2019 Annual Report

NYSIF logo with text, "The New NYSIF" against a two tone blue backdrop with cropped NYSIF logo arches

Transforming the Customer Experience

Delivering excellent service and coverage is our overarching objective. We worked hard over the past year to provide customers with the products, services, and convenience you asked for and we continue to focus on improvements that will enhance service. The feedback we’ve received from policyholders, claimants and insurance agents included in this report is the result of our abiding sense of commitment to transforming the customer experience.

Message from Our Executive Director

NYSIF Executive Director & CEO Eric Madoff portrait photo

Thank you for your interest in NYSIF. We have been engaged in a multi-year transformation to improve service for our customers, injured workers, and other stakeholders. We also faced challenges at the beginning of 2020 with the advent of the COVID pandemic. Notwithstanding those challenges, NYSIF has both continued to deliver on customer service enhancements and has also risen to the challenge of COVID, delivering industry-leading relief to our customers during this difficult time.

Policyholders

We have been engaged in a multi-year transformation to improve service for our customers, injured workers, and other stakeholders.

We’ve rolled out new systems to make it easier for prospective customers to purchase NYSIF insurance policies. Using our online application, policyholders and producers can apply for a policy, get a quote, and bind coverage in less than 15 minutes. The first policy written on this new platform was for a pizzeria in Central New York. The entire process took only a few minutes, from start to finish, and was completed in less time than it takes to make a pizza. That’s quick!

We’ve improved our billing procedures, offering electronic notification of bills, auto-pay to our workers’ comp and disability policyholders, and we’ve extended the number of days that our customers have to make their monthly payments by an extra five days.

We’ve streamlined our process for premium audit. Each year we reach out to policyholders to verify that we’ve charged the correct premium by verifying their payroll (and other information).Historically that process has been difficult for our customers. We’ve dramatically improved the experience by offering several enhancements including the ability to complete the entire premium verification process online and making the findings of our audits more clear to our customers. We are continuing to work on making this process easier for our customers.

NYSIF Financial Highlights chart comparing 2019 to 2018 financial highlights

Contact Center

Our Contact Center had great success in improving our service levels, achieving call answer rates of 99%, with average hold times less than 20 seconds. Their performance is remarkable.We’ve all had the experience of long wait times, trying to reach a customer service center. Our goal is to make sure that when a customer calls us, we answer the phone quickly and resolve their questions or concerns in one conversation.

Injured Workers

We continue to make progress to improve our service to injured workers. One of the most important things that we can do is to pay a worker quickly who is missing work because of an injury and who is not receiving their regular paycheck. Over the past few years, NYSIF has made tremendous progress on improving the timeliness of initial payments to workers, attaining performance levels well above 95% timeliness from much lower levels in the past.

Producers

"Our team feels that NYSIF's service, compassion and flexibility have reached new heights. We believe your services are market leading." "Some of our customers access our products via brokers and agents throughout the state. We continue to strengthen our relationship with these producers through our Producers’ Advisory Council. Based on feedback from this group, we’ve taken numerous steps to make it easier for producers to do business with NYSIF. We look forward to continuing to build on these successes to strengthen our relationship with the producer community.

COVID

During this period of disruption caused by COVID-19, NYSIF has adapted to provide extra assistance to our customers and claimants.

With the onset of COVID, we shifted our staff to working from home, in order to ensure their safety. We rolled out special programs to help our customers who were facing financial difficulty, including:

  • Suspending cancellation of insurance policies for nonpayment during a period from March to August
  • Suspending all late fees, installment fees, and interest charges
  • Allowing our customers to pay off accumulated premium balances over a twelve-month period, without interest
  • Lowering premium amounts due from our customers to reflect their reduced business activity
  • Offering to work with any customer facing financial difficulty to keep their policy active
  • Offering a premium credit for customers who purchased personal protective gear to protect their employees.

For the injured workers who rely on us, we proactively reached out to them to make sure that they were well. We offered to convert paper checks to electronic deposits to ensure delivery and safety. We created a telemedicine pilot to ensure that injured workers had safe access to health services.

What’s Next

Our goal is to provide the best value in workers' comp and disability benefits, combining an attractive price with great service. In 2020, we will keep working to help our customers manage the impact of the coronavirus on their businesses. We also will continue to deliver enhancements to customer service.Our goal is to provide the best value in workers’ compensation and disability benefits insurance, combining an attractive price with great service.

Thank you for choosing NYSIF to meet your workers’ compensation and disability benefits insurance needs. I am proud to lead a team that is committed to making sure we provide you with the best possible customer service for many years to come.

Eric Madoff
Executive Director & CEO

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