Maine Employers' Mutual Insurance Company (MEMIC) is a private mutual insurance company specializing in workers' compensation insurance. Established in 1993, MEMIC has grown from its origins in Maine to serve policyholders across 46 states and the District of Columbia.
Company Overview
- Headquarters: Portland, Maine
- Employees: Over 450
- Policyholders: More than 20,000 employers, covering approximately 300,000 employees
- 2023 Written Premium: $421 million
- A.M. Best Rating: "A" (Excellent)
MEMIC's mission is to enhance workplace safety and provide compassionate care for injured workers. The company offers extensive loss control services, including over 1,000 workshops attended by more than 18,000 participants and approximately 6,500 annual site visits.
Historical Background
MEMIC was founded in response to Maine's workers' compensation crisis in the early 1990s, characterized by high injury rates and escalating insurance costs. The Maine Legislature's 1993 reform led to the creation of MEMIC as a private mutual company governed by policyholders. Since its inception, MEMIC has played a pivotal role in reducing lost-time injuries by over 50% and decreasing overall insurance costs by about 60% in Maine.
Leadership Team
- President and CEO: Michael P. Bourque
- Senior Vice President, Chief Human Resources Officer: Michelle Allen
- Senior Vice President, Chief Financial Officer & Treasurer: Eileen Fongemie
- President, Eastern Region: Jeff Funk
- Senior Vice President, Strategy and Communications: Lily Hanstein
- Senior Vice President, Claims: Matt Harmon
- Vice President of Loss Control and Safety: Maryann Hoff
- Senior Vice President, Underwriting: Greg Jamison
- Senior Vice President, Chief Information Officer: Jack Yao
Market Position and Financial Performance
MEMIC has expanded its reach beyond Maine, becoming a super-regional specialist in workers' compensation insurance. The company's financial strength is underscored by its "A" (Excellent) rating from A.M. Best and assets exceeding $1.4 billion. In 2023, MEMIC reported written premiums of $421 million.
Customer Satisfaction and Employee Engagement
According to Comparably, MEMIC's Net Promoter Score (NPS) is -34, with 33% of customers being promoters and 67% detractors. The company has a customer satisfaction score of 67 out of 100. Employee reviews indicate a positive work environment, with an overall company culture rated as "B" and a CEO approval rating of 81/100.
Technological Initiatives
MEMIC has invested in digital transformation to enhance its operations. Notable initiatives include the adoption of Greenhouse ATS for applicant tracking in 2020, FirstLight Hosting for application hosting in 2023, and Dynatrace APM for application performance management in 2020.
