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board of directors
2023 Highlights
financials
Welcome
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Welcome to the 2023 Amica Annual Report
Committed to you
Message from the CEO
Ted Shallcross
President and CEO
Edmund (Ted) Shallcross III
President and Chief Executive Officer
Amica Insurance
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Amica’s mutual structure continues to serve us well by allowing us to take a long-term financial approach and keep the focus on our loyal policyholders. Below, you’ll find some of the highlights for 2023.
Amica continues to maintain excellent financial stability. This is an important factor that offers our customers peace of mind that we’ll be ready and able to respond when they need us.
Strong balance sheet
$5.6 billion
in assets
$2.7 billion
in surplus
69.5%
loss ratio
115.2%
combined ratio
Combined ratio expresses the relationship between expenses incurred (operational costs and claim payments) to premiums earned. Loss ratio is the losses an insurer incurs due to paid claims as a percentage of premiums earned.
Our combined ratio in 2023 was slightly higher than planned – driven by wind, hail and freeze losses that occurred in some pockets of the country – but it improved by 1.2 points from 2022.
Our loss ratio also improved, dropping 3.3 points from the previous year.
Combined ratio and loss ratio
$17.3 million
increase in surplus
$50 billion
coverage in force
6,197
new policies
$8.3 million
in new life premium
Amica Life Insurance Company, a wholly owned subsidiary of Amica Mutual, had an outstanding year, and continues to exceed its sales goals.
Amica Life growth
* A+ (Superior) is the second highest of 13 company ratings. Ratings range from A++ (Superior) to D (Poor). AM Best's ratings measure an insurer’s financial strength.
Amica Mutual and Amica Life once again received A+ (Superior) financial strength ratings from AM Best,* a leading insurance rating agency and the nation’s authority on insurance company financial stability.
AM Best reaffirms ratings for Amica Mutual, Amica Life
2023 highlights
Since Amica’s founding in 1907, our goal has been to provide world-class products and services to our loyal customers. We’re proud to be recognized for this long-standing commitment to them, and to our employees.
Awards and recognitions
Board of directors
President, Ravengate Partners, LLC
Director since 1992. 1 (Chair), 3
Patricia W. Chadwick
President, Bryant University (Retired)
Director since 1999. 1, 2
Lead Director
Ronald K. Machtley
President, New Directions, Inc. (Retired)
Director since 2001. 1, 3 (Chair), 4
Michael D. Jeans
Executive Vice President and Chief Administrative Officer, Providence (Retired)
Director since 2012. 1, 4 (Chair)
Debra A. Canales
Senior Lecturer, Harvard Business School
Director since 2015. 1, 3
Jill J. Avery
Chief Executive Officer, Fellowship Health Resources, Inc. (Retired)
Director since 2019. 1, 2 (Chair)
Debra M. Paul
Chief Executive Officer, UnitedHealthcare Specialty Benefits (Retired)
Director since 2019. 1, 4
Diane D. Souza
President and Chief Executive Officer,
Neighborhood Health Plan of Rhode Island
Director since 2019. 1, 3
Peter M. Marino
President, UPS Northeast District (Retired)
Director since 2022. 1, 2
Ivy L. Brown
Principal, Pannone Lopes Devereaux & O’Gara LLC
Director since 2022. 1, 2
Matthew A. Lopes, Jr., J.D.
President and Chief Executive Officer, Amica Insurance
Director since 2022. 1
Edmund Shallcross III
Independent Financial Consultant and Trustee; Co-Founder and Managing Partner, Adamas Partners, LLC
Director since 2023. 1, 2
Heidi C. Pearlson
Senior Vice President and Chief Engineer, Boeing Company (Retired)
Director since 2023. 1, 4
Joan Robinson-Berry
1 Investment Committee 2 Audit Committee 3 Governance and Nominating Committee 4 Compensation Committee
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Copyright © 2024 Amica,
100 Amica Way, Lincoln, RI 02865
A look ahead
Recognized with a Worksite Health Award
from Blue Cross & Blue Shield of Rhode Island and the Greater Providence Chamber of Commerce
Honored by Providence Business News as one of the Best Places to Work in Rhode Island, and as a Diversity, Equity & Inclusion Award Winner in the Insurance category
As of March 2024.
1
that rates businesses around the world
1
Rated “Excellent” on Trustpilot,
a consumer review website
Named one of America’s Best Insurance Companies
Named one of America’s Best Midsize Employers
by Forbes
Named one of the World’s Top Companies for Women
“Standing the Test of Time” recognition from AM Best, for having maintained a financial strength rating of A or higher for over 100 years
#1 in Customer Satisfaction with the Auto Insurance Claims Experience
#1 in Customer Satisfaction for the Digital Insurance Servicing Experience
U.S. Insurance Digital Experience StudySM
U.S. Auto Insurance Claims Satisfaction StudySM
Forbes
Named a Corporate Champion by Women’s Forum of New York for having 50% or more Board seats held by women
We’re excited to continue partnering with you in 2024 and beyond to add even greater value to your life. Thank you, as always, for trusting Amica to protect the things that matter most to you.
Late in 2023, we began developing our new advertising campaign, “More Human.” With the world becoming increasingly tech-driven, and the sometimes tumultuous daily news cycle, we hoped the power of humanity – and being there for each other – shone through in our commercials. With real, caring people here to help you when you need us, we aim to provide you with exceptional customer experiences. You can view one of our new ads below.
A “More Human” experience
Financials
overview
TM
Regardless of how you do business with us, being there for you is a responsibility we take very seriously. To learn more about how we take care of our customers, check out the video below.
