Pilgrim Insurance Company

What Pilgrim Insurance Company does

Pilgrim Insurance Company, founded in 1987 and headquartered at 695 Atlantic Avenue in Boston, Massachusetts, is a property and casualty insurance services and business process outsourcing provider and a member of The Plymouth Rock Group of Companies. Pilgrim is the established market leader in servicing the Massachusetts Automobile Insurance Plan (MAIP), administering residual market exposures for insurance carriers and independent agents in the state since the transition to managed competition. Its core service lines are (1) Business Outsourcing Solutions, covering residual market servicing, voluntary personal and commercial lines, and alternative markets, and (2) Pilgrim's Insurance Services, delivering bundled and unbundled services including underwriting management, claims handling, medical bill review and cost containment (via affiliated Pilgrim Risk Management, LLC), and FEMA Write Your Own flood insurance processing.

Pilgrim operates a modern integrated technology platform supporting paperless transactions, integrated imaging, and client web access via its Agent Web portal and policyholder eServices platform, with proprietary internal systems including a MAIP management module, an internal subrogation application with task management by state statute of limitations, and a Special Investigative Unit dedicated to fraud detection. The company maintains working relationships with Commonwealth Automobile Reinsurers (CAR) and the Massachusetts Division of Insurance, both located within walking distance of its Boston headquarters. Pilgrim is rated A- (Excellent) for financial strength by A.M. Best.

Pilgrim generates revenue from three streams: fee-based BPO and unbundled operational services for property and casualty clients, premium revenue from its own property and casualty writings within the Plymouth Rock Group, and managed-services fees from MAIP servicing (currently 10 MAIP service clients). Distribution is primarily through independent insurance agents for B2B relationships and via direct-to-consumer digital and phone channels for individual policyholders.

Name

Pilgrim Insurance Company

Legal name

Pilgrim Insurance Company

Website

https://www.pilgrimins.com

Company type

Private

Founded year

1987

Operating status

Operating

Short description

Pilgrim Insurance Company is a Boston-based, Plymouth Rock Group property and casualty insurance BPO specialist and the established market leader in servicing the Massachusetts Automobile Insurance Plan (MAIP) for insurance carriers, independent agents, and policyholders.

Ownership category

akta.pro rank

Headquarters

HQ city

Boston

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, Infrastructure, Marketing or Sales

Revenue model

1. Business Process Outsourcing Fees: Pilgrim provides fee-based business process outsourcing and unbundled insurance operational and management services for the property and casualty industry. Clients define service levels and performance standards, selecting the level of support required.
2. Insurance Premiums: Pilgrim Insurance Company writes and manages property and casualty insurance in multiple states as part of the Plymouth Rock Group of Companies, generating premium revenue from voluntary and residual market business.
3. MAIP Servicing Fees: Pilgrim earns fees for servicing MAIP (Massachusetts Automobile Insurance Plan) clients, currently serving 10 MAIP service clients. MAIP exposures account for less than 5% of total private passenger auto volume in Massachusetts.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Pilgrim Insurance Company provides fee-based business process outsourcing and unbundled insurance operational and management services for the property and casualty industry. The company specializes in Massachusetts residual market servicing, particularly as the established market leader in MAIP (Massachusetts Automobile Insurance Plan) administration. Services span underwriting management, claims handling, medical bill review, and flood insurance processing on behalf of insurance carriers and independent agents.

Product overview

Pilgrim Insurance Company operates as a property and casualty insurance business process outsourcer and insurance services provider within the Plymouth Rock Group of Companies. The company offers two primary service lines: (1) Business Outsourcing Solutions, which provides program management and unbundled operational services including residual market servicing, voluntary personal and commercial lines, and alternative markets; and (2) Pilgrim's Insurance Services, which delivers bundled and unbundled insurance services including underwriting management, claims handling, medical bill review and cost containment, and flood insurance processing. Pilgrim is notably the established market leader in Massachusetts Automobile Insurance Plan (MAIP) servicing. The company also provides an eServices self-service portal for policyholders. Services are delivered on a modern integrated technology platform featuring paperless transactions, integrated imaging, client web access, and links to various industry databases.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Outsourcing Solutions Comprehensive program management and unbundled insurance operational services for the property and casualty industry. Targeted at insurance carriers seeking outsourcing of residual market servicing, voluntary personal and commercial lines, and alternative markets operations.
• Pilgrim's Insurance Services Bundled and unbundled insurance services including underwriting management, claims handling, medical bill review and cost containment, and flood insurance processing for property and casualty clients.
• MAIP (Massachusetts Automobile Insurance Plan) Services Expert management of Massachusetts residual market exposure under the MAIP assigned risk facility, providing underwriting and billing services to independent insurance agents in Massachusetts.
• Underwriting Management Policy rating, underwriting standards adherence, billing services, and regulatory and bureau reporting and compliance services delivered to insurance carriers and agents.
• Claims Handling End-to-end claims administration services including First Notice of Loss, Special Investigation Unit (SIU), subrogation, PIP/No Fault services, fraud investigation, auditing, and consulting.
• Medical Bill Review and Cost Containment Medical bill review and cost containment services for automobile claims using state-of-the-art software, applying PPO program rates and fraud identification, delivered through affiliate Pilgrim Risk Management, LLC.
• Flood Insurance Processing Flood insurance policy issuance, claims adjustment, and payment management under FEMA's National Flood Insurance Program's Write Your Own (WYO) Program.

