Risk Administration Services
Risk Administration Services is a monoline workers' compensation insurance carrier and third-party administrator serving commercial employers across eight Midwest states, operating as managing general agent for Dakota Truck Underwriters and First Dakota Indemnity Company, now part of The MEMIC Group.
- Company typePrivate
- Founded1989
- HeadquartersSioux Falls, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Risk Administration Services does
Risk Administration Services, LLC (RAS), headquartered in Sioux Falls, South Dakota, is a monoline workers' compensation insurance carrier and third-party administrator founded in 1989. RAS operates as the managing general agent and attorney-in-fact for two insurance entities — Dakota Truck Underwriters (DTU) and First Dakota Indemnity Company (FDI) — collectively branded as The Dakota Group. The company writes workers' compensation coverage primarily for commercial employers across eight Midwest states (SD, NE, KS, MO, IA, MN, WI, CO) and is licensed in 41 states total. RAS is the largest voluntary workers' compensation writer in South Dakota and a top-15 writer in five additional Midwest states, holding an A (Excellent) rating from A.M. Best and six consecutive years (2020-2025) on Ward's 50 list.
The company's product portfolio extends beyond insurance into an integrated risk management and cost-containment stack. Core insurance is complemented by Third-Party Administration services (100% client retention since 1990), Preferred Provider Organization networks (64%+ medical savings), Medical Bill Review, Pharmacy Benefit Program through Alius Health (74%+ prescription savings across 62,000+ pharmacies), Nurse Case Management (via subsidiary OHARA LLC), Loss Control services, and the eLEARN online safety training platform. Distribution is primarily through a network of independent insurance agents with state-assigned underwriters and business development teams, supplemented by digital self-service portals for agents, employers, providers, and injured workers. On January 7, 2026, The MEMIC Group completed the acquisition of The Dakota Group, creating the third-largest multi-state workers' compensation specialist in the U.S. with combined 2025 writings exceeding $600 million and coverage for over 25,000 businesses.
Risk Administration Services firmographics
Firmographics- Name
- Risk Administration Services
- Legal name
- Risk Administration Services, LLC
- Website
- https://rascompanies.com
- Company type
- Private
- Founded year
- 1989
- Operating status
- Acquired
- Headcount range
- 101–250 employees
- Short description
- Risk Administration Services is a monoline workers' compensation insurance carrier and third-party administrator serving commercial employers across eight Midwest states, operating as managing general agent for Dakota Truck Underwriters and First Dakota Indemnity Company, now part of The MEMIC Group.
- Ownership category
- akta.pro rank
Risk Administration Services industry classification
Industry- Product category
- Workers' Compensation Insurance
- NAICS
- Insurance Agencies and Brokerages (524210)
- SIC
- Accident & Health Insurance (6321), Services-Management Services (8741)
- akta.pro primary industry
- Claims Administration & TPA Services (FNOL, Subrogation, Litigation Mgmt) (TLABANAH)
- akta.pro secondary industry
- Technology / IT Services BOP (FSAJAFAK)
Keywords
Where Risk Administration Services is headquartered
LocationHeadquarters
- HQ city
- Sioux Falls
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Risk Administration Services business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Workers' Compensation Insurance Premiums: Direct writing of workers' compensation insurance policies as the primary revenue stream. RAS serves as managing general agent for Dakota Truck Underwriters (DTU) and has controlling interest in First Dakota Indemnity Company.
- Third-Party Administration Services: TPA services for self-insured employers handling claims management, medical management, and recovery services. No hidden fees or markups model.
- Medical Bill Review: Cost-containment service reviewing medical expenditures and negotiating favorable rates. Includes PPO network discounts.
- Nurse Case Management: Registered nurse case managers providing telephonic and field-based case management services.
- Loss Control Services: Injury prevention and management programs including ergonomics, safety training, and workplace assessments.
- Pharmacy Benefit Program: Cost-containment through prescription medication management with 74%+ savings on billed prescription charges through network of 62,000+ pharmacies.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Workers' compensation insurance coverage customized per employer |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels6 records
Risk Administration Services product offering
Product offeringCore offering
Risk Administration Services (RAS) is a monoline workers' compensation insurance carrier and Third-Party Administrator operating across the Upper Midwest. It writes workers' compensation policies through Dakota Truck Underwriters and First Dakota Indemnity Company, and offers a connected suite of cost-containment and risk management services including claims administration, medical bill review, nurse case management, PPO networks, pharmacy benefit management, and loss control programs.
