Recently released reports on workers’ compensation market share show that SFM continues to garner more business in its core states.

The 2024 figures were issued by SNL Financial in April. SNL, a data analytics firm within the S&P Global organization, issues an annual insurance industry study that compares market share and ranks carriers within each state of operation.

SFM’s carrier ranking in its top five states, based on 2024 written premium:

• Minnesota – 1
• South Dakota – 3
• Iowa – 6
• Nebraska – 7
• Wisconsin – 10

At the same time, SFM’s 2024 market rank also increased in its three newest states: Kansas, Indiana and Tennessee.

“We’re growing, and the good news is we’re really growing in all eight of our core states, but we’re also growing profitably and selectively in those states,” said Mike Happe, Senior Vice President and Chief Marketing Officer. “The nationwide work comp market volume actually declined last year, so it’s promising to see that we’re maintaining that upward trajectory.”

SFM hit a new milestone by making the top 10 in Wisconsin, and SFM’s 2024 market rank increased by four spots in Kansas, eight in Indiana and 11 in Tennessee.

“Today, nearly half of SFM’s business is from outside of Minnesota. SFM is proud of our sustained success in recent years, especially in our newer markets,” Happe said. “In addition to maintaining the lead we’ve held in Minnesota for over 20 years, it’s fantastic to see strong growth coming from our other core states.”

Meanwhile, SFM continues to look for opportunities to pick up business that’s being displaced or facing challenges in the market.

“Especially in our newer states, agents are getting to know us and appreciate the advantages we offer,” said Mark Lewis, Team Business Leader. “We’re seeing excellent results as SFM’s reputation for unmatched customer service continues to spread throughout our newer markets.”

Read more Agent Agenda articles

SFM is off to a good start through the first six months of the year, and with a strong July expected for new business, we are looking to maintain that momentum through the next quarter.

Written premium is close to plan year to date, and new business is on plan, as well, at about $13 million. Premium audit additional is solid at more than $6 million so far this year. However, pricing is down 6% through the end of June, which was slightly more than projected.

“Despite the continued market challenges in workers’ compensation insurance, SFM and our agency partners have continued to grow our book of business and sustain our excellent client retention rate of over 95%,” said Steve Sandilla, Sr. VP and Chief Business Officer. “We’ve had a good start to the first half of the year and are planning to make the second half just as robust.”

Following a mild winter in the Upper Midwest, and subsequently fewer slip and fall claims, claim frequency was looking very good for the first six months of 2025. Still, though claim severity is within projections, SFM has increased that range in recent years following a trend of more surgeries and recovery time due in part to an older workforce.

“SFM’s results so far this year mirror our philosophy of steady, measured growth,” Sandilla said. “As we look to build on a good first half of 2025, we want to remind our agent partners that we look forward to working together to generate new business.”

Read more Agent Agenda articles

The results from SFM’s recent Agency Partner Survey are in and show nearly all respondents were satisfied with SFM (93% “extremely” or “moderately” satisfied) and 91% said SFM is “easy” or “very easy” to do business with.

When asked about the reason for their satisfaction rating, respondents most often cited SFM’s customer service and user-friendliness. Additionally, 75% of respondents said they wanted to recognize an SFM employee for excellent customer service.

“We’re extremely proud of the results of this survey,” said Steve Sandilla, Sr. VP and Chief Business Officer. “At SFM, we take customer service seriously, and it’s terrific to hear that our agency partners gave us such high marks.”

SFM’s underwriting staff was also regularly cited as a reason for overall satisfaction. Specifically, one respondent said underwriters are knowledgeable, responsive and focused on customer service. SFM’s website, processes and technology were noted as strengths by those who responded to the survey, as well.

“While we’re pleased with the survey results, we will continue to look for ways to improve in the future, and we will take specific areas of improvement seriously,” Sandilla said. “In fact, we received comments in the survey about upgrading the billing information in SFM Agency Manager. We’d already had a project to address that underway, and the enhancements went live in June.”

SFM appreciates the time agents took to provide their feedback, and those comments provide us with better ways to serve our partners.

Nearly 600 agents responded to the survey, which was distributed in March 2025.

Read more Agent Agenda articles

Here’s a look at the latest promotions and accomplishments for SFM’s underwriting staff over the past several months.

