Leading industry player coming to the Big Apple

Leading industry player coming to the Big Apple | Insurance Business America

Workers Comp

Leading industry player coming to the Big Apple

Riding the wave of success with its recent awards, ICW Group has set its sights on a prominent new market

Workers Comp

By
Insurance Business

The following article was written in association with ICW Group.

ICW Group has undertaken an exciting and significant step by expanding into New York, as the renowned carrier goes from strength to strength.

The group launched its services in the new market and is accepting submissions from July onward. This development marks a successful 12 months, as the company was named the 2024 winner of Insurance Business America’s 5-Star Workers’ Compensation for the fourth consecutive time.

“Our continued recognition as a 5-Star Workers’ Comp carrier is a testament to the trust we have built over decades with our network of independent agent and broker partners and the value of the products we deliver to our customers,” said Paul Zamora (pictured), chief underwriting officer. “We’re proud to now offer our workers’ comp business in New York and create the best insurance experience possible for the agents and businesses in the region.”

The expansion builds upon ICW Group’s over 50-year legacy, which has been crafted by following its key pillars:

financial strength
valued agent partnerships
preventative risk management approach
proactive hands-on claims management
free value-added policyholder services

One hundred per cent (100%) of ICW Group’s business comes from its strategic agent and broker partnerships, an arrangement that is set to continue with the move to New York.

Zamora explained: “We bring an established workers’ comp product accompanied with top-tier customer-centric services to the region. Our expertise is in mitigating risk, promoting workplace safety, and supporting the long-term success of businesses nationwide. We can’t wait to bring our services to New York businesses.”

ICW Group is in a strong position in terms of performance, highlighted by some impressive recent metrics, including:

The group’s workers’ comp operation reached a milestone of over $1 billion in premium in 2023.
On average, hands-on claim management helps claims close 6% faster and beat industry costs by 20%.
ICW Group assigns twice the number of claims for fraud investigation support versus the industry average. Every claim is checked for fraud within 24 hours of claim creation.

The group’s internal processes are driven by what it calls “Power of 3” – fewer claims, less costly claims, and lower ex-mods.

While the ICW team’s extensive expertise in safety and injury prevention helps customers lower their frequency of claims, when a claim does occur, the group’s claims management services help close them faster. This, ultimately, has a positive impact on the experience modification factor and results in long-term premium savings.

Agents working with ICW Group can offer value-added services with the clients’ workers’ comp policy as every policyholder is given access to benefits such as a comprehensive safety learning management system Safety OnDemand, free HR advice with HR OnDemand, and a Nurse Triage Hotline for immediate action when a workplace injury occurs.

“Being continuously named a 5-Star Workers’ Comp carrier by agents and brokers is meaningful to us. We strive to provide above and beyond service and expertise to their policyholder clients and we’re very pleased to see our hard work is paying off,” added Zamora.