Service your way
Making the most of your relationship with us
At Amica, we believe that safe driving is smart driving. With our StreetSmart by AmicaTM app, new and existing customers can receive a discount on their policy premium just by participating in the program for the first time, with the opportunity to earn greater discounts upon renewal!* Participants can also earn rewards based on their driving performance, and higher scores lead to greater rewards. StreetSmart is currently available in many states, and will be rolling out to others in the months ahead. To learn more about StreetSmart, click here.
* Discounts may vary by state, participation and driver scores at renewal.
Have you considered bundling your insurance products? Bundling is when you purchase more than one policy from the same insurance carrier, creating a “bundle” of policies. In addition to potentially saving money, you can go to one place to pay insurance bills, manage your coverages and file a claim. To learn more about bundling, click here.
The benefits of bundling
In a perfect fit with Amica’s “Empathy Is Our Best Policy” platform, we’re offering the Empathy app free of charge to beneficiaries of life insurance policyholders. The app provides personalized, comprehensive, on-demand support for those who have recently lost a loved one. It walks users through the process, providing real-time human support and guidance on everything from funeral arrangements and dealing with grief to navigating probate and estate settlement. To learn more about the app, click here.
Empathy app
Amica is proud to partner with smart home companies, car clubs, community groups and more to add value to your life and build strong connections in the places where we live and work. To view a list of our partners, and some of the benefits that may be available to you, click here.
Partnerships
Building the brand
We launched an engaging new marketing campaign – centered around the importance of life insurance – called “What You Leave Behind.” While life insurance advertising typically focuses on policy terms, rates and protection, this campaign used a storytelling approach to make the concept feel more relatable. By partnering with Discovery’s state-of-the-art brand studio, Courageous, we highlighted everyday possessions left behind by a loved one who passed, and the memories they evoke. Life insurance is the same – something we leave behind for those we love. To learn more, check out the video below or visit our interactive hub here.
“What You Leave Behind” campaign
Early in 2023, we partnered with HGTV to sponsor the popular show “Home Town Takeover.” In addition to highlighting the Amica brand, the shows featured cameos from our employee Sarah, who provided support and valuable insurance advice to the families during their home renovation journeys. To learn more, check out the video below.
HGTV’s “Home Town Takeover”
Showing up in the community
At Amica, we’re passionate about giving back. That’s why we support nonprofit organizations that build sustainable communities and carve out clear pathways to success for individuals. Through things like our Employee Community Involvement Program, Matching Gifts Program and Volunteer Day Program (which saw a 33% increase in participation in 2023), we provide funding on behalf of our people and give them opportunities to maximize their positive impact. These efforts once again led to millions of dollars and thousands of hours donated to nonprofits around the country.
We concluded the year with our companywide Month of Giving, which included food-packing events and donations to local food banks to fight food insecurity across the country.
We’re incredibly proud of these efforts, and grateful for the nonprofit organizations that do such impactful work in our communities.
Corporate social responsibility
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StreetSmart by Amica
Our goal is to provide you with an outstanding customer service experience, whether you visit us in person, call us on the phone or interact with one of our online self-service tools. As the world continues to change, we’re focusing on creating experiences that span every type of interaction seamlessly. We know that many of our customers prefer the ease and convenience of self-service, so we’re putting an even greater focus on enhancing our digital offerings. Visit Amica.com, download our mobile app or chat with AVA – the Amica Virtual Assistant – today!
While things like inflation, rising loss costs, more frequent and severe natural disasters, and supply chain disruption continue to challenge the industry, we’re working to minimize the impact on our customers. We're doing so by driving operational efficiency, and through a variety of policy discounts, including newly enhanced discounts for loss prevention and loss mitigation. Our representatives do a fantastic job of working closely with customers to help find personalized solutions. I credit their efforts for helping us maintain our enviable retention rate, which came in at 95.1% among customers who bundle auto and home insurance with Amica.
In addition to building strong relationships with our customers, it’s also a priority at Amica to support the communities where we live and where we work. Once again in 2023, Amica and its employees contributed several million dollars of support and thousands of volunteer hours to nonprofit organizations.
With an eye toward bringing about lasting change, we’ve reinforced our connections to the community and helped combat issues like food insecurity, homelessness and social injustice. Learn more about that support here.
Thank you for taking a few minutes to read our Annual Report. We’re grateful for your business, and excited to continue our relationship with our loyal policyholders in 2024 and beyond.
If you were to look back on Amica’s 117 years in business, you’d see that each year presents us with different challenges and opportunities. But it’s how we respond that matters.
From the start, we’ve set out to bring together responsible, risk-averse consumers and provide them with high-quality and reliable insurance protection backed by world-class customer service. We hold true to that vision to this day, regardless of the circumstances we encounter in any given year.
Above all, I believe the source of Amica’s long-term success is adherence to the core values on which the company was founded. These values are all positive, supportive and uplifting, but there is one that stands above the others in my mind – empathy.
When we talk about empathy, we’re talking about taking the time to develop a real understanding of someone else. It’s with empathy that we focus on our customers and develop products and services that best serve your needs. And whenever you require assistance, it’s the empathy of our representatives that elevates our service to something truly memorable.
Internally, it’s empathy that guides our approach as an employer, and helps us recruit, nurture and retain the best talent in the industry. They’re the engine that powers this company, and we’re proud to offer them a workplace where they can grow – both personally and professionally – to provide you with the best insurance experience around.
This concept of empathy is the focal point for our latest advertising campaign, “More Human.” Learn more about that work here.
Like the rest of the industry, Amica dealt with fluctuating economic and environmental pressures in 2023. And yet, our long-term financial stability ensured that we’d be there for you whenever you needed us. Learn more about our 2023 financials here.
Welcome
financials
2023 Highlights
board of directors
DOWNLOAD PDF
Welcome
Financials
2023 Highlights
Board of directors
Download Full Report
Download Financials
