Message From the President
State Fund plays a unique and critical role in California’s economy. Driven by our mission to provide fairly priced workers’ compensation insurance, help make workplaces safe, and restore injured workers, we are committed to doing what’s right for California.
One of the most important lessons we’ve learned in our one-hundred year history is that doing what is right is not always easy or obvious. It requires wisdom to identify the best solutions for problems; and it requires courage to adhere to our values. State Fund must always balance individual customer needs, market forces, and the desire to have a positive impact now – with the long term mission to be here for every business in California and to provide a stabilizing influence on the marketplace.
2015 was a pivotal year for State Fund’s transformation into the agile and efficient organization that we will become. Under the oversight of our Board of Directors, we began this important transformation with the goals of strengthening our culture and improving our business processes and technology.
I am pleased to report our accomplishments to date:
- Implemented a first-ever training for medical providers on the appropriate prescribing of opioid medications.
- Developed an innovative pilot roofing safety incentive program to reduce workplace injuries.
- Transitioned to a new, outcomes-based medical provider network, the State Fund MPN by Harbor Health, to help us improve recovery outcomes and quality of care for injured employees.
State Fund had a strong financial performance in 2015:
- We wrote $1.6 billion in premiums for 138,000 policyholders.
- Our net income was $271 million.
- Our combined ratio was 129.8 percent.
- Our policyholders’ surplus grew by $164 million since Dec. 31, 2014.
In 2016, we are improving the customer experience, increasing services to help ensure workplace safety, and adding technology that will improve the effectiveness and timeliness of our work.
We are dedicated to controlling costs, improving medical outcomes for injured employees, and protecting State Fund’s financial stability to ensure we will always be here to serve California’s businesses.
Vernon Steiner
President and CEO