SFM Mutual Insurance Co
- Company typePrivate
- Founded1984
- HeadquartersBloomington, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What SFM Mutual Insurance Co does
SFM Mutual Insurance Co is a Bloomington, Minnesota-based mutual insurance carrier that underwrites workers' compensation coverage exclusively — making it a monoline specialist rather than a multi-line insurer. Founded in 1984 and rated A- (Excellent) by AM Best, SFM serves more than 35,000 employers across 34 states, with primary operating concentrations in Minnesota, Wisconsin, Iowa, Nebraska, South Dakota, Kansas, Indiana, and Tennessee. The company distributes exclusively through independent insurance agents and brokers via the SFM Agency Manager (SAM) portal, and also reaches residual market employers through its Superior Point subsidiary (servicing carrier for the Minnesota Workers' Compensation Assigned Risk Plan) and self-insured employers through SFM Risk Solutions TPA services.
The company's product portfolio centers on annual workers' compensation policies priced on payroll and risk classification, with premium reconciled through annual audits and an optional pay-as-you-go wage reporting system. The technology stack is built around five proprietary portals — CompOnline for employer claims management, SAM for agents, Provider Connection for medical providers, Claim Connection for injured workers, and MyPayroll for premium audits — integrated with Jopari Solutions for medical billing (payer ID J1553) and MyMatrixx for pharmacy benefits. Ancillary offerings include an extensive free safety training library (Supervisor Initiated Training talks, 5-Minute Solutions, industry-specific guides across nine verticals), webinars, and a 24/7 work injury hotline.
As a policyholder-owned mutual, SFM does not have public shareholders or traded equity; any underwriting profits above expenses and claims are retained as policyholder surplus. The company generated no disclosed venture or private equity funding and operates three regional offices (Bloomington MN, Urbandale IA, Brookfield WI) with 251-500 employees. A planned 2027 leadership transition from CEO Terry Miller to President-elect Amanda Aponte signals organizational continuity rather than strategic disruption.
SFM Mutual Insurance Co firmographics
Firmographics- Name
- SFM Mutual Insurance Co
- Legal name
- SFM Mutual Insurance Company
- Website
- https://sfmic.com
- Company type
- Private
- Founded year
- 1984
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Ownership category
- akta.pro rank
SFM Mutual Insurance Co industry classification
Industry- Product category
- Workers' Compensation Insurance
- NAICS
- Direct Insurance (except Life, Health, and Medical) Carriers (52412)
- SIC
- Insurance Carriers, Nec (6399)
- akta.pro primary industry
- Workers’ Compensation Insurance (FSAJAKAM)
Keywords
Where SFM Mutual Insurance Co is headquartered
LocationHeadquarters
- HQ city
- Bloomington
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
SFM Mutual Insurance Co business model
Business model- GTM type
- B2B
- Offering type
- Services
Revenue model
- Workers' Compensation Insurance Premiums: SFM operates as a monoline workers' compensation insurance carrier. Revenue is generated through annual workers' compensation insurance policy premiums, which are based on estimated payroll at policy inception, subject to an annual premium audit that reconciles actual payroll against estimated payroll to determine final premium. The company also offers pay-as-you-go wage reporting for policyholders with variable cash flows. As a mutual insurance company, any net premiums above expenses and claims may be retained as policyholder surplus.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Annual workers' comp policy — quote-based premium determined by payroll and risk classification |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels9 records
SFM Mutual Insurance Co product offering
Product offeringCore offering
SFM Mutual Insurance Co is a monoline workers' compensation insurance carrier that underwrites and services workers' comp policies for employers across 34 states. The company distributes exclusively through independent insurance agents and brokers via its SFM Agency Manager (SAM) portal, supports policyholders and claims management through the CompOnline platform, and provides ancillary TPA services for self-insured employers through SFM Risk Solutions.
Product overview
SFM Mutual Insurance Co operates as a monoline workers' compensation insurance carrier, offering a unified platform of digital portals and services centered on its core workers' comp product. The portfolio consists of CompOnline® (policyholder claims portal), SFM Agency Manager/SAM (agent portal), Provider Connection (medical provider portal), and Claim Connection (injured worker portal), supported by SFM Risk Solutions for TPA services. Complementary offerings include a Resource Catalog of printed/digital safety materials, Safety Training Programs (SIT series, 5-Minute Solutions, online training, video library), Webinars, Premium Audit Services, Pay-as-You-Go Wage Reporting, and a Work Injury Hotline. The company serves employers, independent insurance agents, injured workers, assigned risk employers, self-insured employers, and medical providers across 34 states.
Differentiator
Problem solved
Functional benefit
Brands
- SFM Risk Solutions: Third-party administration services for self-insured workers' compensation coverage
Quantifiable outcome
- 93% of SFM customers stay with the company year after year, indicating high customer satisfaction and retention.
- +2 more outcomes
Companies that use SFM Mutual Insurance Co
Customer profileSegments8 records
SFM Mutual Insurance Co technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature6 records
SFM Mutual Insurance Co partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Jopari SolutionscoreSFM uses Jopari Solutions as its e-billing clearinghouse (payer ID J1553) to process and pay medical provider bills electronically. Jopari also provides virtual card payments as the default payment method, with options for ACH/EFT direct deposit or paper check. Medical providers can sign up at Jopari's portal or call 800-630-3060.
