Dear Colleagues, I write following my election as president of NCMIC Group by the Board of Directors in July 2015. While serving on our Board for the past 11 years, it has been exciting to see our organization continue to grow and serve our great profession. This past year NCMIC continued with its focus to: meet the needs of Doctors of Chiropractic with a broad array of insurance and financial services offerings; grow our company and its profitability while emphasizing conservative financial management; and deliver world-class customer service. I am pleased to say that NCMIC was successful across all of these efforts during the past year. Our company remains in an extremely strong financial position, while continuing to deliver the products and services that our D.C.s have come to expect. On behalf of our entire team of over 200 employees, I invite you to review some of the highlights and results from our specific business entities. • Industry analyst A.M. Best once again awarded NCMIC Insurance Company and NCMIC RRG an “A” (Excellent) rating with a stable outlook for financial strength and operating performance.* A.M. Best’s independent third-party evaluation of NCMIC’s ability to fulfill its financial obligations to policyholders serves as a key indicator that your malpractice insurance plan will be there for the long term. • NCMIC ended 2015 insuring almost 40,000 D.C.s, close to 50% of the nation’s chiropractors from all the chiropractic colleges and practice philosophies. • We retained 97.9% of policyholders. “We Take Care of Our Own” is more than just our motto. We strive every day to attract and retain our D.C. policyholders by providing outstanding products and services. NCMIC Insurance Company and NCMIC Risk Retention Group, Inc. NCMIC was founded 70 years ago with the sole purpose of providing chiropractors with malpractice insurance when no one else would. Since then, NCMIC has grown to be the leader in chiropractic malpractice insurance insuring D.C.s in all 50 states and chiropractic colleges across the U.S. 2015 was very successful in terms of NCMIC’s malpractice insurance offering, as evidenced by the highlights below. A . M . B E S T R A T I N G P O L I C Y H O L D E R R E T E N T I O N 97.9 % RATING A Message from NCMIC Group President
Transcript
Planned Leadership ChangeThis past year was also a year for planned leadership changes at NCMIC. Dr. Louis Sportelli, who so capably led NCMIC
for the past 25 years, transitioned to a new role as president of the NCMIC Foundation. Dr. Sportelli was instrumental in
leading NCMIC from a small, struggling company offering only malpractice insurance to one that today serves the majority
of insurance and financing needs of chiropractors. I am thankful to have had the opportunity to work with Dr. Sportelli for
the past 11 years and to have seen first-hand the leadership and expertise he brought to the company. I personally thank
him for all he has done. I have no doubt that his dedication and vision will yield significant results as he leads the
NCMIC Foundation.
The Future of NCMIC
NCMIC is truly a remarkable company that I am so proud to be a part of. As we consider the past and look ahead,
appreciating the trust that Doctors of Chiropractic have placed in us for 70 years, we feel a great sense of purpose and
obligation to meet the insurance and financing needs of the profession. Rest assured that we will continue to manage
all lines of business for the long haul to ensure that NCMIC is here today and in the future. We remain committed to our
core values and motto “We Take Care of Our Own” and appreciate your confidence and trust.
On a personal note I want to extend sincere thanks to the NCMIC board of directors, senior
management team, and particularly Dr. Sportelli and our CEO Pat McNerney for the
guidance and advice they have all provided to me in my new role. It is a privilege,
and I am honored to serve and support our great profession.
Best personal regards,
Wayne C. Wolfson, D.C.
President, NCMIC Group, Inc.
Dear Colleagues,
I write following my election as president of NCMIC Group by the Board of Directors in July 2015. While
serving on our Board for the past 11 years, it has been exciting to see our organization continue to grow
and serve our great profession. This past year NCMIC continued with its focus to: meet the needs of
Doctors of Chiropractic with a broad array of insurance and financial services offerings; grow our company
and its profitability while emphasizing conservative financial management; and deliver world-class customer
service. I am pleased to say that NCMIC was successful across all of these efforts during the past year.
Our company remains in an extremely strong financial position, while continuing to deliver the products and
services that our D.C.s have come to expect. On behalf of our entire team of over 200 employees, I invite
you to review some of the highlights and results from our specific business entities.
• Industry analyst A.M. Best once again awarded NCMIC Insurance Company and
NCMIC RRG an “A” (Excellent) rating with a stable outlook for financial strength
and operating performance.* A.M. Best’s independent third-party evaluation of
NCMIC’s ability to fulfill its financial obligations to policyholders serves as a key
indicator that your malpractice insurance plan will be there for the long term.
