of 2010. 

Created in 1914 as part of the New York Workers’ Compensation Law, NYSIF is a competitive carrier that presently enjoys 41 percent of the New York workers’ compensation market, making it the leading carrier of workers’ compensation insurance in New York State and one of the largest workers’ compensation carriers in the country. Since 1950, NYSIF has also written disability benefits insurance, covering off-the-job injuries and illnesses.

Although required to insure any New York state business, NYSIF is the workers’ compensation carrier of choice for thousands of loyal policyholders who have retained policies over the course of its 95-year history.

“Since 1914, NYSIF has helped countless businesses control costs by offering the best value in workers’ compensation and disability benefits in New York State,” NYSIF Chairman Robert H. Hurlbut stated. “I would like to extend our gratitude to these policyholders for their continued confidence in NYSIF to provide for their workers’ compensation and disability benefits needs.”

In commemorating 95 years in business, NYSIF is honoring long-time policyholders with milestone anniversaries of 75 years or more, beginning with its first five policyholders who have been with the organization since 1914, a record virtually unheard of in the insurance industry.

The five businesses are: Weinman Bros. Jewelers (NYC), Maple Grove Cemetery (Worcester), Witherbee & Whalen (Canton), the Warwick Valley Dispatch (Warwick) and Sleepy Hollow Cemetery (Sleepy Hollow). NYSIF is visiting each of these five establishments to present a plaque to the business and their employees in recognition of their 95-year relationship. NYSIF is also displaying the company logos and offering a link to each company’s web site at nysif.com.

Catherine Siematkowski, owner and manager of Witherbee & Whalen, Inc., stated: “We are pleased to be honored as a longtime customer of NYSIF. Since 1914, NYSIF has served three generations of our family business. We appreciate the professional service and responsiveness of the NYSIF employees.”
 
Marilyn E. Dufresne, president of the Maple Grove Cemetery Association, Inc., stated: “This is our Association's 95th year of a continuous business relationship with the New York State Insurance Fund, beginning on December 11, 1914, in the year of the Fund's creation. We are proud of, and pleased with, that long and cordial partnership, and grateful for the substantial and reliable service that the Fund has provided for nearly a century. Thank you.”

NYSIF Chief Deputy Executive Director Francine James cited NYSIF’s work force as the reason for the insurer's record of stability, service and remarkable customer loyalty. Thirty-five percent of NYSIF employees have 20 years’ experience or more with NYSIF.

“When it comes to workers’ compensation and disability benefits specialists, NYSIF’s safety and claims experts, our underwriters, our investigators and all our field personnel are second to none in the industry,” Ms. James stated. “NYSIF’s success and longevity can be traced to the dedication of our employees.”

NYSIF by the numbers:

• Approximately 183,000 employers currently hold NYSIF workers' compensation insurance policies, totaling $1.35 billion in premium and constituting 41% of the market.
• NYSIF active disability benefits policies are at a record high of more than 61,000, representing nearly $22 million in deposit premium.
• NYSIF’s 2008 fraud prevention program accounted for more than $20 million in estimated total savings, a record amount exceeding all prior yearly totals since NYSIF began the program.
• In 2008 NYSIF retained 88.2% of NYSIF workers’ compensation policies and 90.8% of policy premium.
• Currently, NYSIF is managing nearly 134,000 claims. We have cut the average time of a workers’ compensation claim from 1,022 days in 2004 to 895 days in 2008.
• Combining both up-front discounts and safety group dividends, NYSIF has saved policyholders more than $500 million in the last two years.
• A total of 1,872 safety trainings were conducted by NYSIF Field Service representatives during 2008, including OSHA 30-Hour General Industry; Hazard Communications and Personal Protective Equipment.
• In 2008, nysif.com traffic continued to grow, including new registrations from: 4,849 policyholders, 151 brokers and 13,075 employers.
• More than 7,618 Reports of Injury were received on  nysif.com in 2008, while prospective clients requested 23,057 quotes. Also, medical providers accessed more than 52,800 Explanations of Benefits on nysif.com.

“This is an unsurpassed record of service to the people of New York,” Chairman Hurlbut concluded. “I want to extend a heartfelt thank you to all our employees who are a vital part of our history and who contribute daily to the success of our organization.”

NYSIF is a non-profit, competitive insurance carrier that sells workers' compensation and disability benefits insurance to any employer doing business in New York State. The five components of the agency’s mission are:

• Provide timely and appropriate indemnity and medical payments to injured workers;
• Drive down the cost of workers' compensation insurance for businesses operating in New York State;
• Ensure that all New York businesses have a market for workers' compensation insurance available to them at a fair price;
• Maintain a solvent state insurance fund that is always available for New York businesses;
• Be a competitive force in the marketplace and an industry leader in price, quality, and service.