Professional associations are a great way to stay up to date in the industry. The best part? These organizations often hold events, which is a fun way to meet other claims professionals and get involved! This January, Wisedocs sponsored the New York Self-Insurers Association’s 2024 Annual Meeting.  The New York Self-Insurers Association (NYSIA) is a not-for-profit enterprise that’s been around for over a century. The event, held this past January in New York, went through upcoming and past changes in relevant self-insurance and WCB legislation, Speakers also covered topics around New York state legal updates, broader trends in WCB and the workforce, a mock IME and some relevant insights from case law. 

What is a self insured business?

The NYSIA provides resources, expertise, and lobbying power to New York’s self-insured enterprises. Self-insured businesses are businesses that pay workers’ compensation claims out of pocket as they occur. They either have money set aside for these claims, or they might cover the costs out of profits as they come up.  

Self-insurance is one of the oldest forms of insurance, and the most common. A kind of de facto self insurance happens when individuals effectively ‘choose’ self-insurance by not having coverage when they need it. As of 2000, more than 50 million Americans are self-insured. More recent data shows the number now sits at 44% of all employees.  If you’ve ever ‘chosen’ to self-insure some damage on your vehicle rather than going through your insurance company’s deductible, you’re choosing to self-insure. When used correctly, it can be used to help growing businesses cover only what is required to pay. 

However, self-insured businesses still need to comply with the laws in their state, which can be challenging without the umbrella of a large claims provider. The NYSIA helps these businesses navigate New York State Workers’ Compensation Law, as well as supporting them through case by case interpretation and advice. 

What does the New York Self-Insured Business Association do?

The New York Self-Insured Business Association acts as a voice for the self-insured. They work through lobbying efforts and by forming relationships across levels of the New York State Government. The NYSIA is also involved with all levels of the WCB board in New York, which means they can offer informed advice to member businesses. They’re also a member of the New York Business Council’s Workers Compensation Committee. 

NYSIA Conference 2024

The NYSIA’s mandate is to give a voice to members, and this year’s conference meeting didn’t disappoint. This year, presenters showed off their expertise in areas like disability payouts, legal trends, and approaching legal reforms. NYSIA 2024 also covered workplace issues like high unemployment (and what this means for WCB), plus maintained their commitment to plain-language legal guidance and having fun by hosting a game of self-insurance Family Feud. 

Participants were also treated to a mock Independent Medical Examination (IME). An independent medical examiner was on hand to give members the lowdown on how an IME works, what tools they use, and the lens they use to assess the claim. Of course, Wisedocs team member Kali Trombley was also exhibiting at the event to chat with participants about how AI can transform this process and every aspect of claims. 

All in all, the January 2024 event was a fantastic way to kick off the new conference year. The conference showed that the NYSIA has continued to go the distance up for self insurers — and we’re so happy we could play a part. 

To stay up to date with the events Wisedocs is exhibiting at, check out our events page!