First Benefits Insurance Mutual

Workers' Compensation Insurancefirstbenefits.org

Company typePrivate
Founded1994
HeadquartersRaleigh, United States
Headcount11–50
GTM typeB2B
OfferingServices

First Benefits Insurance Mutual firmographics

Firmographics

Name: First Benefits Insurance Mutual
Legal name: First Benefits Insurance Mutual
Website: https://firstbenefits.org
Company type: Private
Founded year: 1994
Operating status: Operating
Headcount range: 11–50 employees
Ownership category
akta.pro rank

First Benefits Insurance Mutual industry classification

Industry

Product category: Workers' Compensation Insurance
NAICS: Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance and Employee Benefit Funds (5251)
SIC: Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)
akta.pro primary industry: Workers’ Compensation Insurance (FSAJAMAF)
akta.pro secondary industry: Self-Insured Workers’ Compensation Programs (FSAJAEAD)

Keywords

Workers compensation insurance
Monoline insurance mutual
Claims management services
Loss control services
Premium payment plans

Where First Benefits Insurance Mutual is headquartered

Location

Headquarters

HQ city: Raleigh
HQ country: United States
HQ region: North America

Offices1 record

Markets served

First Benefits Insurance Mutual business model

Business model

GTM type: B2B
Offering type: Services
Cost components: Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

Workers' Compensation Insurance Premiums: Monoline workers' compensation insurance product generating premium revenue from policyholders. The company provides coverage to employers who wish to protect their workers from costs associated with injuries or illnesses sustained during work. Premiums are collected through various payment plans including annual, quarterly, monthly, and pay-as-you-go options.

Pricing tiers

Model	Billing	Price
Subscription	Annual	Annual Payment Plan - For premiums $1,000 or less
Subscription	Quarterly	Quarterly Payment Plan - For premiums over $1,000
Subscription	Monthly	Monthly Payment Plan
Subscription	Pay-as-you-go	Twelve Equal Payment Plan - For premiums over $25,000
Subscription	Monthly	Monthly Self-Reporting Plan - For premiums over $2,500
Subscription	Monthly	Monthly Self-Reporting for Large Accounts - For premiums over $10,000

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

First Benefits Insurance Mutual product offering

Product offering

Core offering

First Benefits Insurance Mutual is a monoline workers' compensation insurance mutual company that provides underwriting, claims management, and reinsurance coverage to employers in five southeastern U.S. states (North Carolina, South Carolina, Georgia, Virginia, and Kentucky). The company distributes coverage exclusively through a network of independent insurance agents, with policyholders required to maintain membership in an accredited association or chamber of commerce.

Product overview

First Benefits Insurance Mutual operates as a monoline workers' compensation insurance mutual company offering a single core product—workers' compensation coverage—along with supporting service modules. The company's primary offering is workers' compensation insurance for employers in five southeastern states. This core product is supported by multiple service modules including Premium Payment Plans (with options ranging from annual to monthly self-reporting), an Agent Portal (for online quoting and submission), a Policyholder Portal (for account management and claims), Loss Control Services (providing safety materials and OSHA compliance resources), and Claims Management Services (with accessible adjusters for efficient claims handling). The company was founded by the North Carolina Retail Merchants Association and converted to a mutual insurance company in 2008, insuring over 2,500 businesses.

Differentiator

Problem solved

Functional benefit

Products and services

Workers' Compensation Insurance Monoline workers' compensation insurance providing workplace injury protection, medical coverage, disability benefits, and claims management for employers in North Carolina, South Carolina, Georgia, Virginia, and Kentucky. Includes employers liability limits up to $5,000,000/$5,000,000/$5,000,000.
Claims Management Services Experienced claims management service with accessible claims adjusters focused on helping injured workers return to work quickly and lowering overall claims costs for policyholders.
Loss Control Services Safety and risk management resources for policyholders including OSHA compliance materials, safety training programs, workplace injury prevention resources, and educational materials.

Quantifiable outcome

Outperformed industry loss ratios for 30 consecutive years
+1 more outcomes

Companies that use First Benefits Insurance Mutual

Customer profile

Named customers2 records

Segments7 records

Ideal customer profiles2 records

First Benefits Insurance Mutual technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature3 records

First Benefits Insurance Mutual partnerships and signals

Strategic signal

Partnerships

Ten partnerships are on record, tiered core and minor.

