NYSIF

What NYSIF does

NYSIF (New York State Insurance Fund) is a New York State government agency and public benefit corporation that has operated as the state's largest workers' compensation insurer since its founding in 1914. The organization provides workers' compensation, disability benefits, and paid family leave insurance to approximately 200,000 employer policyholders covering roughly 2 million workers across New York State, with 97% of its 58,000 disability benefits customers classified as small businesses. As a state fund, NYSIF operates under a statutory mandate to provide guaranteed coverage without non-renewal or conditional renewal, and returns excess premium to policyholders through dividends — including $585 million in August 2023 and more than $550 million in August 2022.

The core platform comprises workers' compensation, disability benefits, paid family leave, and specialized coverage for volunteer firefighters and ambulance workers, distributed through a direct-to-employer model via nysif.com, an online account portal, and mobile applications. Digital modernization includes the Policy Mobile App (launched April 2026) for premium payments, statements, and certificate-of-insurance management, the Claim Mobile App (October 2023, expanded July 2024 to DB and PFL claimants), the PayGo pay-as-you-go premium system tied to actual payroll, an audit document upload portal, direct deposit for claimants (81% enrollment growth since 2022, 2 million+ same-day ACH payments processed), and the Risk Control Resource Center providing industry-specific safety training across healthcare, construction, manufacturing, and services verticals.

NYSIF's revenue model is subscription-based insurance premiums regulated by the state, with pricing adjusted through rate filings; the organization announced a 28% reduction in standard Disability Benefits premium rates effective January 1, 2026. Distribution combines self-serve digital channels with a network of insurance representatives, brokers, and safety group managers. Beyond core insurance, NYSIF delivers state-aligned programs including the Climate Action Premium Credit Program (expanded May 2025), the Extreme Heat Equipment Credit for small businesses (July 2025), the Safe Patient Handling premium credit, Code Rule 59/60 incentive programs, and the NYSIF FUNDamental Podcast (launched September 2025). The company is led by Executive Director & CEO Gaurav Vasisht (appointed November 2021) under Chair Kenneth R. Theobalds and operates from Albany, New York with offices statewide and a workforce of 1,001–5,000 employees.

Name

NYSIF

Legal name

New York State Insurance Fund

Website

https://ww3.nysif.com

Company type

Private

Founded year

1914

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NYSIF is a New York State government agency providing workers' compensation, disability benefits, and paid family leave insurance to approximately 200,000 employer policyholders covering 2 million workers across New York State.

Ownership category

akta.pro rank

Product category

Workers' Compensation Insurance

NAICS

Insurance Carriers and Related Activities (524), Health and Welfare Funds (525120), Finance and Insurance (52)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321), Insurance Carriers, Nec (6399)

akta.pro primary industry

Workers’ Compensation Insurance (FSAJAKAM)

akta.pro secondary industries

Self-Insured Workers’ Compensation Programs (FSAJAEAD), Group Disability Income Insurance (Employer-Sponsored) (FSAIAIAB)

Keywords

• Workers compensation insurance
• Disability benefits insurance
• Paid family leave coverage
• State insurance fund
• Employer insurance coverage

Headquarters

HQ city

Albany

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Workers' Compensation Insurance Premiums: Core insurance product providing workers' compensation coverage to New York employers. NYSIF is the New York State Insurance Fund, a state nonprofit insurer offering guaranteed coverage.
2. Disability Benefits Insurance Premiums: Disability benefits coverage provided to over 58,000 New York employers, 97% of which are small businesses, covering more than 700,000 employees. Standard premium rate reduced by 28% effective January 1, 2026.
3. Paid Family Leave Insurance Premiums: Paid family leave coverage as part of NYSIF's insurance product portfolio for New York employers.
4. Insurance Certificate Management: Digital management of certificates of insurance for policyholders through mobile app and online portal.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels11 records

Core offering

NYSIF (New York State Insurance Fund) is a state-created nonprofit insurer providing workers' compensation, disability benefits, and paid family leave coverage to New York employers. It also offers volunteer firefighters' and ambulance workers' benefits insurance, along with supporting digital services (mobile apps, online portal, PayGo premium payments) and safety/risk control resources. NYSIF insures approximately 200,000 employer policyholders covering 2 million workers across New York State.

