The formation of IPEP began in 1989 when many public employers needed to find affordable workers' compensation coverage. The concept of public entities joining together to solve their risk financing needs gained momentum when they found it increasingly difficult to secure needed coverage and quality services from the commercial insurance market. Through the end of 1990, thirty-three (33) members joined together to form the nonprofit, self-funded workers' compensation risk sharing program known as Indiana Public Employers' Plan.
After nearly 30 years of operation, IPEP has grown to more than 600 members, individually serviced by a network of approximately 250 independent insurance agents. Today, IPEP covers well over $1 billion in public worker wages.