Midwest Builders’ Casualty Group Wins Award for “Excellence in Premium Growth for a Monoline Carrier” at Excellence in Insurance Innovation, Sponsored by Insurity
November 03, 2022
Midwest Builders’ Casualty Group was recognized for its outstanding five-year growth in expanding to 31 states and increasing submission activity, policyholder count, and premium size
HARTFORD, Conn. -- Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that Midwest Builders’ Casualty Group is the recipient of the “Excellence in Premium Growth for a Monoline Carrier” award at Excellence in Insurance Innovation. The Excellence in Insurance Innovation awards ceremony took place in Las Vegas and recognized the outstanding performances of P&C organizations in categories including exceptional policyholder service, digital transformation, and excellence in data and analytics.
Midwest Builders’ Casualty is a regional mutual insurance company specializing in workers’ compensation insurance for the construction and manufacturing industries. Due to a common anniversary date required by its previous 20-plus year-old system, as well as state limitation, Midwest Builders’ Casualty was unable to capture the market growth it wanted. Midwest partnered with Insurity in 2016 to modernize its system and start capturing those missed opportunities.
Midwest Builders’ Casualty went live on Insurity’s Workers’ Comp Suite in July 2017. The portal options, self-reporting features, and easy configurability allowed Midwest Builders’ staff, policyholders, and agents to seamlessly adapt to the new system. The ease of use of the Insurity platform enabled Midwest Builders’ Casualty to expand from 14 states to 31 states in less than three years.
“Throughout this transformation, none of our servicing standards have changed,” said Beth Long, Chief Operating Officer at Midwest Builders’ Casualty Group. “We have maintained a 98% retention rate annually for policyholders since our move to the Insurity platform, which not only speaks highly of the service our staff offers, but also shows finding the right technology partner can really enable you to grow seamlessly.”
“The ability to scale and profitably grow is not just a sign of innovation but a marker for our industry's success,” said Sylvester Mathis, Chief Insurance Officer at Insurity. “Midwest Builders’ Casualty has seen impressive growth in the monoline workers' comp space over the past several years and continues to forge ahead with building efficiencies in their premium audit process.”
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About Midwest Builders’ Casualty Group
Midwest Builders’ Casualty is a regional mutual insurance company specializing in workers’ compensation insurance for the construction and manufacturing industries. Its goal is to provide the highest level of service and quality insurance coverage to our policyholders while maintaining both competitive pricing and profitability, and allowing for consistent dividend return to policyholders.