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Just like being in the eye of a storm, the workers’ compensation industry is in the eye of change which has accelerated due to the financial crisis, the “Great Recession” and continued increasing costs. The “Great Recession” has changed workforce demographics, government involvement, regional unemployment, industries, and medical reform. Prior to the crisis and recession, the relative calm lulled the industry into complacency. The crisis will have long-term consequences for companies unprepared for the changes. Just like the eye of a storm, the eye of change is passing over the workers’ compensation industry … changing the landscape forever.
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