The MEMIC Group has been ranked the top workers' compensation company in the US by ACORD, the global standards-setting body for the insurance industry. In a first of its kind study of the $48 billion US workers' compensation insurance market, Maine-based MEMIC came out on top based on strong financial performance as well as measurable, superior capabilities in customer experience, employee satisfaction, and brand reputation.
"Congratulations to MEMIC for distinguishing itself as the top workers' compensation company in the US," said Bill Pieroni, President and CEO of ACORD. "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."
"As we celebrate our 25th anniversary year, we are thrilled with this recognition,” said MEMIC President and CEO Michael P. Bourque. “It is a wonderful reflection of everyone at our growing organization who has worked incredibly hard, year after year, to better serve our customers. I especially have to point out that this award is shared with our recently retired CEO John Leonard who led us since the beginning and during the 5 years ACORD evaluated. He set the vision of safer workplaces and the compassionate treatment of all workers that will continue to be the key to our success."
With 8 offices across the Eastern Seaboard, The MEMIC Group holds licenses to write workers’ compensation across the country and is rated “A” (Excellent) by AM Best. MEMIC insures more than 20,000 employers and their estimated 300,000 employees, and holds more than $1.3 billion in assets.
The Workers' Compensation Study leveraged ACORD's US Property & Casualty Value Creator Study and examined the top 50 workers' compensation writers in the US. These top 50 account for 85% of US workers' compensation premiums and the 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 differentiation and innovation. More results of the Workers' Compensation Study, including additional analysis, will be released in a paper published later this year.
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 New York and London.