Product overview
Risk Administration Services operates as a monoline workers' compensation insurance carrier and Third-Party Administrator (TPA), offering a comprehensive suite of interconnected services. The core product is workers' compensation insurance written through Dakota Truck Underwriters and First Dakota Indemnity Company. This is complemented by cost-containment modules including Preferred Provider Organization (PPO) networks, Medical Bill Review, and Pharmacy Benefit Program (saving 74%+ on prescriptions). Service offerings encompass Loss Control (injury prevention/management), Nurse Case Management, and Third-Party Administration. Technology platforms include Agent Portal, Insured/Employer Portal, Provider Portal, Injured Workers Portal, and Claims Reporting Portal—all accessible via web-based systems. The portfolio is completed by training tools (eLEARN), the annual RAS Safety Grant, and the Step Up Webinar Series.
Differentiator
Problem solved
Functional benefit
Brands
- eLEARN: Online training service offering safety courses for workplace safety training.
- RAS Safety Grant
Products and services
- Workers' Compensation Insurance Monoline workers' compensation insurance policies written through Dakota Truck Underwriters (DTU) and First Dakota Indemnity Company (FDI). RAS serves as managing general agent and attorney-in-fact for both entities, providing coverage customized to employer risk profiles across the Upper Midwest.
- Third-Party Administration (TPA) Comprehensive workers' compensation program administration for self-insured employers including medical management, recovery services, claims handling, and regulatory compliance. Over 95% of claims are closed within 24 months.
- Medical Bill Review Cost-containment service reviewing medical expenditures to secure favorable negotiated rates. Includes physician, hospital, and pharmacy bill review, PPO network access, bill negotiation, and provider appeals handled by certified professional coders.
- Loss Control Services Risk management services combining injury prevention and management programs including industrial ergonomics, OSHA compliance assistance, accident investigation, functional job analysis, stay-at-work/return-to-work programs, and safety training delivered by ergonomics and safety specialists.
- Nurse Case Management Workers' compensation specialized registered nurse case managers providing telephonic and field case management, initial care coordination, nurse bill review, and pharmacy benefit oversight. Partner OHARA is accredited by the American Accreditation Health Care Commission.
- Pharmacy Benefit Program Prescription medication monitoring and cost-containment service saving employers over 74% on billed prescription charges through 62,000+ participating pharmacies nationwide. No copay to injured employees with 24/7 customer service; auto-enrolled for policyholders.
- Preferred Provider Organization (PPO) Network of contracted medical providers offering significant savings below state fee schedules or usual and customary pricing. Nationwide facility and provider network with customized network stacking for optimal penetration; average savings of 64%+ on billed medical charges.
- eLEARN Online Safety Training Online safety training service offering courses through a Learning Management System. Supports individual and group training with progress tracking for workplace safety compliance and certification.
Quantifiable outcome
- 95%+ of claims closed within 24 months
- +4 more outcomes
Companies that use Risk Administration Services
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
Risk Administration Services technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature4 records
Risk Administration Services partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- OHARA LLCcoreOHARA provides case management services as a partner to RAS. OHARA is accredited by the American Accreditation Health Care Commission and provides telephonic and field-based nurse case management services.
- Alius HealthcoreAlius Health provides pharmacy locator services for RAS's pharmacy benefit program with access to over 62,000 participating pharmacies nationwide delivering 74%+ savings on prescription charges.
- PPO Network PartnerscoreExtensive PPO network partners provide access to thousands of medical providers and facilities for workers' compensation care with average savings of 64%+ on billed medical charges.
- WorkCompEDI ClearinghousecoreElectronic medical billing partner for processing workers' compensation bills with Payor ID CB293.
- TLC Advantage LLCcoreAffiliated service company providing cost-containment services including case management, acquired as part of The Dakota Group subsidiary companies.
- Precision Bill Review LLCcoreAffiliated service company providing medical bill review services, acquired as part of The Dakota Group subsidiary companies.
- ECHOcoreElectronic payment partner providing secure e-payment technology for accelerated provider payments through WorkCompEDI Clearinghouse integration.
- Kids' Chance of South DakotaminorRAS Golf Classic annual fundraiser benefiting Kids' Chance of South Dakota, raising $107,000 in 2025 for scholarship programs.
Scale indicators8 records
Recent moves6 records
Expansion highlights4 records
Risk Administration Services competitors and assessment
Company assessmentDirect peers
- MEMIC Group: MEMIC Group is a monoline workers' compensation insurance specialist serving employers in the Northeast U.S. — now the parent company of RAS following the January 2026 acquisition. Directly comparable as a regional workers' comp carrier with similar monoline focus, agent-driven distribution, and employer services model.
