Superior Point

What Superior Point does

Superior Point is the state-appointed servicing carrier for the Minnesota Workers' Compensation Assigned Risk Plan (MWCARP) and operates as the assumed name of SFM Risk Solutions, Inc., an affiliate of SFM Mutual Insurance Company. The company administers workers' compensation and employers' liability coverage for Minnesota employers who are unable to obtain coverage through the voluntary insurance market, providing policy administration, claims management, annual premium audits, injury prevention resources, and premium billing — functions it performs as the captive, state-mandated backstop for the residual market in Minnesota.

The underlying technology is a web-based, integrated policyholder platform that spans the full policy lifecycle: First Report of Injury (FROI) submission without login or password; an ePay billing system keyed off policy number and zip code; online certificate of insurance retrieval; an electronic document delivery portal; and MyPayroll, the online annual premium audit system. The platform was upgraded in May 2024 with drag-and-drop document upload, email notifications for audit deadlines, and the ability to add documentation after submission. Medical provider billing is handled through an integration with Jopari Solutions (Payer ID J1553), which supports electronic medical bill submission and payments via ACH/EFT, virtual card, eCheck, or paper check.

Revenue is generated from workers' compensation insurance premiums, with final premiums determined by annual payroll-based audits (subscription_recurring), plus ancillary charges such as waiver of subrogation endorsement fees (5% of payroll, minimum $100) and audit non-compliance charges (200% of estimated annual premium). Go-to-market is structurally passive: customers are placed into MWCARP by independent insurance agents when voluntary market coverage is unavailable, with no direct sales motion by Superior Point. Primary customer segments are Minnesota employers in the assigned risk pool, secondary segments include medical providers (for billing) and small-to-mid-sized employers requiring installment plans for premiums above $2,000. The company is headquartered in Minneapolis with a Bloomington, MN office and operates exclusively within Minnesota under Minnesota law.

Name

Superior Point

Legal name

SFM Risk Solutions, Inc.

Website

https://superiorpoint.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Superior Point is the state-appointed servicing carrier for the Minnesota Workers' Compensation Assigned Risk Plan, administering policies, claims, annual premium audits, billing, and a web-based policyholder platform for Minnesota employers unable to obtain voluntary workers' comp coverage.

Ownership category

akta.pro rank

Product category

Workers' Compensation Insurance

NAICS

Insurance Carriers (5241), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Claims Adjusting (524291)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321)

akta.pro primary industry

Managed Workers’ Compensation (Loss Control, Claims & Return-to-Work Programs) (FSAJAEAH)

Keywords

• Workers compensation insurance
• Assigned risk plan
• Premium audits
• Claims management
• Injury reporting

Headquarters

HQ city

Bloomington

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Workers' Compensation Insurance Premiums: Superior Point collects workers' compensation insurance premiums from policyholders. Premiums are initially estimated based on projected payroll and are finalized after an annual premium audit adjusts for actual payroll, classification codes, and exposure data. Premium may increase or decrease based on audit results.
2. Premium Audit Adjustments: Premiums are adjusted annually based on actual payroll exposure determined through premium audits. Additional premium may be charged if actual payroll exceeded estimates, or premiums may be refunded if estimates were too high.
3. Waiver of Subrogation Endorsement Fees: For policies effective April 1, 2014 and later, a waiver of subrogation endorsement generates an additional premium charge of 5% of payroll for the specific job times the appropriate classification rate(s), divided by 100, subject to a minimum premium of $100.
4. Audit Non-Compliance Charges: Policies cancelled for failure to complete required premium audits are subject to an additional audit non-compliance charge of 200% of estimated annual premium before coverage can be reinstated in the Assigned Risk Plan.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Superior Point serves as the designated servicing carrier for the Minnesota Workers' Compensation Assigned Risk Plan (MWCARP), delivering workers' compensation and employers' liability insurance to Minnesota employers who cannot obtain coverage through the voluntary market. The company manages the full policy lifecycle through an integrated web-based platform that supports injury reporting, premium billing and ePay, certificate of insurance retrieval, electronic document delivery, annual MyPayroll premium audits, and electronic medical billing via Jopari Solutions. Its operations include claims management, annual premium auditing, and policy administration for the state-assigned risk pool.

Product overview

Superior Point is a single unified offering serving as the servicing carrier for the Minnesota Workers' Compensation Assigned Risk Plan (MWCARP). The product portfolio consists of integrated online services including First Report of Injury (FROI) for injury reporting, ePay for premium payments, Certificate of Insurance download, Electronic Documents (e-docs) for paperless document delivery, MyPayroll for annual premium audits, and a Provider Billing System for medical provider bill submissions via Jopari Solutions. These modules work together as a unified policy management platform for Minnesota employers.

Differentiator

Problem solved

Functional benefit

Products and services

• Workers' Compensation Insurance (MWCARP) Statutory workers' compensation and employers' liability insurance coverage provided to Minnesota employers placed in the MWCARP when voluntary market coverage is unavailable. Includes claim management and policy administration.
• First Report of Injury (FROI) Online injury reporting system allowing employers to submit First Reports of Injury without requiring a login or password; a claims representative contacts the policyholder within 24 hours of submission.
• ePay Bill Payment System Online bill payment system that lets policyholders pay workers' compensation premiums quickly using only their policy number and zip code.
• Certificate of Insurance Download Self-service capability for policyholders to download PDF certificates of insurance as proof of workers' comp coverage, with support for multiple policies.
• Electronic Documents (e-docs) Electronic document delivery system providing PDF insurance documents through a registered portal account, replacing paper mailings.
• MyPayroll Premium Audit System Annual premium audit system enabling policyholders to complete payroll verification online; determines final premium based on actual payroll and classification data. Enhanced in May 2024 with drag-and-drop uploads and email notifications.
• Provider Billing System (via Jopari Solutions) Electronic medical billing system integrated with Jopari Solutions (Payer ID J1553) for medical providers to submit bills and attachments, with payment via virtual card, ACH/EFT, eCheck, or paper check.

Quantifiable outcome

• Claims representative contacts employer within 24 hours of injury report submission
• +5 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Minnesota Workers' Compensation Insurers Association (MWCIA)coreOthersMWCIA manages the MWCARP and administers experience modification factors (e-mods) for Minnesota employers. Superior Point works with MWCIA on policy changes (ERM-14 forms), e-mod worksheets, and overall plan administration. MWCIA is the governing body that oversees the assigned risk plan through which Superior Point provides coverage.
• Jopari SolutionscoreTechnology or IntegrationJopari Solutions is Superior Point's e-billing agent, enabling electronic submission of medical bills and attachments. Superior Point's e-billing Payer ID is J1553. Jopari also handles provider payments via direct deposit (ACH/EFT), virtual card, eCheck, and paper check. Providers sign up at jopari.com or call (866) 269-0554.
• Minnesota Department of CommercecoreOthersThe Minnesota Department of Commerce mandates physical audit standards for the Minnesota Assigned Risk Plan, affecting construction and non-construction accounts. These standards govern audit requirements and thresholds for Superior Point's premium audit operations.
• Minnesota Department of Labor and Industry (DOLI)minorOthersDOLI provides resources on workers' compensation requirements, including information about employer obligations and independent contractor determinations. Superior Point links to DOLI resources for policyholder education.

Scale indicators2 records

Recent moves5 records

Expansion highlights3 records

Market position

Competitive moat4 records

Key highlights2 records

Customer concentration

• LinkedInlinkedin.com/company/superior-point

Revenue estimate

Valuation estimate

Number of profiles

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 Superior Point