2023 Results: Customer service focus drives another strong year

SFM recorded yet another excellent year in 2023, continuing its strong performance across all core metrics, from policyholder retention to new business and total written premium.

“We are proud of our accomplishments from the previous year,” said Steve Sandilla, SFM Senior Vice President. “Our focus on customer service has continued to foster our growth and sustained success.”

Highlights from 2023:

  • 3 percent policyholder retention rate
  • Added 7,257 new policyholders, resulting in new business premium of $34 million
  • Total written premium for the year: $271.6 million
  • Combined ratio was 96 percent – 12th straight year under 100 percent
  • SFM Foundation up to $3.7 million in total scholarships awarded

Other SFM numbers of note

SFM partnered with more than 3,000 independent agents in 2023 and closed out the year with its number of businesses served surpassing 50,000. That adds up to more than 500,000 covered employees.

Meanwhile, as a servicing carrier for the Minnesota Workers’ Compensation Assigned Risk Plan, SFM’s Superior Point division served approximately 13,400 employers, representing $20 million in premium. SFM has also been selected to serve up to 20 percent of the Wisconsin Assigned Risk Pool, accounting for 3,800 employers and $12.5 million in premium.

Additionally, SFM Risk Solutions provided third-party administration service to 32 self-insured clients in 2023, including two large groups with over 1,600 individual members. The service has not lost a client to a competitor in 16 years.

SFM also continues to expand. Its ratio of premium and policy counts between its home state and others is shrinking. And that’s a good thing — SFM is diversifying and expanding its footprint in the realm of workers’ compensation insurance. SFM is still the No. 1 workers’ comp carrier in Minnesota.

Licensed in 34 states, SFM is now serving policyholders and partners with agencies in:

  • Minnesota
  • Wisconsin
  • Iowa
  • Nebraska
  • South Dakota
  • Kansas
  • Indiana
  • Tennessee

That ongoing growth and success can be attributed to many factors, Sandilla said, including SFM’s focus on serving customers and the relationships built between the company and agents.

“SFM’s agent partners know our reputation as the work comp experts in the industry,” he said. “We continue to make the best outcomes for clients our primary focus and we are thankful for the trust of our agents and policyholders year after year.”


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