New White Paper Finds Greater Control and Financial Savings Make Self-Insurance Best Option for Workers' Compensation
OAKLAND, Calif., Jan. 7, 2020 /PRNewswire/ -- The California Self-Insurer's Security Fund (SISF) released its white paper titled "The Secrets of Alternative Risk: Why Self-Insurance May Be Your Best Bet." The paper follows the December release of SISF's Bickmore Study Findings Letter that found self-insured employers save 14-28% over traditional insurance. This time SISF has turned to self-insurance expert Jon Wroten to examine the differences from an employer's perspective between self-insurance and high-deductible programs.
Wroten, past Chief of the Office of Self-Insurance Plans, lays out the business case for self-insurance versus high deductible policies. Beyond substantial cost savings available to self-insured employers, the paper delves deeper by detailing how the innovative, first-in-the-nation Alternative Security Program (ASP) enables employers to conserve cash flow and capital without impact on their balance sheet or creditworthiness. Beyond the broad fiscal benefits, Wroten points out that for many employers, the most compelling and significant decision factor may be the ability for self-insurers to design and control every aspect of their workers' compensation program to meet the needs of employees and the objectives of the business.
"Many self-insured employers find the ability to design, control, and customize their workers' compensation program to their employees and the company's unique needs is the single most compelling reason for becoming self-insured. Better control, cost savings, and financial benefits make self-insurance a superior solution over high-deductible or traditional workers' compensation policies," said SISF Board Chair and CEO Tim East. "SISF supports California businesses by helping them lower their workers' compensation costs and by freeing business capital through SISF's innovative Alternative Security Program (ASP)."
The full paper can be read on the SISF website: https://www.securityfund.org/self-insurance-your-best-bet .
Self-insurance provides lower-cost, greater control, improved outcomes, and peace-of-mind.
The California Self-Insurers' Security Fund (SISF) has been proudly serving its members for 35 years since its founding on July 6, 1984. We are a member-driven non-profit organization with leadership by a volunteer Board of Trustees representing members serving members. The Security Fund is a key partner supporting California self-insured workers' compensation programs. "We are California Workers' Comp Experts" with a singular focus on self-insurance.
More information on California's workers' compensation self-insurance program is available at SISF's website – www.securityfund.org or by email at [email protected]. For media inquiries, contact Becky Lysaght (510)879-6035. #CASISF #CASISF35Years
About the paper's author: Jon Wroten, MBA, CPP is the managing director of California Risk Advisors LLC and the former Chief of the Office of Self-Insurance Plans overseeing and regulating the nation's largest self-insurance workers' compensation marketplace. He also was a senior vice president for Sedgwick Claims Management. Jon taught business, insurance, and risk management as an adjunct professor at Sierra College for more than fifteen years.
SOURCE California Self-Insurers' Security Fund (CASISF)
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