Do you remember the days when you had to make a trip toBlockbuster to rent a movie? Most kids now have no idea of thatconcept, thanks to streaming services like Netflix.

Did you know that Blockbuster had the opportunity to partnerwith Netflix? But Blockbuster turned the offer down. At the time,Blockbuster was at the top of its game with thousands of locationsand millions of customers like me.

But we all know how that story ended: Blockbuster declaredbankruptcy and Netflix is now worth tens of billions ofdollars.

At the National Council on Compensation Insurance(NCCI) AnnualIssues Symposium (AIS) 2017 last month, my mainquestion, or challenge, to the industry was, how do we ensure thatthe workers' compensation system does not share the same fate asBlockbuster? Our workers' comp system is important to ensuringsafer work environments, aiding injured workers, and protectingemployers.

Staying relevant

The key is staying relevant. History clearly shows that badthings happen to companies and industries that don't adapt tochange and become irrelevant.

We all know that change is inevitable — and it's coming fasterthan ever before. Technology is reshaping the very definition ofworker and workplace, not to mention its profound effect on medicaltreatments.

But we've been here before. If it were the 1950s, I would betalking about similar challenges: a changing workforce, changingworkplace, workers needing new skills, and new technologies.Although we don't yet have a clear picture of what these changeswill look like exactly, we do know that change will createdifferent needs for both workers and employers — and the workers'comp system will need to adapt to meet those needs. 

Relevancy is a moving target, so staying relevant takesperseverance. The workers' comp system is resilient, and ourhistory has shown that we can adapt and evolve. In our 100-plusyear history, the system has adapted to major shifts in theworkforce with great success.

Today, workers' compensation is a relevant industry: 95% offull-time workers in the U.S. are covered by the system. And thesystem has kept its relevance, in part, by focusing on safety; overthe last 20 years, claim frequency has dropped by nearly 50%. For along time we've focused on return-to-work programs, which hascontributed significant value to employees and employers alike, notto mention positive social benefits. And underneath it all, ourindustry financial health is strong.

Related: Texas Workers' Comp informal rule addresses compoundeddrugs

4 challenges

However, to remain relevant, we as an industry must take on fourchallenges:

• We must better communicate our successes to ensure keystakeholders understand the value of the system.
• We must be even more mindful of the balance needed across ourstakeholder groups.
• We need greater data-driven thought leadership to dispelmisinformation.
• Perhaps most importantly — with change happening quickly in the21st century—we must pick up the pace in adapting to meet ourcustomers' needs.

When we are successful in these efforts, we will not only stay"real-time relevant," but we will enable the workers' comp systemto continue to provide value and support for the next generation ofworkers and employers.

Not an easy task, but one that the workers' compensationindustry must pursue.

NCCI is privileged to play a big part — offering data, insights,tools, and services to help adapt to the changes ahead and continueto foster a healthy workers' compensation system.

Related: Roll with it? Hawaii insurer pulls workers' comp coverage frommedical marijuana dispensaries

Bill Donnell is president and CEO of theNational Council on Compensation Insurance (NCCI). To learn moreabout NCCI, please visit ncci.com. Opinions expressed are the author'sown.