Product overview

NYSIF (New York State Insurance Fund) operates as a state nonprofit insurer offering a comprehensive suite of insurance products centered on workers' compensation, disability benefits, and paid family leave coverage. The product portfolio includes two flagship mobile applications—the Policy Mobile App (for policyholders to manage policies, view statements, pay premiums, and manage certificates) and the Claim Mobile App (for claimants to access claim information and payments). Supporting the core insurance offerings are multiple digital modules including PayGo (pay-as-you-go premium payments), Audit Document Upload, Direct Deposit, and Certificate Management. NYSIF also provides value-added safety and risk management services through its Risk Control Resource Center and Safety Training Resources (covering healthcare, manufacturing, construction, and services industries), along with premium incentive programs such as the Climate Action Premium Credit and Safe Patient Handling credit. The platform is accessible via web portal and mobile apps, targeting approximately 200,000 employer policyholders and 2 million covered workers in New York State. Founded in 1914, NYSIF has been operating for over 110 years.

Differentiator

Problem solved

Functional benefit

Brands

• NYSIF Insure+: Insurance product offering from NYSIF
• PayGo
• NYSIF FUNDamental Podcast

Products and services

• Workers' Compensation Insurance Primary insurance product providing workers' compensation coverage to New York employers, covering approximately 200,000 employers and 2 million workers. Includes employment of minors, subcontractor coverage, and independent contractor policies.
• Disability Benefits Insurance Off-the-job disability coverage for New York employees. NYSIF provides Disability Benefits coverage to over 58,000 employers (97% small businesses) and more than 700,000 employees. Includes a 28% premium rate reduction effective January 1, 2026.
• Paid Family Leave Insurance coverage providing paid family leave benefits to eligible New York employees. Integrated with disability benefits and the Claim Mobile App for claimants.
• Volunteer Firefighters' Benefits Insurance Insurance coverage for volunteer firefighters as required by New York State law.
• Volunteer Ambulance Workers' Benefits Insurance Insurance coverage for volunteer ambulance workers as required by New York State law.
• NYSIF Policy Mobile App Mobile application enabling workers' compensation policyholders to manage policies, view statements and account histories, pay premiums, manage certificates of insurance, and contact underwriters. Targets NYSIF's 200,000 employer policyholders.
• NYSIF Claim Mobile App Mobile application for claimants to access claim information, view payment details, enroll in direct deposit, manage claims, and communicate with case managers. Expanded in 2024 to cover Disability Benefits and Paid Family Leave claimants alongside workers' compensation claimants.
• PayGo (Pay-As-You-Go Premium) Pay-as-you-go workers' compensation premium payment option allowing employers to pay premiums based on actual payroll rather than estimates. Received positive feedback from policyholders.
• NYSIF Risk Control Resource Center Online safety resource and training portal providing industry-specific safety manuals, tips for accident/injury reduction, online safety classes, employee training videos, ergonomic resources, and hazard communication materials for policyholders.
• Online Account Management Portal Web-based portal enabling policyholders, claimants, insurance representatives, and medical providers to manage accounts, view claims, pay bills, submit payroll reports, upload audit documents, and access certificates.
• Direct Deposit Payment Service Electronic payment option for claimants to receive benefit payments via direct deposit. NYSIF surpassed 2 million same-day ACH payments and increased direct deposit enrollment by 81% since 2022.
• NYSIF FUNDamental Podcast Educational podcast launched September 17, 2025 as part of NYSIF's financial education and outreach initiatives, covering insurance and workplace safety topics.

