March 24, 2022
2021 results: Remarkable performance on a solid foundation of customer service
By all objective measures, SFM’s financial results for 2021 are outstanding. From reaching new heights in customer retention to setting records in new business and total written premium, the company has excelled in virtually every category of performance.
“Looking over the 2021 financials, there’s plenty for SFM to be proud of,” said SFM Senior Vice President Steve Sandilla. “An even greater source of pride for our staff is living up to the reputation of delivering a level of customer service that’s second to none.”
Highlights from 2021:
- SFM’s commitment to customer relationships has resulted in exemplary customer retention over the years. In 2021, SFM raised the bar even higher, by reporting an unprecedented policyholder retention rate of 96.6%.
- SFM added 6,329 policyholders, representing record new business premium of over $30 million.
- Written premium for the year totaled $212 million.
- SFM had a combined ratio of 90%, representing 10 straight years with a ratio below 100.
SFM’s book of business now includes more than 28,000 employers throughout the region. In addition, SFM’s Superior Point division serves approximately 13,000 policyholders as a servicing carrier for the Minnesota Workers’ Compensation Assigned Risk Plan. In 2021, SFM was also selected to serve 20% of the Wisconsin Worker's Compensation Insurance Pool.
SFM is actively engaged in expanding business beyond its original home state of Minnesota. Well over one third of the company’s in-force premium now comes from SFM’s other core states: Wisconsin, Iowa, Nebraska, South Dakota and Kansas. After last year’s successful Kansas rollout, SFM is in the process of adding agents and policyholders in the state of Indiana in 2022.
According to Sandilla, independent insurance agents have played a critical role in the successes described above. SFM places a consistent emphasis on growing relationships with these valued partners that are mutually beneficial and lasting.
“Agents know that when they trust their clients to the work comp experts, they can count on the best customer service in the business,” Sandilla said. “Year in and year out, we do everything within our power to reward that trust with great results for our customers.”