• Tamara Flanagan was promoted to Underwriting Technical Support Representative
• Phil Roberts was promoted to Marketing Underwriter
• Nick Frederickson was promoted to Senior Underwriter
• Michelle Santalucia joined SFM as an Underwriter on the Wisconsin Accounts team
• Crystal Frederick was promoted to Senior Underwriter
• Jason Willis was promoted to Marketing Underwriter Specialist
• Sadie Zorn was promoted to Senior Marketing Underwriter

Other SFM news of note:

• SFM CEO Terry Miller was named the president of the American Association of State Compensation Insurance Funds
• Mark Thalberg joined SFM as Senior Defense Counsel with Schmidt, Scharfenberg & Hollick
• Ryan Jirak was promoted to VP of Regional Business, Large Accounts
• Shawn Miner, SFM’s VP of Regional Business, Iowa/Nebraska/Kansas Accounts, was appointed to the governing board of the Kansas Workers’ Compensation Insurance Plan

Read more Agent Agenda articles

SFM is planning to participate in several industry events in the coming months, including:

• Aug. 21 — IIAN Foundation Golf Tournament in Eagle, Neb.
• Aug. 26-27 — Iowa “Big I” annual convention in Altoona, Iowa
• Sept. 21-23 — South Dakota Big I Convention in Deadwood, S.D.
• Sept. 29-30 — PIA of Minnesota Education Day in Waite Park, Minn.
• Oct. 8-10 — Big “I” Nebraska annual convention in Lincoln, Neb.

Read more Agent Agenda articles

Agents can now make payments and manage AutoPay for customers right within SFM Agency Manager (SAM). Also, we have enhanced the billing information agents can see within SAM.

The upgrades rolled out this spring.

AutoPay management and payments

You no longer need to leave SAM to make a payment on behalf of a customer.

Within the Policies section of SAM, on the “Billing Summary” page of any policy, you will be able to:

• Make a one-time payment
• Set up AutoPay
• Change the AutoPay payment method
• Change the AutoPay email notification recipient
• Cancel AutoPay

You are still able to set up AutoPay right away during the binding process.

Enhanced billing information

You also have access to additional information on the Billing Summary page to help you better answer customers’ questions about their SFM bills.

On the Billing Summary page, you can find:

• A downloadable installment schedule
• Current invoices and their payment status
• Payment details, such as date paid and payment method
• Return fund amounts

Read more Agent Agenda articles

SFM is off to a fast start in 2025, building on the success of last year.

Claims frequency and severity were down through the first quarter of the year, and SFM saw fewer medical-only claims than expected. Following a strong January, premium is on plan through Q1, though the market continues to be competitive.

Another noteworthy item is that SFM set a record in 2024 for returning policyholders.

“Our results so far this year reflect our overall philosophy of measured, steady growth,” said Steve Sandilla, Senior VP and Chief Business Officer. “As we look to build on a good first quarter, we want to remind our agent partners that we look forward to working together to generate new business, as well.”

Meanwhile, SFM continues to garner market share in its core states. The recently released 2024 rankings for SFM are:

• Minnesota – 1 (no change in rank, but did slightly increase market share)
• South Dakota – 3
• Iowa – 6
• Nebraska – 7
• Wisconsin – 10

At the same time, SFM also saw increases in its newer states — Kansas, Indiana and Tennessee all improved market share in 2024.

The latest figures come from regular industry reports issued by SNL Financial. SNL, a data analytics firm within the S&P Global organization, issues an annual insurance industry study that compares market share and ranks carriers within each state of operation.

Also, as a refresher, some of the highlights from 2024 include:

• 95.5% policyholder retention rate
• Added 6,800 new policyholders, resulting in new business premium of over $26 million
• Total written premium for the year: $272 million
• Another year of an A- rating from AM Best
• SFM Foundation up to $4.1 million in total scholarships awarded

For more on last year’s numbers, see the Agent Agenda article from January.

Returning policyholders

Several years ago, SFM began tracking those policyholders who went with another insurer but later came back to SFM. And in 2024, that was a record number.

More than 300 employers that had previously moved to other carriers returned to SFM last year, boosting the bottom line and reaffirming the value policyholders see in SFM’s dedication to customer service. A broad spectrum of companies returned to SFM in 2024, but there were more large accounts that came back last year than is typical.

“Work comp insurance buyers must make a renewal decision every year,” said Mike Happe, Senior VP and Chief Marketing Officer. “That said, maintaining such a great customer renewal retention rate — and having so many departed customers return each year — are proof of the value of SFM’s high quality level of service that we provide, day in and day out.”

