SFM’s online resource catalog offers a wide range of educational items designed to help policyholders prevent injuries, manage their claim activity and learn more about workers’ compensation. Also included are materials to help agents market their accounts with SFM.

Did You Know: Other states coverage

A handout that explains how each state has its own workers’ compensation requirements, which can apply to anyone who works, lives, travels or is hired in that state, as well as some of the factors that go into determining whether employers have the proper coverage.

The right choice for trucking operations

SFM is now a market for your trucking customers — this resource highlights details about insuring trucking businesses.

Visit the agent marketing materials page for more resources like these.

Fact sheet: Injuries caused by winter slips and falls

Based on independent research and SFM’s claims data, winter slips and falls put workers at a high risk of injury. This resource highlights specific steps that employers and employees can take to reduce the chances of injury.

​Penguin series – No short cuts email attachment

Part of the slips and falls series, this resource generates awareness of slips and falls hazards and promotes safe processes. It also encourages employees to pick the safe route and not take shortcuts.

Penguin series: Avoid winter falls packet

This packet includes all the tools you need to prevent winter slips and falls. It features tools for supervisors, a campaign activity sample, traction footwear information, training tools and penguin posters, table tents and more.

Encourage your policyholders to download these resources from SFM’s online resource catalog and visit the site often for the latest materials.

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SFM is introducing multi-factor authentication and new password requirements on March 14 to enhance your SFM Agency Manager (SAM) account security.

Setup process available starting March 14

To prepare for multi-factor authentication, you’ll have the opportunity to confirm your email address and mobile number when you log in to SAM, beginning March 14.

You’ll also be prompted to reset your password if it’s under 12 characters to meet the new password length requirement. Once you’ve reset your password, you won’t be required to change it again for a year.

After setting up multi-factor authentication, you’ll be prompted to enter a 6-digit verification code sent via email or text to log in once every 30 days. You’ll also need to enter the verification code whenever you clear your cookies or switch to a different browser or device.

For more information on multi-factor authentication, visit our multi-factor authentication frequently asked questions page.

Separate accounts advised for anyone who needs access

As part of the rollout of multi-factor authentication, we’re also asking customers to set up individual accounts for anyone who needs access to SAM, as sharing accounts will become more difficult.

To add accounts, contact your agency’s SAM administrator.

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SFM is making upgrades to its online MyPayroll system with new features and a streamlined process to make it even easier for policyholders to complete their annual premium audit.

The enhancements are expected to go live soon.

For agents, the most notable improvement is that they will receive an email notification when policyholders submit their payroll audit. This will allow agents to keep track of audit status more easily.

“We’re excited to roll out these enhancements to SFM’s MyPayroll system,” said DeAnne Misgen, Premium Audit Team Leader. “We already have strong reviews of our premium audit system, and these upgrades serve as another example of SFM’s commitment to improving the customer experience.”

For policyholders, the new features include:

• The ability for users to securely upload multiple documents at once using a drag-and-drop interface
• Email notifications in addition to physical letters about premium audit deadlines
• Users can add documentation to their audit after it’s been submitted

Meanwhile, the updated MyPayroll will also allow users to use the system even after they have missed their payroll audit deadline and received notice of pending cancellation.

New MyPayroll users

With the enhancements to MyPayroll, a wider range of policyholders will be able to complete their audit using this method, including some policyholders who previously completed their audit in person or via email only. This will give them more control over their audit process, allow for self-service and eliminate the need to schedule an SFM representative each year.

First-time users should find the process smooth and intuitive, and such policyholders will still have access to SFM’s support team and resources.

Again, the upgrades to SFM’s MyPayroll system go into effect during the first quarter of 2024. If you have any questions, please contact your SFM underwriter.

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Here’s a look at the latest updates and milestones for SFM’s underwriting staff in the last quarter of 2023.

• Wisconsin Accounts Senior Marketing Underwriter Amber Saurbeir celebrated 5 years with SFM
• South/Metro Accounts Marketing Underwriter Specialist Belinda Seitzer celebrated 5 years with SFM
• Small Business Accounts Underwriter Willie Kirchoff celebrated 5 years with SFM
• Underwriting Technical team Underwriting Specialist Ashley Butcher celebrated 10 years with SFM
• Small Business Accounts Senior Underwriter Jason Kelley celebrated 10 years with SFM
• North/Metro Accounts Marketing Underwriter Specialist Lindsay Henningsgaard celebrated 10 years with SFM
• Small Business Accounts Marketing Representative Mark Lewis celebrated 10 years with SFM

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SFM is planning to participate in several insurance industry events in the coming months.

