SET SEG

What SET SEG does

SET SEG (legal name: SET SEG Insurance Services Agency) is a member-owned, nonprofit risk management organization headquartered in East Lansing, Michigan, founded in 1971 to serve Michigan K-12 public school districts and Intermediate School Districts (ISDs). The organization operates as a collective risk pool rather than a traditional insurance carrier: member districts are shareholders who contribute premiums into the MASB/SEG Property/Casualty Pool and the SEG Self-Insurer Workers' Compensation Fund, and surplus is returned through Net Asset Returns rather than distributed to external shareholders. Over $170 million has been returned to members since the program's inception.

SET SEG delivers three core service lines: Property/Casualty Pool coverage (buildings, liability, cyber), the SEG Self-Insurer Workers' Compensation Fund, and Employee Benefit Services (ACA tracking and reporting, dental and vision claim administration, Delta Dental individual coverage, and HSA/FSA integrations with HSA Store, FSA Store, and Plum Health DPC). Technology is largely partner-sourced: the Cyber JumpStart vulnerability scan platform is delivered with Arctic Wolf, and the MyCyber monthly scanning platform is delivered with Tetra Defense, both at no additional cost to members; SET SEG also offers member discounts on KnowBe4 security awareness training. The wholly-owned SET SEG Foundation, a 501(c)(3) established in 2005, distributes scholarships, grants, and Education Excellence Awards.

SET SEG generates revenue through recurring member premium contributions to the Property/Casualty Pool and Workers' Compensation Fund, plus fee-based Employee Benefit Services and third-party administration. Go-to-market is enterprise field sales: Account Executives with school district backgrounds sell directly to superintendents and business managers, supplemented by a member portal, webinars (EduSeries), newsletters, social media, and partnerships with MASB and MASC/MAHS. The customer base is entirely concentrated in Michigan public schools and ISDs, with no venture backing, parent company, or external shareholders.

Name

SET SEG

Legal name

SET SEG Insurance Services Agency

Website

https://setseg.org

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Headquarters

HQ city

East Lansing

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Property/Casualty Pool Contributions: Member districts contribute premiums to the MASB/SEG Property/Casualty Pool, a collective where school districts share risks and resources. Premiums belong to members, and surplus funds are returned as net asset returns and premium reductions.
2. Workers' Compensation Fund Contributions: Member districts contribute to the SEG Self-Insurer Workers' Compensation Fund, sharing risk collectively similar to the Property/Casualty Pool structure.
3. Employee Benefit Services: Third-party administrator services for employee benefits including ACA tracking, dental/vision claim administration, HSA and FSA store partnerships. SET SEG acts as a trusted advisor on ACA compliance.
4. Net Asset Returns: When surplus exists after covering claims, funds are returned to members as net asset returns and premium reductions. Over $170 million returned since program inception.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

SET SEG is a member-owned, non-profit risk management organization that provides Property/Casualty coverage, Workers' Compensation fund administration, and Employee Benefit Services to Michigan public school districts. Member school districts participate as shareholders in collective pools, sharing risks and resources, with surplus funds returned as Net Asset Returns. The organization also operates the SET SEG Foundation, which delivers scholarships and grants to Michigan public school students.

Product overview

SET SEG (School Employer Team SEG) is a risk management organization serving Michigan public schools, NOT a technology product company. It operates as a collective insurance pool structure where member school districts share risks and resources. The organization offers Property/Casualty Pool coverage, Workers' Compensation Fund administration, Employee Benefit Services (including ACA tracking, dental/vision claims), and the SET SEG Foundation for scholarships and grants. Cybersecurity tools like Cyber JumpStart (via Arctic Wolf) and MyCyber (via Tetra Defense) are third-party partner services offered to members, not SET SEG's own technology products.