• NCMIC ended 2015 insuring almost 40,000 D.C.s, close to 50% of the nation’s
chiropractors from all the chiropractic colleges and practice philosophies.
• We retained 97.9% of policyholders. “We Take Care of Our Own” is more than
just our motto. We strive every day to attract and retain our D.C. policyholders
by providing outstanding products and services.
NCMIC Insurance Company and NCMIC Risk Retention Group, Inc.NCMIC was founded 70 years ago with the sole purpose of providing chiropractors with malpractice insurance when no one
else would. Since then, NCMIC has grown to be the leader in chiropractic malpractice insurance insuring D.C.s in all 50 states
and chiropractic colleges across the U.S. 2015 was very successful in terms of NCMIC’s malpractice insurance offering, as
evidenced by the highlights below.
* Rating is for NCMIC Insurance Company and NCMIC Risk Retention Group, Inc. A.M. Best Ratings range from A++ to S. For more information, visit www.ambest.com.
We Take Care of Our Own is a registered service mark of NCMIC Group, Inc., and NCMIC Risk Retention Group, Inc. The NCMIC Malpractice Insurance Plan is underwritten by NCMIC Insurance Company. In the states of Florida and New York, the NCMIC Malpractice Insurance Plan is issued by NCMIC Risk Retention Group, Inc. Premium dividends are not guaranteed.
NCMIC Finance CorporationNCMIC Finance Corporation offers Doctors of Chiropractic credit card processing, equipment and working capital loans, as
well as a business credit card. All three of these offerings experienced great results in 2015, with exceptional growth noted
in NCMIC’s credit card processing business.
• NCMIC’s credit card processing offering continued its strong growth
with the total number of active customers increasing to over 11,000.
• Over $1.2 billion in credit card transactions was processed by
NCMIC, making us one of the larger credit card processors nationally.
• New credit card processing terminals continue to be distributed at no
additional cost to our customers to meet the new required EMV chip
technology requirements.
• Our Card Services team responded to more than 36,000 prospect and
customer service calls in 2015.
• More than 1,500 equipment and working capital loans were financed. NCMIC
worked with more than 300 different equipment vendors to both quote and
finance equipment.
• NCMIC ended 2015 with more than 9,000 total MilesAway business credit
cardholders. These cardholders used their MilesAway credit cards to
purchase more than $113 million in products throughout the year, and they
redeemed more than 99 million reward points.
E
QU
IPM
EN
T &
WO R K I N G C
A
PI T
AL
LO
AN
S
11,179
9,000+
NCMIC Foundation, Inc.As a company founded by and for chiropractors, we believe
it is crucial that we support and give back to the chiropractic
profession. In addition to donating more than $14.3 million to
support chiropractic research and education since 1995, we also founded the NCMIC Foundation, Inc., in 2003. Through
contributions and the interest earned through investments, the NCMIC Foundation has grown to be one of the most significant
funders of chiropractic research in the nation. While we are proud of this progress, much, much more needs to be done to
ensure success. I request that you consider returning your policyholder dividend payable to the NCMIC Foundation so that
research and education will advance the profession in the ever-changing healthcare model.
NCMICFoundation
1,500+ in 2015
P
OL
I C
YH O L D E R S U
RP
LU
S
NC
MIC
. C
OM U N I Q U E V
I SI T
OR
S
• Policyholder surplus (the assets of the company minus liabilities) grew to
$261 million. (In addition to being a key financial measurement, insurance
regulators and rating agencies also use policyholder surplus to help them
assess an insurance company’s financial health.)
• Our customer service team handled 118,342 calls from both policyholders
and prospects. While many of our D.C.s find our web self-service capability
and email convenient, we still believe that it’s important to be just a phone
call away when needed.
• For the 20th consecutive year, NCMIC paid a premium dividend to our
policyholders. Since 1996, premium dividends paid to policyholders have
totaled more than $130 million.
• 175,163 unique visitors came to NCMIC.com. More than 60% of those
utilized the information available to all D.C.s in the Practice Resources
portion of the website.
• We launched our social media presence on Facebook, Twitter and LinkedIn.
We invite you to check for updates regarding available resources,
NCMIC-supported seminars, and other important insurance and financing
information.
• NCMIC’s chiropractic claims expertise continued to grow with our claims team
surpassing 300 years of combined experience in handling claims. The core of
our “We Take Care of Our Own” focus is that experience. When coupled with
NCMIC’s nationwide network of over 500 malpractice expert attorneys, it
ensures our doctors have the best defense possible when needed.