- Zenith Insurance Company: Zenith is a California-based monoline workers' compensation insurance specialist serving employers across multiple states. Comparable to RAS as a monoline workers' comp carrier with similar employer-focused underwriting model and cost-containment services for injured workers.
- Employers Holdings: Employers Holdings is a publicly traded specialty workers' compensation insurance carrier focused on small and mid-market employers. Comparable to RAS through its monoline workers' comp specialization and emphasis on workers' comp underwriting and risk management services.
- Accident Fund Holdings: Accident Fund is a Midwest-based workers' compensation insurance carrier operating across multiple states. Comparable to RAS as a regional monoline workers' comp specialist with similar employer underwriting focus and claims management capabilities.
- AmTrust Financial Services: AmTrust is a specialty P&C insurer with significant workers' compensation exposure, particularly in small commercial and middle-market segments. Comparable to RAS through its workers' comp specialization and service-oriented underwriting model targeting small-to-mid-sized employers.
- Sentry Insurance: Sentry Insurance is a Midwest-based mutual insurer with a strong regional workers' compensation focus across the Upper Midwest. Comparable to RAS through regional workers' comp specialization, mutual-style customer orientation, and similar agent-driven distribution model in overlapping geographies.
Broad incumbents
- Berkshire Hathaway (Berkshire Hathaway Specialty Insurance / GUARD): Berkshire Hathaway writes workers' compensation as part of its broad specialty insurance portfolio through BH Specialty and GUARD Insurance. Comparable to RAS as a workers' comp underwriter, though operating at much larger scale and as a multi-line rather than monoline carrier.
- Liberty Mutual Insurance: Liberty Mutual is one of the largest U.S. P&C insurers with substantial workers' compensation premium volume across all 50 states. Comparable to RAS as a workers' comp market participant, though operating as a diversified multi-line incumbent with broader geographic and product reach.
- The Hartford: The Hartford is a major P&C insurer with a strong workers' compensation franchise particularly focused on small and middle-market businesses. Comparable to RAS through workers' comp underwriting and small commercial distribution, though operating as a diversified carrier across multiple lines.
- Travelers Companies: Travelers is a leading U.S. P&C insurer with a sizable workers' compensation book serving middle-market and large commercial accounts. Comparable to RAS through workers' comp underwriting capabilities, though at substantially larger scale and as a multi-line industry incumbent.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Risk Administration Services social profiles
Digital presenceRisk Administration Services compliance and trust
Trust signalCompliance2 records
Risk Administration Services financial estimates
Financial estimateRevenue estimate
Valuation estimate
Risk Administration Services leadership team
Management profileNumber of profiles
Profiles10 records
Risk Administration Services subsidiaries and ownership
Company hierarchySubsidiaries3 records
Risk Administration Services funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Risk Administration Services M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Risk Administration Services
What does Risk Administration Services do?
Risk Administration Services (RAS) is a monoline workers' compensation insurance carrier and Third-Party Administrator operating across the Upper Midwest. It writes workers' compensation policies through Dakota Truck Underwriters and First Dakota Indemnity Company, and offers a connected suite of cost-containment and risk management services including claims administration, medical bill review, nurse case management, PPO networks, pharmacy benefit management, and loss control programs.
Is Risk Administration Services a public or private company?
Risk Administration Services is a private company. It is classified as corporate owned and is currently acquired.
When was Risk Administration Services founded?
Risk Administration Services was founded in 1989. It employs 101 to 250 people.
Where is Risk Administration Services based?
Risk Administration Services is headquartered in Sioux Falls, United States, in the North America region.
How does Risk Administration Services make money?
Six revenue lines are on record. Workers' Compensation Insurance Premiums are the primary driver. The others are third-Party Administration Services, medical Bill Review, nurse Case Management, loss Control Services and pharmacy Benefit Program.
Who are Risk Administration Services's main competitors?
Direct peers on record are MEMIC Group, Zenith Insurance Company, Employers Holdings, Accident Fund Holdings, AmTrust Financial Services and Sentry Insurance. Broad incumbents are Berkshire Hathaway (Berkshire Hathaway Specialty Insurance / GUARD), Liberty Mutual Insurance, The Hartford and Travelers Companies.
Does Risk Administration Services have an API?
No public API is recorded for Risk Administration Services.
What industry is Risk Administration Services in?
Risk Administration Services's product category is Workers' Compensation Insurance. Its primary akta.pro industry code is TLABANAH, Claims Administration & TPA Services (FNOL, Subrogation, Litigation Mgmt), with a secondary code of FSAJAFAK, Technology / IT Services BOP. Its NAICS code is 524210 and its SIC code is 6321.