ACORD Announces Their New Workers’ Compensation Study
ACORD, the global standards-setting body for the insurance industry, recently announced their new ACORD Workers’ Compensation Study, which recognizes The MEMIC Group as the top workers’ compensation company in the U.S.A.
ACORD’s scorecard marks the first ever review of the $48 billion U.S. workers’ compensation insurance market, and the study is the first of its kind, which places carriers into multiple value categories, analyzes the criteria behind success, and identifies winning strategies, capabilities, and tactics. MEMIC, based in Maine, generated $336 million in workers’ compensation premiums in the year of 2016, and came out on top based upon steadfast financial performance, as well as measurable and excellent capabilities in customer experience, brand reputation, and employee satisfaction.
The Ohio-based Cincinnati Financial Corporation ranked second, and New York’s NYSIF ranked third among the companies involved in the study.
Bill Pieroni, President and CEO of ACORD shared a few words: “Congratulations to MEMIC for distinguishing itself as the top workers’ compensation company in the U.S. …Given MEMIC’s significant contribution to workers’ compensation in Maine and their strong reputation in the insurance industry, it’s admirable that they not only grew faster than the market but also had materially better financial performance. This is a first, and we applaud everyone at their organization for their respective contributions.”
In addition, MEMIC President and CEO, Michael P. Bourque, shared: “We are thrilled with this recognition, as it is a reflection of everyone at our organization who works incredibly hard to better serve our customers…I’m proud to share this with everyone at MEMIC, and we thank ACORD for this honor and distinction. I especially have to point out that this award is shared with our recently retired CEO John Leonard who led us during these years. He set the vision that puts us in the position we are today.”
The Workers’ Compensation Study leveraged ACORD’s U.S. Property & Casualty Value Creator Study and examined the top 50 workers’ compensation writers in the U.S.A.
These top 50 account for 85% of U.S. workers’ compensation premiums. These insurers generate annual premiums ranging from $200 million to $4 billion. The results showed that top performing workers’ compensation carriers simultaneously pursued four key strategies – operational efficiency, customer experience, product innovation and differentiation. Value creating carriers achieved superior performance through better than average underwriting expenses, and lower than average claims costs. ACORD notes that more results and details from the Workers’ Compensation Study (including additional analysis) will be released in a paper published later in 2018. To read and discover more on ACORD’s methodology and study, please take a look at their website!
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance industry. ACORD facilitates fast, accurate data exchange, and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations. ACORD maintains offices in both New York and London. Learn more at www.acord.org
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