Quantifiable outcome

• 2 million workers covered under NYSIF policies
• +4 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• SUNY (State University of New York)coreStrategic or Co-development Partner · 23 December 2025NYSIF and SUNY partnership will provide 100 SUNY students paid internships in NYSIF offices throughout New York State beginning in 2026. This partnership supports workforce development and provides career opportunities for students while helping NYSIF with talent pipeline.
• New York State Department of LaborcoreOthersNYSIF collaborates with NYSDOL on Code Rules 59 & 60 compliance programs, Safe Patient Handling Act verification, and workplace safety regulations. NYSDOL provides regulatory oversight and guidelines for safety and loss prevention programs.
• New York Workers' Compensation BoardcoreOthersNYSIF works with the NY Workers' Compensation Board for claims processing and regulatory compliance related to workers' compensation insurance.
• U.S. Department of Labor (OSHA, BLS)minorOthersNYSIF references OSHA guidelines and BLS statistics in safety resources provided to policyholders. Resources link to federal safety standards and occupational data.
• NIOSH (National Institute for Occupational Safety and Health)minorOthersNYSIF provides links to NIOSH resources as part of its safety resource library for policyholders.
• Governor Hochul AdministrationcoreOthersNYSIF operates under the direction of Governor Kathy Hochul and works with the administration on state initiatives including climate action, MWBE programs, and healthcare funding policies.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Washington State Department of Labor & Industries: Washington's exclusive state-run workers' compensation provider, structurally analogous to NYSIF as a government-administered workers' comp monopoly. Compares on guaranteed-coverage mandate, employer pricing, and integration of safety services with insurance underwriting.
• State Compensation Insurance Fund (California): California's state-chartered workers' compensation carrier, the most direct structural peer to NYSIF. Both operate as state-created nonprofit insurers with guaranteed-coverage mandates for in-state employers, providing workers' comp as their core product with similar dividend-return and loss-prevention models.
• Ohio Bureau of Workers' Compensation: Ohio's state-exclusive workers' compensation insurer, the closest parallel to NYSIF's model of a state-administered monopoly carrier with rebate/dividend programs and integrated safety services for Ohio employers.
• ICW Group (Insurance Company of the West): Policyholder-owned workers' compensation specialist serving SMB employers, closely mirroring NYSIF's mutual/state-fund ownership structure and SMB concentration. Directly comparable on product (WC core), customer (small employers), and dividend distribution model.
• Texas Mutual Insurance Company: Texas's largest workers' compensation carrier, originally established as a state fund and now operating as a policyholder-owned mutual. Directly comparable to NYSIF in product focus (workers' comp), customer segment (small and mid-sized employers), and capital-return mechanism (policyholder dividends).
• Zenith Insurance Company: Specialty workers' compensation carrier with strong SMB and middle-market employer focus. Comparable to NYSIF on WC product specialization, SMB customer base, and integrated claims/safety service model, though operating as a private multi-state carrier rather than a state fund.

Broad incumbents

• AmTrust Financial Services: Specialty commercial P&C carrier with one of the largest U.S. workers' compensation books, particularly concentrated in small business. Comparable to NYSIF on SMB employer focus, WC core product, and pay-as-you-go premium offerings.
• Travelers Companies: One of the largest U.S. commercial property & casualty insurers with a substantial workers' compensation book. Comparable to NYSIF on core product (WC) and employer customer base, but operates across all 50 states as a for-profit incumbent rather than a state fund.
• The Hartford Financial Services Group: Major workers' compensation and small-business commercial lines carrier with deep SMB focus. Compares to NYSIF in target customer (small and mid-sized employers), WC specialization, and emphasis on loss-control services bundled with coverage.
• Berkshire Hathaway Homestate Companies: Workers' compensation specialist within Berkshire Hathaway's P&C group, focused on mid-market and SMB employers across multiple states. Comparable to NYSIF on WC product specialization and employer customer focus, but operating as a multi-state commercial carrier.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nysif_1914
• YouTubeyoutube.com/user/NYStateFund
• Facebookfacebook.com/NewYorkStateInsuranceFund
• LinkedInlinkedin.com/company/new-york-state-insurance-fund-nysif
• Instagraminstagram.com/nysif

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NYSIF