North Carolina Retail Merchants Association (NCRMA)coreStrategic or Co-development PartnerNCRMA is the originating association that created First Benefits Insurance Company 30 years ago as a self-insured fund. NCRMA members receive workers' compensation coverage as a member benefit. The association provides education and training through Retail University webinars.
South Carolina Retail Association (SCRA)coreStrategic or Co-development PartnerSCRA represents various merchants in South Carolina and makes First Benefits workers' compensation available as a member benefit. Policyholders without existing membership may be assigned to SCRA if applicable.
Carolinas Food Industry Council (CFIC)coreStrategic or Co-development PartnerCFIC serves retail and wholesale food industries in both North Carolina and South Carolina, serving more than 2,500 grocers. Provides access to online training courses through LearnSomething for members.
North Carolina Automobile Dealers Association (NCADA)minorStrategic or Co-development PartnerNCADA actively represents nearly 600 new car, truck, and motorized RV dealers. Members have access to First Benefits workers' compensation coverage.
Automotive Service & Tire Alliance (ASTA)minorStrategic or Co-development PartnerFormed in 2021 by merger of Independent Garage Owners of North Carolina and North Carolina Tire Dealers Association. Southeast's largest member-sponsored nonprofit association serving the aftermarket automotive industry.
Turfgrass CouncilminorStrategic or Co-development PartnerFormed in 1974, the Turfgrass Council promotes the turfgrass industry in North Carolina and represents members' policy interests.
N.C. Tomato Growers AssociationminorStrategic or Co-development PartnerGroup of growers and suppliers interested in improvement and promotion of the tomato industry in North Carolina.
Kentucky Retail Federation (KRF)coreStrategic or Co-development PartnerStrong advocate for retail industry in Kentucky providing value-added services and programs. KRF provides government advocacy through legislative lobbying and regulatory monitoring.
Rocky Mount Area Chamber of CommerceminorStrategic or Co-development PartnerRegional chamber with over 800+ member businesses. First Benefits workers' compensation program is offered as a valuable member benefit tool.
Various North Carolina Chambers of CommerceminorStrategic or Co-development PartnerMultiple chambers including Alamance, Asheboro-Randolph, Catawba County, Currituck County, Edenton-Chowan, Granville County, Greater Durham, Greenville-Pitt County, Henderson County, Lexington Area, The Outer Banks, Reidsville, Rowan County, Southport-Oak Island, Stanly County, Topsail Area, Washington Beaufort County, Wilson, and Yadkin County. Current membership in any one of these chambers fulfills the membership requirement for policyholders.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

First Benefits Insurance Mutual competitors and assessment

Company assessment

Regional players

BITCO Insurance Companies: Workers' compensation specialist serving commercial customers across the Midwest and Mid-South. Comparable monoline workers' comp focus but operates in different regional territories than First Benefits.
North Carolina Grange Mutual Insurance Company: North Carolina-based mutual insurance company serving NC and surrounding states with personal and commercial lines. Adjacent comparator given shared North Carolina origin, mutual structure, and regional focus.

Broad incumbents

AmTrust Financial Services: Major specialty P&C insurer with a leading workers' compensation franchise serving SMBs nationally. Competes directly across all five states First Benefits operates in but with significantly larger scale and broader product set.
The Hartford Workers' Compensation: Major national insurance group with a substantial workers' compensation line for SMBs. Competes with First Benefits in the same target customer base and geographies but offers a much broader product portfolio beyond workers' comp.
Travelers Workers' Compensation: Large national carrier with deep workers' comp capabilities across all states including NC, SC, GA, VA, and KY. Competes in the same geographies and SMB market but as part of a much broader P&C and surety portfolio.
Sentry Insurance: Mutual insurance group offering workers' compensation among its business lines, with emphasis on middle-market and SMB customers. Comparable mutual structure and SMB focus, though with broader product portfolio.

Direct peers

Accident Fund Holdings: Specialty workers' compensation carrier focused on SMBs and middle-market employers across multiple states. Comparable monoline product focus, similar customer profile, and analogous distribution through independent agents.
Zenith Insurance Company: Specialty workers' compensation carrier focused on small business and agriculture/construction classes. Comparable monoline product focus and emphasis on niche class underwriting similar to First Benefits' verticalized industry segments.
Builders Mutual Insurance Company: North Carolina-based mutual workers' compensation insurer focused on the construction industry. Most directly comparable peer given shared monoline workers' comp mutual structure, regional Southeast footprint, and association-driven distribution model.
EMPLOYERS (AmTrust subsidiary): National monoline workers' compensation carrier serving small and mid-sized businesses across the U.S. Comparable in monoline product focus, SMB target market, and emphasis on disciplined underwriting in workers' comp.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks7 records

Key highlights6 records

Customer concentration

First Benefits Insurance Mutual financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First Benefits Insurance Mutual leadership team

Management profile

Number of profiles

First Benefits Insurance Mutual funding detail

Funding detail

Funding overview

Funding rounds

Investors

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

First Benefits Insurance Mutual M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about First Benefits Insurance Mutual

What does First Benefits Insurance Mutual do?

Is First Benefits Insurance Mutual a public or private company?

First Benefits Insurance Mutual is a private company. It is classified as unknown and is currently operating.

When was First Benefits Insurance Mutual founded?

First Benefits Insurance Mutual was founded in 1994. It employs 11 to 50 people.

Where is First Benefits Insurance Mutual based?

First Benefits Insurance Mutual is headquartered in Raleigh, United States, in the North America region.

How does First Benefits Insurance Mutual make money?

One revenue line is on record: workers' Compensation Insurance Premiums.

Who are First Benefits Insurance Mutual's main competitors?

Regional players on record are BITCO Insurance Companies and North Carolina Grange Mutual Insurance Company. Broad incumbents are AmTrust Financial Services, The Hartford Workers' Compensation, Travelers Workers' Compensation and Sentry Insurance. Direct peers are Accident Fund Holdings, Zenith Insurance Company, Builders Mutual Insurance Company and EMPLOYERS (AmTrust subsidiary).

Does First Benefits Insurance Mutual have an API?

No public API is recorded for First Benefits Insurance Mutual.

What industry is First Benefits Insurance Mutual in?

First Benefits Insurance Mutual's product category is Workers' Compensation Insurance. Its primary akta.pro industry code is FSAJAMAF, Workers’ Compensation Insurance, with a secondary code of FSAJAEAD, Self-Insured Workers’ Compensation Programs. Its NAICS code is 524126 and its SIC code is 6331.