The MEMIC Group, a Portland, Maine-headquartered workers’ compensation carrier, has been ranked the top workers’ compensation company in the U.S. by the Association for Cooperative Operations Research and Development (ACORD), the global standards-setting body for the insurance industry.
In a first-of-its-kind study of the $48 billion U.S. workers’ compensation insurance market, MEMIC came out on top based on financial performance as well as measurable capabilities in customer experience, employee satisfaction and brand reputation.
“Given MEMIC’s significant contribution to workers’ compensation in Maine and their strong reputation in the insurance industry, it’s admirable that they not only grew faster than the market but also had materially better financial performance,” said Bill Pieroni, president and CEO of ACORD, in a MEMIC press release.
The Workers’ Compensation Study leveraged ACORD’s U.S. Property & Casualty Value Creator Study and examined the top 50 workers’ compensation writers in the U.S. These top 50 account for 85% of U.S. workers’ compensation premiums, and the insurers generate annual premiums ranging from $200 million to $4 billion.
The results showed that top performing workers’ compensation carriers simultaneously pursued four key strategies: operational efficiency, customer experience, product differentiation and innovation. More results of the Workers’ Compensation Study, including additional analysis, will be released in a paper published later this year.
With eight offices across the Eastern Seaboard, The MEMIC Group holds licenses to write workers’ compensation across the country. MEMIC insures more than 20,000 employers and their estimated 300,000 employees and holds more than $1.3 billion in assets.
ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations. It maintains offices in New York and London.
Source: The MEMIC Group
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