• Feb. 5-7 Kansas Association of Insurance Agents Annual Convention
• April 4 Minnesota Big I Annual Expo
• May 9-10 PIA of Indiana Annual Convention
• May 15-16 Independent Insurance Agents of Wisconsin InsurCon 2024

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​Employers insured by SFM have an important option when it comes to reporting payroll and managing premium payments. SFM’s pay-as-you-go wage reporting system allows policyholders to make premium payments that match with payroll throughout the year.

The pay-as-you-go option is available to any SFM policyholder with at least $1,000 in annual premium, and it’s especially valuable for businesses that experience fluctuations in staffing throughout the year.

SFM has offered this capability for several years, and it’s gaining popularity with employers. Our pay-as-you-go option offers the following features:

• Enrollment in pay-as-you-go is available at policy inception, on renewal or during the policy year
• Account setup requires little or no collateral deposit
• Payments can be made by mail or online
• Pay-as-you go users can request automated recurring payments
• Users have digital access through SFM’s CompOnline policyholder management system
• Remember, pay as you go policies are still audited just like any other SFM policy, to verify the correct payroll figures were reported

To learn more about how pay-as-you-go wage reporting can make life easier for your policyholders, contact your underwriter or visit the pay-as-you-go wage reporting page.

As rates for other lines of insurance climb, workers’ compensation rates are steadily decreasing.

“Consistent with recent years, we continue to see the rates in our core states of operation going down in 2024,” said SFM Business Development Specialist Cody Allen. “The latest workers’ comp rates throughout our territory currently range between -6.3% and -12%.”

Why are rates going down?

The explanation for this positive trend is simple – workers’ compensation claim frequency has declined for all but two of the past 20 years, according to the National Council on Compensation Insurance (NCCI).

There are a number of key reasons why we’ve seen reduced claim frequency over time, including:

Technological work practices: Employers have found ways to leverage automation, mechanical assistance and other technology to reduce the risk of injury for their employees.

Management practices: Employers are putting more energy and attention toward better hiring practices and return-to-work strategies.

Safety programs: Employers are also investing more in safety training and hazard reduction.

Meanwhile, medical utilization trends are also helping to control workers’ compensation losses. For example, moving toward more outpatient procedures and generic drugs has had a positive impact on medical costs.

The workers’ compensation industry has had significant reserve redundancies over the past five years, and is currently estimated at $17 billion, an all-time record, according to NCCI. The possible release of these reserves only improves carriers’ results.

The combination of claim reserves possibly being released, claim frequency continuing to decline, medical inflation remaining under control and payroll increases work together to drive rates down.

Future challenges to positive trends

There’s not necessarily an end in sight for these positive industry trends, but there are some future uncertainties that could be looming:

• An uncertain economic environment
• Labor challenges, including an aging workforce and competition for employees, which can lead to more turnover (newer employees often have a higher frequency of claims)
• An uptick in claim severity
• Wage, medical and social inflation

For more information on trends in workers’ compensation rates, see the NCCI State of the Line report for 2023 .

Originally published July 2023

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The first half of 2023 is in the books, and it’s already been a remarkable year for SFM in a number of ways. New and renewal premium results have been outstanding, customer retention continues to be very strong and claim activity is trending in the right direction as the year unfolds.

Premium performance: positive activity on all fronts

SFM has already seen excellent new business results in 2023, continuing the trend in recent years of exceeding expectations. New account development has topped $24 million, well ahead of plan and on pace to top last year’s remarkable growth. SFM is writing these new accounts across a widening territory that now includes eight core states (Minnesota, Wisconsin, Iowa, Nebraska, South Dakota, Kansas, Indiana and Tennessee).

Renewal premium also continues to be very strong, running significantly ahead of expectations through the first half of the year. Year-to-date renewals are more than $2 million ahead of projections. With these returning policyholders, SFM continues to demonstrate industry-leading customer loyalty – with policyholder retention remaining above 96%.

Premium audits, endorsements and retentions also continue to exceed expectations, resulting in significant additional premium generation throughout the policy year. Combined with the increases in new and renewal premium, this has allowed the company to set a new high-water mark for total written premium.

Coming off an already outstanding first half, SFM saw premium numbers leap upward again. In July, the company set a new record for premium in a single month, topping $40 million for the first time. Totals through the month of July showed written premium at nearly $169 million, which is $10 million above plan.

“As we navigate through the remainder of the year, we know that positive results like these come as a result of the excellent relationships we have with our agency partners,” said SFM Senior Vice President Steve Sandilla. “I’d like to personally thank our valued partners for continuing to renew their clients with SFM and providing us the opportunity to write new business with them.”