Differentiator

Problem solved

Functional benefit

Brands

• SET SEG Foundation: Philanthropic arm providing scholarships, grants, and support to Michigan public school students
• SET SEG Family Healthcare Center
• MASB/SEG Property/Casualty Pool
• Michigan Safety Awareness and Facilities Excellence (MSAFE) Award

Products and services

• MASB/SEG Property/Casualty Pool A collective of Michigan public school districts that share risks and resources for property and casualty coverage, providing tailored protection including coverage for buildings, liability, and cyber threats. Member districts act as shareholders.
• SEG Self-Insurer Workers' Compensation Fund A self-insured workers' compensation fund for Michigan public schools, providing coverage and claims management for employee injuries and workplace safety, with member districts sharing risk collectively.
• Employee Benefit Services Comprehensive benefits administration services for member school districts including ACA tracking and reporting, dental and vision claim administration, and partnerships with HSA Store, FSA Store, and Delta Dental for individual coverage options.
• SET SEG Foundation Programs A 501(c)(3) nonprofit foundation providing scholarships, grants, and financial support to Michigan public school students through programs including Education Excellence Awards, Leadership Camp Scholarships, Skilled Trades Scholarships, and Fergin Scholarships.

Quantifiable outcome

• Over $170 million returned to members since Net Asset Return program inception
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core.

• Arctic WolfcoreTechnology or IntegrationSET SEG partnered with Arctic Wolf to provide the Cyber JumpStart vulnerability scan platform for members at no additional cost. Arctic Wolf provides monthly network scanning to identify vulnerabilities and help ensure cyber coverage requirements are fulfilled.
• Tetra DefensecoreTechnology or IntegrationSET SEG partnered with Tetra Defense, a leading cyber defense firm with significant education industry experience, to provide the MyCyber platform for monthly vulnerability scans as part of cyber insurance coverage.
• KnowBe4coreTechnology or IntegrationSET SEG provides members with exclusive discounts on KnowBe4 security awareness training and simulated phishing platform - described as one of the best lines of defense against cyber events.
• Michigan Association of School Boards (MASB)coreStrategic or Co-development PartnerSET SEG Foundation partners with MASB annually for the Education Excellence Awards program, awarding $2,500 to 10 Michigan public school programs. Joint press releases sent to MASB and other education associations.
• MASC/MAHS (Michigan Association of Student Councils and Honor Societies)coreStrategic or Co-development PartnerSET SEG Foundation partners with MASC/MAHS for Summer Leadership Camp scholarships and Student Showcase awards. SET SEG awards $30,000 in full scholarships annually and sponsors student participation.

Scale indicators7 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• MESSA (Michigan Education Special Services Association): MESSA provides health benefits and ancillary insurance products specifically to Michigan school employees, overlapping directly with SET SEG's Employee Benefit Services and serving the same K-12 public school member base. Both organizations are Michigan-exclusive, member-focused, and embedded in the state school ecosystem.
• Horace Mann Educators Corporation: Horace Mann specializes in insurance and financial products for K-12 educators, including property/casualty and retirement solutions. It competes with SET SEG for the educator insurance wallet nationally, though it operates outside SET SEG's Michigan-anchored pool model.
• Ohio School Plan: Ohio School Plan is a member-owned risk-sharing pool providing property, casualty, and liability coverage specifically to Ohio K-12 districts. It is structurally analogous to SET SEG's MASB/SEG Property/Casualty Pool and serves as the closest functional analog in another Midwestern state.
• OMNI Group: OMNI Group operates school workers' compensation and property/casualty pools for public school districts across multiple states. It is a direct peer in the K-12 workers' compensation and risk-pool space, though it serves a multi-state footprint rather than a single state.

Broad incumbents

• TIAA (Teachers Insurance and Annuity Association): TIAA is a large, established provider of retirement, insurance, and financial services to the academic and education sector. While broader than SET SEG, it competes for the employee benefits wallet of school employees, including K-12 staff in Michigan.
• Accident Fund Holdings: Accident Fund is a Michigan-headquartered workers' compensation insurer with a national footprint. It overlaps with SET SEG's Workers' Compensation Fund offering and competes for Michigan school district workers' comp premiums via traditional insurance structures.
• National Education Association Member Benefits (NEA MB): NEA Member Benefits offers insurance and financial products to educators nationwide. While broader and benefits-focused, it overlaps with SET SEG's employee benefits and supplemental insurance positioning for K-12 personnel.

Regional players

• SchoolsFirst Federal Credit Union: SchoolsFirst FCU is a California-based member-owned financial services organization serving school employees. It is a regional peer that uses a similar member-owned, education-exclusive model to serve a different geography than SET SEG's Michigan footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SET-SEG-100244782126236
• LinkedInlinkedin.com/company/set-seg
• Xx.com/setseg

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SET SEG