California-based Employers Direct Insurance Company announced it has surpassed $100 million in annual premiums.
The company has been in business for 18 months and is the only new domestic workers’ compensation insurance carrier approved by the California Department of Insurance in a decade. The company also reported on the outstanding claims performance of its policyholder base.
According to EDIC, working with carefully selected employers benefiting from the company’s direct customer relationships, policyholders are reporting an average 30 percent reduction in claims losses compared with their previous carriers.
“The crucial factor in the performance of our policyholder base is the fact that there are no middlemen,” Jim Little, CEO and Co-founder of EDIC, remarked. “As California’s only home based direct writer, we have a clear advantage over insurance companies whose real customers are the brokers that sell their programs. We work directly with our policyholders, without the frictional costs required to take care of the needs of intermediaries. It’s the key to helping them and us manage claims, keeping employees healthy and on the job, and fighting abuse and fraud at every turn.”
Employers Direct, having achieved profitability after only eight months of operations, has reportedly been instrumental in partnering with its customers to expose fraud and abuse of the state’s beleaguered workers’ comp system.
“Precise claims services and state-of-the-art loss control resources are the solution to better service and fewer injuries,” Little added. “This all translates to lower workers’ compensation costs for a select group of employers as their experience modifications take into account improvements in claims liability.”
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