175,163
118,342
C
US
TO
ME
R
SE R V I C E P H
O
NE
C
AL
LS
$261MILLION
NCMIC Insurance ServicesStarted in 1996, NCMIC Insurance Services is a full-service insurance agency for the business and personal insurance needs
of D.C.s. Along with our property and casualty expertise, NCMIC is also the exclusive agent for the D.C. Long Term Disability
Insurance Plan, issued by the Prudential Insurance Company of America.
• We continued to serve the business and personal insurance needs of D.C.s,
growing the total number of policyholders to over 7,000 in 49 states.
• NCMIC worked in 2015 with both the National Business Association for
Chiropractors (NBAC) and Prudential to offer long term disability insurance
on a guaranteed issue basis. Typically only offered in larger employer group
settings, this special offer received tremendous response from chiropractors
from across the country.
BU
SIN
ES
S A
ND
PE R S O N A L P
O
LI C
YH
OL
DE
RS
7,099
MI L
ES
AW
A Y C A R D HO
LD
ER
S
C
RE
DI
T
CA
RD
PR O C E S S I N
G
CU
ST
OM
ER
S
NCMIC Finance CorporationNCMIC Finance Corporation offers Doctors of Chiropractic credit card processing, equipment and working capital loans, as
well as a business credit card. All three of these offerings experienced great results in 2015, with exceptional growth noted
in NCMIC’s credit card processing business.
• NCMIC’s credit card processing offering continued its strong growth
with the total number of active customers increasing to over 11,000.
• Over $1.2 billion in credit card transactions was processed by
NCMIC, making us one of the larger credit card processors nationally.
• New credit card processing terminals continue to be distributed at no
additional cost to our customers to meet the new required EMV chip
technology requirements.
• Our Card Services team responded to more than 36,000 prospect and
customer service calls in 2015.
• More than 1,500 equipment and working capital loans were financed. NCMIC
worked with more than 300 different equipment vendors to both quote and
finance equipment.
• NCMIC ended 2015 with more than 9,000 total MilesAway business credit
cardholders. These cardholders used their MilesAway credit cards to
purchase more than $113 million in products throughout the year, and they
redeemed more than 99 million reward points.
E
QU
IPM
EN
T &
WO R K I N G C
A
PI T
AL
LO
AN
S
11,179
9,000+
NCMIC Foundation, Inc.As a company founded by and for chiropractors, we believe
it is crucial that we support and give back to the chiropractic
profession. In addition to donating more than $14.3 million to
support chiropractic research and education since 1995, we also founded the NCMIC Foundation, Inc., in 2003. Through
contributions and the interest earned through investments, the NCMIC Foundation has grown to be one of the most significant
funders of chiropractic research in the nation. While we are proud of this progress, much, much more needs to be done to
ensure success. I request that you consider returning your policyholder dividend payable to the NCMIC Foundation so that
research and education will advance the profession in the ever-changing healthcare model.
NCMICFoundation
1,500+ in 2015
PO
LI C
YH O L D E R S U
RP
LU
S
NC
MIC
. C
OM U N I Q U E V
I SI T
OR
S
• Policyholder surplus (the assets of the company minus liabilities) grew to
$261 million. (In addition to being a key financial measurement, insurance
regulators and rating agencies also use policyholder surplus to help them
assess an insurance company’s financial health.)
• Our customer service team handled 118,342 calls from both policyholders
and prospects. While many of our D.C.s find our web self-service capability
and email convenient, we still believe that it’s important to be just a phone
call away when needed.
• For the 20th consecutive year, NCMIC paid a premium dividend to our
policyholders. Since 1996, premium dividends paid to policyholders have
totaled more than $130 million.
• 175,163 unique visitors came to NCMIC.com. More than 60% of those
utilized the information available to all D.C.s in the Practice Resources
portion of the website.
• We launched our social media presence on Facebook, Twitter and LinkedIn.
We invite you to check for updates regarding available resources,
NCMIC-supported seminars, and other important insurance and financing
information.
• NCMIC’s chiropractic claims expertise continued to grow with our claims team
surpassing 300 years of combined experience in handling claims. The core of
our “We Take Care of Our Own” focus is that experience. When coupled with
NCMIC’s nationwide network of over 500 malpractice expert attorneys, it
ensures our doctors have the best defense possible when needed.
175,163
118,342
C
US
TO
ME
R
SE R V I C E P H
O
NE
C
AL
LS
$261MILLION
NCMIC Insurance ServicesStarted in 1996, NCMIC Insurance Services is a full-service insurance agency for the business and personal insurance needs
of D.C.s. Along with our property and casualty expertise, NCMIC is also the exclusive agent for the D.C. Long Term Disability
Insurance Plan, issued by the Prudential Insurance Company of America.
