SFM recently made additional enhancements to its SFM Agency Manager (SAM) system.

The improvements will help streamline the process for agents and are part of a continual effort to make SAM more user friendly.

To begin, when an application is declined, users will automatically be directed to a declination page, with the option to print a declination letter. The page also displays contact information for the underwriter associated with the application.

“Agents have already loved it,” said Ashley Butcher, SFM Underwriting Technical Specialist. “They don’t have to wait for an answer and have had a really positive reaction to that update.”

Meanwhile, applications now require agents to enter either the company’s federal employer identification number or the employer’s social security number. This will allow agents to see whether it is a second application from the same business.

Other updates to the SAM system include:

• A screen showing all open applications, regardless of whether they were entered through SAM, email or physical mail
• Asking for loss history information earlier in the process
• Other design improvements to make SAM easier to use

“SFM is committed to continuously improving our processes to help our agent partners and policyholders,” Butcher said.

As a reminder, SFM in mid-March 2024 added multifactor authentication to SAM. Learn more on our frequently asked questions page.

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While agents often hear frustrations from clients when it comes to dealing with third-party vendors for premium audits, SFM continues to conduct nearly all audits in-house.

In a typical year, only about 1 percent of SFM policyholders’ premium audits are handled by a vendor partner. And in 2023, SFM completed more than 19,000 audits.

“A lot of times, policyholders are used to dealing with an employee who works directly for their insurer, and they can be leery of providing sensitive documents to an outside vendor,” said DeAnne Misgen, SFM’s Premium Audit Team Leader. “At the same time, for employers that prefer or are accustomed to an in-person audit, that can also pose a challenge, because most third-party audits are conducted remotely.”

SFM’s premium auditors also have years of experience in the field — some have more than 20 years of experience, and Misgen herself is approaching the 20-year mark in the industry.

Also of note, SFM continues to upgrade its MyPayroll system to make the process easier for users, and recent surveys show policyholders give the premium audit experience at SFM high marks.

Lastly, agents should remind policyholders of the SFM resources available to them regarding premium audits:

• Annual premium audits
• Tips for a smooth premium audit
• Preparing for your Wisconsin Worker’s Compensation Insurance Pool premium audit
• What is a premium audit? (handout)
• Premium audit CompTalk

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SFM is committed to helping injured employees get back to work safely and quickly. And that starts with our online Claim Connection portal.

Once an employee has filed a workers’ compensation claim, they receive an email that outlines the information available for them on SFM’s website. This includes:

• Getting the status of their medical and wage-loss payments
• Setting up email or text alerts on upcoming payments
• Looking up their claim number and other details about their claim

It’s SFM’s goal to make it convenient for injured workers to get the information they need at any time.

Remind policyholders to tell injured workers to register for our Claim Connection portal so they can track the progress of their claim.

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Here’s a look at the latest updates and milestones for SFM’s underwriting staff over the past few months.

Promotions

• Gabby Frein, Iowa/Nebraska/Kansas Accounts, promoted to Senior Underwriter
• Eric Olafson, Underwriting Tech, promoted to Underwriting Tech Specialist
• Eleisha Fischer, Wisconsin Accounts, promoted to Underwriter
• Michele Schaeperkoetter, South/Metro Accounts, promoted to Marketing Underwriter Specialist
• Robbie Anfinsen, North/Metro Accounts, promoted to Marketing Underwriter
• Jenna Lefebvre, North/Metro Accounts, promoted to Marketing Underwriter Specialist
• Jason Kelly, Small Business Accounts, promoted to Senior Underwriter

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

• April 8-11 — International Association of Industrial Accident Boards in Cincinnati, Ohio
• April 16-17 — Global Insurance Symposium in Des Moines, Iowa
• April 25-26 — Insurors of Tennessee Young Agents Conference in Nashville, Tenn.
• April 29 to May 1 — Insurance Rehabilitation Synergy Group in Miami
• May 8 — Minnesota Workers’ Compensation Symposium in Minneapolis
• May 9-10 — Professional Insurance Agents (PIA) of Indiana Annual Convention in Noblesville, Ind.
• May 15-16 — InsurCon 2024 in Green Bay, Wis.
• June 12 — IIASD’s Annual River Days Fish & Golf Tournaments in Pierre, S.D.
• June 13-14 — Iowa Workers’ Compensation Symposium in Des Moines, Iowa

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Following up your best-ever financial year can be one of the most challenging things a company can do. Coming off the amazing success SFM experienced in 2022, I’m reminded how rare it is for a Super Bowl or World Series champion to repeat that success the following year.

Well, I am proud to say that SFM did back up its historically great year with a very good 2023 despite a bad winter slip and fall season, declining rates in all of our markets and added competition as multi-line carriers look to workers’ compensation for the answer to their continuing property insurance woes.

That last item is where SFM’s partnership with our independent agents really shines. When you choose to keep your accounts with SFM, we recognize that you are resisting the pressure from the multi-line carriers demanding the consolidation of the work comp with their collateral lines. Every time you honor your policyholders’ desire to stay with the work comp experts, it strengthens our mutual relationship. SFM’s policyholder retention rate remains the best in the business, and we recognize the enormous role our independent agency partners play in upholding that standard. On top of that, you have presented us with more new account opportunities than ever. SFM has responded by writing more new business in 2023 than we have ever recorded in a year ($33 million).

Just as SFM has been there for you through the unpredictability of the pandemic and oddities of the post-pandemic economy, we will be there for you and your policyholders in the years to come.