While premium is up, pricing is down

Premium growth like this is even more remarkable in light of the fact that overall pricing across the workers’ comp line continues to decline. Rate reductions across the states in which SFM operates continue to drive pricing downward.

“Pricing is down roughly 5% on our book as a whole but might vary depending on what state you are in,” Sandilla said. “Year-to-year we are sitting at a price reduction of 4.9%, and while this is 1.7% better than expected, pricing continues to be a challenge as we write accounts.”

Claim activity, from stormy to calm

With an increase in premium comes an increased exposure base for injuries and claims. With that expanded book of business, one might expect to see claim activity rise at a similar rate. To the contrary, SFM has seen claim frequency and severity well moderated throughout the year. Year-to-date claims have been close to SFM’s overall projections, with both frequency and severity trending strongly downward though the calendar year.

“We started off a little rough with a higher-than-expected number of snow and ice claims during the long and snowy winter,” Sandilla said. “Once the winter weather finally let go, those claim numbers began shaping up pretty quickly.”

Since April, claim frequency has reverted to a more predictable pace, which has helped overall results through the first half of the year. SFM’s combined ratio is tracking around 95%, which is on pace with the projections that were established going into 2023.

Agents play a critical role in preventing injuries

According to Sandilla, SFM relies on agent partners to encourage policyholders to keep their workplaces safe, especially during the winter slip and fall season. By spreading the word about winter workplace safety, agents can help prevent costly and potentially tragic injuries.

“We need our agents to remind their policyholders to take advantage of SFM’s safety resources to keep their employees safe,” Sandilla said. “Make yourself familiar with the valuable materials on our website and you can make a big difference in reducing injuries for your policyholders.”

SFM’s website offers hundreds of educational resources focused on making workplaces safer. These materials are available free of charge for agents and policyholders at sfmic.com. Popular resource topics include safety for new hires, back injury prevention and avoiding outdoor slips and falls. At this time of year, the latter category is particularly important with potentially dangerous winter weather approaching.

“Whether it’s the resources on our website or the conversations our underwriters have with agents every day, we do everything within our grasp to earn our customers’ loyalty,” Sandilla said. “When an agent brings a client to SFM, we understand that they’re trusting us to attend to that customer’s every need, and we’re grateful for every opportunity that gives us to succeed together.”

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To enhance security, SFM is introducing multi-factor authentication and longer password requirements for CompOnline users starting January 5, 2024.

Our CompOnline policyholder portal is typically used by larger employers who expect to have workers’ compensation claims.

“We’re pleased to offer our policyholders a higher level of security for their workers’ compensation claim and policy data,” said Senior Vice President and Chief Information Officer Chad Hagedorn. “We’re working hard to offer high security standards while also making the experience user friendly for our customers.”

Setup process available starting November 6

To prepare for multi-factor authentication, CompOnline users will have the opportunity to confirm their email address and mobile number when they log in, beginning November 6.

They’ll also be prompted to reset their password if it’s under 12 characters to meet the new password length requirement.

After setting up multi-factor authentication, CompOnline users will be prompted to enter a 6-digit verification code sent via email or text to log in once every 30 days. They’ll also need to enter the verification code whenever they clear their cookies or switch to a different browser or device.

Separate accounts advised for anyone who needs access

As part of the rollout of multi-factor authentication, we’re also asking customers to set up individual accounts for anyone who needs access to CompOnline, as sharing accounts will become more difficult.

Policyholders who need to add accounts can either contact their CompOnline administrator or contact us.

Other portals moving to multi-factor authentication

We will be rolling out multi-factor authentication for all of our other online portals, including SFM Agency Manager (SAM), in the future, but release dates have not yet been set.

Learn more

To learn more about multi-factor authentication for CompOnline and other SFM portals, please visit our multi-factor authentication frequently asked questions page.

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SFM will host another educational webinar for our policyholders and agents titled “Foundations of hiring and onboarding.”

Mark your calendars for November 15 from 10 to 11 a.m. and plan to join us as we discuss best practices for hiring and training new employees. Learn how establishing good fundamentals can increase employee safety and help your business succeed in the long run.

During the webinar, SFM workers’ compensation professionals will share their extensive knowledge on:

• Hiring process dos and don’ts
• The importance of vetting a potential new hire
• Proper onboarding and safety training
• How to handle performance issues post-hire
• Much more including a question and answer session at the end!

Head to sfmic.com/webinars to register, and to view previous webinars and brief videos on work comp topics including winter slips and falls prevention, best practices for injury reporting and return to work, the lifecycle of a claim, a breakdown of work comp benefits, an explanation of experience modification factors, and more.

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