• We continued to serve the business and personal insurance needs of D.C.s,
growing the total number of policyholders to over 7,000 in 49 states.
• NCMIC worked in 2015 with both the National Business Association for
Chiropractors (NBAC) and Prudential to offer long term disability insurance
on a guaranteed issue basis. Typically only offered in larger employer group
settings, this special offer received tremendous response from chiropractors
from across the country.
BU
SIN
ES
S A
ND
PE R S O N A L P
O
LI C
YH
OL
DE
RS
7,099
Planned Leadership ChangeThis past year was also a year for planned leadership changes at NCMIC. Dr. Louis Sportelli, who so capably led NCMIC
for the past 25 years, transitioned to a new role as president of the NCMIC Foundation. Dr. Sportelli was instrumental in
leading NCMIC from a small, struggling company offering only malpractice insurance to one that today serves the majority
of insurance and financing needs of chiropractors. I am thankful to have had the opportunity to work with Dr. Sportelli for
the past 11 years and to have seen first-hand the leadership and expertise he brought to the company. I personally thank
him for all he has done. I have no doubt that his dedication and vision will yield significant results as he leads the
NCMIC Foundation.
The Future of NCMIC
NCMIC is truly a remarkable company that I am so proud to be a part of. As we consider the past and look ahead,
appreciating the trust that Doctors of Chiropractic have placed in us for 70 years, we feel a great sense of purpose and
obligation to meet the insurance and financing needs of the profession. Rest assured that we will continue to manage
all lines of business for the long haul to ensure that NCMIC is here today and in the future. We remain committed to our
core values and motto “We Take Care of Our Own” and appreciate your confidence and trust.
On a personal note I want to extend sincere thanks to the NCMIC board of directors, senior
management team, and particularly Dr. Sportelli and our CEO Pat McNerney for the
guidance and advice they have all provided to me in my new role. It is a privilege,
and I am honored to serve and support our great profession.
Best personal regards,
Wayne C. Wolfson, D.C.
President, NCMIC Group, Inc.
Dear Colleagues,
I write following my election as president of NCMIC Group by the Board of Directors in July 2015. While
serving on our Board for the past 11 years, it has been exciting to see our organization continue to grow
and serve our great profession. This past year NCMIC continued with its focus to: meet the needs of
Doctors of Chiropractic with a broad array of insurance and financial services offerings; grow our company
and its profitability while emphasizing conservative financial management; and deliver world-class customer
service. I am pleased to say that NCMIC was successful across all of these efforts during the past year.
Our company remains in an extremely strong financial position, while continuing to deliver the products and
services that our D.C.s have come to expect. On behalf of our entire team of over 200 employees, I invite
you to review some of the highlights and results from our specific business entities.
• Industry analyst A.M. Best once again awarded NCMIC Insurance Company and
NCMIC RRG an “A” (Excellent) rating with a stable outlook for financial strength
and operating performance.* A.M. Best’s independent third-party evaluation of
NCMIC’s ability to fulfill its financial obligations to policyholders serves as a key
indicator that your malpractice insurance plan will be there for the long term.
• NCMIC ended 2015 insuring almost 40,000 D.C.s, close to 50% of the nation’s
chiropractors from all the chiropractic colleges and practice philosophies.
• We retained 97.9% of policyholders. “We Take Care of Our Own” is more than
just our motto. We strive every day to attract and retain our D.C. policyholders
by providing outstanding products and services.
NCMIC Insurance Company and NCMIC Risk Retention Group, Inc.NCMIC was founded 70 years ago with the sole purpose of providing chiropractors with malpractice insurance when no one
else would. Since then, NCMIC has grown to be the leader in chiropractic malpractice insurance insuring D.C.s in all 50 states
and chiropractic colleges across the U.S. 2015 was very successful in terms of NCMIC’s malpractice insurance offering, as
evidenced by the highlights below.
* Rating is for NCMIC Insurance Company and NCMIC Risk Retention Group, Inc. A.M. Best Ratings range from A++ to S. For more information, visit www.ambest.com.
We Take Care of Our Own is a registered service mark of NCMIC Group, Inc., and NCMIC Risk Retention Group, Inc. The NCMIC Malpractice Insurance Plan is underwritten by NCMIC Insurance Company. In the states of Florida and New York, the NCMIC Malpractice Insurance Plan is issued by NCMIC Risk Retention Group, Inc. Premium dividends are not guaranteed.