- MyMatrixxcoreSFM partners with pharmacy benefits manager MyMatrixx so injured workers do not have to pay upfront for prescription medications needed to treat their work injuries. This ensures timely access to necessary medications without out-of-pocket costs to the injured employee.
- Littler (Employment Law)minorSFM refers employers to Littler for legal advice on employment matters outside of workers' compensation across all states. Contact: 612-313-7650. Littler is a national employment law firm.
- PK Labor Law (Minnesota Employment Law)minorSFM refers Minnesota-only policyholders to PK Labor Law for employment law matters outside of workers' compensation. Contact: 952-896-1700.
- Superior Point (Minnesota Assigned Risk Plan)coreSuperior Point, a subsidiary of SFM, serves as the servicing carrier of the Minnesota Workers' Compensation Assigned Risk Plan. Employers with Minnesota assigned risk coverage are directed to superiorpoint.com for policy management.
- Minnesota Workers' Compensation Assigned Risk Plan (MWCARP)coreSFM, through its Superior Point subsidiary, is the servicing carrier for the Minnesota Workers' Compensation Assigned Risk Plan (MWCARP), providing coverage to employers who cannot obtain voluntary market workers' comp insurance.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
SFM Mutual Insurance Co competitors and assessment
Company assessmentDirect peers
- Accident Fund Holdings: Workers' compensation-focused carrier operating across multiple states, providing a directly comparable monoline comp offering with similar agent distribution and employer target segments as SFM.
- Zenith Insurance Company: Specialty workers' compensation insurer with multi-state operations. Compares directly to SFM as a monoline comp carrier with focus on loss control, return-to-work, and agent distribution.
- Amerisure: Workers' compensation-focused commercial carrier with multi-state operations. Closely mirrors SFM's monoline comp specialization and agent-driven distribution across similar employer segments.
- Builders Mutual Insurance Company: Workers' comp specialist focused on the construction industry across the Eastern U.S. Compares to SFM as a monoline comp mutual with vertical specialization and strong agent distribution model.
- Texas Mutual Insurance Company: State-level mutual workers' compensation carrier in Texas, structurally analogous to SFM as a policyholder-owned monoline comp specialist focused on a regional market. Highly comparable business model and target customer base.
- Employers Mutual Casualty Company (EMCC): Mutual insurance group providing workers' compensation across multiple states with deep Midwest operations. Comparable mutual structure, regional employer focus, and comp specialty.
- Sentry Insurance: Mutual insurance company with a strong workers' compensation franchise serving Midwestern employers. Directly comparable mutual structure, regional concentration, and emphasis on safety services.
- Midwest Employers Casualty Company (MECC): Specialty excess workers' compensation insurer serving large employers in the Midwest and beyond. Comparable monoline comp focus with concentration in SFM's core geographic territory.
Broad incumbents
- Westfield Insurance: Midwest-based mutual insurer offering workers' comp alongside property, auto, and other commercial lines. Comparable regional mutual structure and agent distribution, but with broader multi-line portfolio versus SFM's monoline focus.
Regional players
- Louisiana Workers' Compensation Corporation (LWCC): Private mutual workers' comp carrier with state-level concentration similar to SFM's Midwest focus. Comparable mutual model, monoline specialization, and loss-control emphasis, but serving a different regional market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
SFM Mutual Insurance Co social profiles
Digital presenceSFM Mutual Insurance Co financial estimates
Financial estimateRevenue estimate
Valuation estimate
SFM Mutual Insurance Co leadership team
Management profileNumber of profiles
SFM Mutual Insurance Co subsidiaries and ownership
Company hierarchySubsidiaries2 records
SFM Mutual Insurance Co funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SFM Mutual Insurance Co M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SFM Mutual Insurance Co
What does SFM Mutual Insurance Co do?
SFM Mutual Insurance Co is a monoline workers' compensation insurance carrier that underwrites and services workers' comp policies for employers across 34 states. The company distributes exclusively through independent insurance agents and brokers via its SFM Agency Manager (SAM) portal, supports policyholders and claims management through the CompOnline platform, and provides ancillary TPA services for self-insured employers through SFM Risk Solutions.
Is SFM Mutual Insurance Co a public or private company?
SFM Mutual Insurance Co is a private company. It is classified as management employee owned and is currently operating.
When was SFM Mutual Insurance Co founded?
SFM Mutual Insurance Co was founded in 1984. It employs 251 to 500 people.
Where is SFM Mutual Insurance Co based?
SFM Mutual Insurance Co is headquartered in Bloomington, United States, in the North America region.
How does SFM Mutual Insurance Co make money?
One revenue line is on record: workers' Compensation Insurance Premiums.
Who are SFM Mutual Insurance Co's main competitors?
Direct peers on record are Accident Fund Holdings, Zenith Insurance Company, Amerisure, Builders Mutual Insurance Company, Texas Mutual Insurance Company, Employers Mutual Casualty Company (EMCC), Sentry Insurance and Midwest Employers Casualty Company (MECC). Westfield Insurance is listed as a broad incumbent. Louisiana Workers' Compensation Corporation (LWCC) is listed as a regional player.
Does SFM Mutual Insurance Co have an API?
No public API is recorded for SFM Mutual Insurance Co.
What industry is SFM Mutual Insurance Co in?
SFM Mutual Insurance Co's product category is Workers' Compensation Insurance. Its primary akta.pro industry code is FSAJAKAM, Workers’ Compensation Insurance. Its NAICS code is 52412 and its SIC code is 6399.