Quantifiable outcome

• Pilgrim has maintained its contribution to profit at $2.3 million, approximately the same as in the prior year, demonstrating consistent profitability despite a shrinking residual market pool.
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Commonwealth Automobile Reinsurers (CAR)coreStrategic or Co-development PartnerPilgrim has developed strong working relationships with the staff at Commonwealth Automobile Reinsurers (CAR), which administers the MAIP. Pilgrim regularly attends the various CAR administrative committee meetings that set rules and policies for the MAIP, and serves as members of some CAR advisory and ad hoc committees. This relationship enables Pilgrim to stay aware of emerging regulatory and operational changes and integrate them into their processes.
• Pilgrim Risk Management, LLCcoreStrategic or Co-development PartnerPilgrim Risk Management, LLC is an affiliate of Pilgrim Insurance Company that provides Medical Bill Review and Cost Containment services using state-of-the-art software for evaluating medical bills involving medical, no fault, PIP subrogation, and third party liability claims.
• Plymouth Rock Assurance GroupcoreStrategic or Co-development PartnerPilgrim Insurance is a member of The Plymouth Rock Group of Companies. The group has grown its PPA market share in Massachusetts to over 8% and continues to expand geographically into New York, Connecticut and Pennsylvania. Pilgrim Insurance provides fee-based services for other insurers within the group.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Arbella Insurance Group: Massachusetts-based property and casualty insurer offering personal and commercial lines in the New England market. Directly comparable to Pilgrim as a regional P&C carrier operating in the same Northeast geography with overlapping auto and home product lines.
• Safety Insurance Group: Massachusetts-headquartered property and casualty insurance holding company writing private passenger auto and homeowners coverage. Comparable to Pilgrim as a regional P&C carrier concentrated in the same Massachusetts market with similar distribution through independent agents.
• The Hanover Insurance Group: Northeast-based P&C insurance holding company providing personal and commercial lines through independent agents. Comparable to Pilgrim as a regional carrier with similar agent-distribution model and overlapping personal lines portfolio.
• Quincy Mutual Fire Insurance Company: Northeast regional P&C insurance company writing personal and commercial lines through independent agents. Comparable to Pilgrim as a regional mutual-style carrier operating in overlapping Northeast geographies with similar agency distribution.
• Sedgwick Claims Management Services: Large third-party claims management, managed care, and BPO provider serving insurance carriers and self-insureds. Comparable to Pilgrim's Claims Handling and Medical Bill Review service lines as a competing insurance-focused BPO platform.
• Crawford & Company: Global independent claims management and BPO provider serving insurance carriers worldwide. Comparable to Pilgrim as a competing third-party administrator offering claims handling and insurance BPO services to carrier clients.

Broad incumbents

• Plymouth Rock Assurance Corporation: Sister company within Plymouth Rock Group, a larger regional P&C carrier with >8% PPA market share in Massachusetts and operations across the Northeast. Comparable as the parent group's flagship voluntary-market carrier that Pilgrim supports through BPO services.
• Genpact: Global professional services firm with a dedicated insurance BPO practice covering underwriting support, claims, and policy administration. Comparable to Pilgrim's Business Process Outsourcing Solutions as a scaled competitor in insurance operational services.
• EXL Service: Global analytics and digital operations provider with a significant insurance BPO practice spanning underwriting, claims, and actuarial services. Comparable to Pilgrim as a competing insurance-focused BPO and operational services platform.

Regional players

• MAPFRE Insurance: US operations of MAPFRE, a global insurer with significant Massachusetts P&C presence through personal auto and home coverage. Comparable to Pilgrim as a P&C carrier competing in the same Massachusetts marketplace with similar personal lines products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Pilgrim Insurance Company