Since we only write workers’ compensation insurance, our success depends on doing it exceptionally well. We are proud to deliver on that commitment, and we count on our agency partners to help us get it done right. We’re grateful to the agents and policyholders who let us know in survey after survey that our unwavering devotion to service excellence has benefited them.

Key takeaways and highlights from 2023:

• Continued 96%+ policyholder retention rate
• Record new business
• Audits and endorsements tracking ahead of projections
• Impact from medical inflation continues to be mild
• Paid losses better than expected, enabling reserve releases
• Policyholder surplus growth larger than premium growth
• Combined ratio on track for a 13th year in a row below 100%

Financial results are an important measure of performance, but we never lose sight of the fact that our success comes as a result of doing right by our all of customers. At SFM, we get there by living our mission every day, and we’re proud to partner with independent agents who believe in it.

Thank you for your continued support and partnership! We look forward to sharing success with you and your clients for many years to come.

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SFM’s expansion to new states in recent years is paying off, as the company’s share of premium outside of Minnesota continues to grow.

While SFM is still the No. 1 workers’ comp carrier in Minnesota, and the state’s largest writer of workers’ comp since 1991, 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.

As of late 2023, that figure (Minnesota compared to other states) is about 60/40.

“We’re extremely proud to have maintained our status as Minnesota’s leading work comp insurer,” said Cody Allen, Business Development Specialist. “But to see our foothold in new states grow over the past few years has been remarkable. It’s a testament to our commitment to be the work comp experts and provide the best possible outcomes for agents, policyholders and employees.”

SFM expansion update

By way of background, several years ago SFM started expanding into a few states near its Minnesota headquarters:

• Wisconsin – 2003
• Iowa – 2009
• Nebraska – 2009
• South Dakota – 2007

In recent years, the company has moved into Kansas, Indiana and Tennessee.

As well as being the top workers’ comp carrier in Minnesota, SFM’s market share position in that first batch of states is:

• Wisconsin – 15th
• Iowa – 7th
• Nebraska – 9th
• South Dakota – 4th

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

Meanwhile, SFM policyholders are increasing in Kansas, Indiana and Tennessee. Partnering with local groups in each state, it’s anticipated that SFM will capture additional market share in these states in the coming years.

“What this really demonstrates is the value agents and policyholders see in SFM and its focus on customer service,” said Shawn Miner, VP of Regional Business. “We only do work comp and we do it well.”

Take Kansas, for example. SFM entered the state in 2020 and agency partners have helped the company write nearly 700 policies for $2.7 million in-force premium, along with hiring additional expertise within the state of Kansas.

The feedback from agency partners in Kansas about SFM’s service model and ease of doing business has been overwhelmingly positive, with several agencies saying SFM is their go-to work comp carrier and requesting SFM write some of their larger accounts.

“We are excited to provide this increased appetite to our partners so that they can offer our top-notch services to more Kansas employers,” Miner said.

SFM is always cognizant of agent feedback when it comes to its expansion efforts and will continue to listen to its business partners moving forward.

That ongoing dialogue has contributed to the growth at SFM. Long-standing partners know that SFM believes in steady, measured growth, which brings value to both established partners and newly appointed agents.

“We continue to be viewed as a leader in the work comp industry,” said Steve Sandilla, Senior VP and Chief Business Officer. “While SFM has long been a leader in the Midwest, the success of this latest round of expansion is a sign that we will continue to garner more market share in the years to come.”

SFM is now licensed in 34 states. You can view a complete state coverage list on the account types and territory page of the SFM website.

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It’s that time of year again…

With winter in full swing — and the upcoming thawing and refreezing cycles in the months ahead — workplace safety should be paramount.

Be sure to remind your policyholders that just because spring is on the horizon, it doesn’t mean they can be any less vigilant about workplace safety.

Slips, trips and falls – the bottom line

Slips, trips and falls are a leading cause of workplace injury. They can be severe, leading to fractures, head trauma or worse.

The costs of covering these claims gets expensive. Not only can it negatively influence the employer’s experience modification factor, but it also impacts agency and carrier results. SFM estimates the average winter slip-and-fall lost-time claim to be between $40,000 and $45,000.

Weather is a major factor in workers’ compensation. Slipping and falling because of snow and ice is one of the most common workplace injuries.

Resources for policyholders

With a few reminders and some common sense, policyholders can help employees stay safe and reduce the potential for claims.

A few basic tips for you to pass along include:

• Properly maintain your parking lot and walking areas
• Encourage employees to wear appropriate shoes for the weather
• In the case of a snowstorm, let employees work from home or reschedule if possible
• Manage snow piles near walkways to avoid melting snow refreezing to ice

Policyholders should educate their employees about other winter safety measures, such as walking like a penguin, salting slippery areas, avoiding shortcuts, and stepping down, not out, of vehicles.

If you are looking for additional resources to help in these efforts, check out what’s available on our website or contact your underwriter.

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SFM recently hosted another educational webinar for our policyholders and agents. Titled “The Foundations of Hiring and Onboarding,” it’s still available for you to view.

In the webinar we discussed how establishing best practices for hiring and training new employees can help businesses and their workers succeed in the long run.

Head to sfmic.com/webinars to watch the webinar recording, and to view previous webinars and quick excerpts on work comp topics including loss prevention basics, winter slips and falls prevention, best practices for injury reporting and return to work, a breakdown of work comp benefits, avoiding litigation, and much more.

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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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