Read more Agent Agenda articles

SFM is making two important enhancements to its workers’ compensation operations in Indiana, both of which will go live May 1.

To begin, SFM will start writing business with mid-market employers, further expanding SFM’s presence in Indiana as it continues to gain a greater portion of the state’s workers’ compensation market.

“We’re excited about this new chapter for SFM and our commitment to Indiana,” said Cody Allen, SFM Territory Manager, who was recently elected to the governing board at the Indiana Compensation Rating Bureau. “The agents we work with know the value SFM brings to the table and our reputation for exceptional customer service. Now, that will extend to a larger pool of potential clients.”

SFM began writing business in Indiana in 2022 and previously focused on writing policies with smaller employers. Starting May 1, agents can expect SFM to be “open for business” for accounts larger than $25,000 in annual premium, said Mike Happe, Senior Vice President and Chief Marketing Officer.

“Our relationships with agency partners in our newer states are gaining more momentum with each passing year,” Happe said. “SFM’s standing as the work comp experts has helped us develop and retain business in these markets, and we’re thrilled to expand our book of business in Indiana.”

Claims handling

The second big change coming at the beginning of May is that SFM will begin handling Indiana claims in-house.

Injuries that occur on or after May 1 will be addressed by SFM claims personnel directly, rather than through a third-party vendor. (Claims with earlier injury dates will continue to be handled by a vendor.)

Policyholders will see no change in how they report claims — they can still call the SFM Work Injury Hotline, report online through SFM’s website or the CompOnline portal.

“SFM is known for its expertise in claims handling. By taking on these claims in-house, we hope to provide a higher level of customer service and a better experience for policyholders and injured workers,” said Angie Andresen, Vice President of Claims.

Read more Agent Agenda articles

The National Council on Compensation Insurance (NCCI) has again given SFM excellent marks for the quality of its data reporting.

Recently released results from 2024 demonstrate SFM’s commitment to accurate reporting in several categories:

• Financial data
• Unit statistical data
• Policy data
• Medical data
• Indemnity data

The NCCI is the nation’s most comprehensive source for workers’ compensation data, insights and solutions.

“The effort we put into our data reporting is vital because it makes SFM a better carrier and makes doing business easier for agents and policyholders,” said Brian Bent, SFM Vice President and Director of Underwriting. “Quality data leads to a quality experience. And SFM’s excellent grades and percentages are important to us and our partners.”

It’s not common for SFM to receive a notice about an issue with data reporting, said Bent, who also serves on the NCCI Underwriting Committee. For several years SFM has received exceptional grades from the NCCI.

Mike Happe, Senior Vice President and Chief Marketing Officer at SFM, said accurate data reporting helps agents spend less time on policy tweaks or corrections, as well as making it easier to track down experience modification factor numbers.

“At the same time, having precise data also frees up agents to manage accounts and prospect for new business,” Happe said. “SFM is committed to quality customer service, and that extends to our data reporting.”

Read more Agent Agenda articles

SFM’s Ryan Jirak, who has more than 16 years of experience in the insurance industry, was recently promoted to VP of Regional Business, Large Accounts.

He has previously worked at SFM as a midmarket underwriter, small business marketing representative and in large accounts business development. As of 2020, he has led SFM’s strategic business unit for large accounts, now being promoted to Vice President.

“It’s exciting. Our team is incredibly experienced. We have great relationships with our policyholders and agency partners,” Jirak said. “And now our next generation is stepping up and running with the culture already created. I’m just excited to be part of it.”

Jirak said he views the team as a resource for policyholders. His role is to help ensure the transfer of knowledge when employees take on new roles among SFM’s large accounts.

“A lot of times, we’ve been working with the same claim handlers and in-house attorneys at these policyholders for 10-15 years,” he said. “It’s so fun to help develop new relationships and assist those professionals who are taking over new roles with our policyholders.”

A native of New Prague, Minn., Jirak now lives in Victoria, Minn., with his wife and dogs. During the fall, he volunteers — or “voluntold,” as he put it — on his in-laws’ apple orchard. He also enjoys enhancing wildlife habitat on his conservation property in western Minnesota.

“When I first came to the Twin Cities, I was looking for a job outside insurance,” Jirak said. “But after finding SFM, having the coworkers I do and the strong relationships we have with our policyholders, that’s the reason I come to work with a smile every day.”

Read more Agent Agenda articles