NJM Insurance Group is a mutual insurance company owned by its policyholders. The company has been providing auto, homeowners, and commercial insurance products to individuals in New Jersey, Pennsylvania, Delaware, and Connecticut since 1913. NJM’s mission is to provide customers with quality insurance services at a competitive price. NJM’s operation is overseen by an independent Board of Directors who are elected from the ranks of its policyholders and serve three-year terms.
Contents:
I. Overview of NJM Insurance
NJM Insurance Group, commonly known as NJM, is one of the largest providers of workers’ compensation insurance in the United States. This privately owned firm was founded more than a century ago and currently serves more than 3 million policyholders across Delaware, New Jersey, Pennsylvania and Ohio. The company’s principal shareholder is NJM Mutual Holding Company which is owned by over 18,000 policyholders; these policyholders have complete voting rights within the company.
NJM provides personal automobile and homeowners’ insurance as well as specialty products including umbrella liability coverage to both individuals and businesses. The company prides itself on its customer service approach with features such as 24/7 claims support along with tools like an online quote system to make things convenient for customers. In addition to this they maintain an impressive financial strength rating of A++ (superior) from A.M Best; this highlights their secure reserves which are used to pay out future claims swiftly and efficiently.
The main purpose behind creating the organization was to provide superior-quality product services for policyholders at a reasonable rate; it does so by working closely with industry professionals who specialize in risk management strategies that ensure appropriate protection against different types of damages or losses resulting from unforeseen situations such fires or natural disasters etc. As part of its commitment towards making a positive impact on society, NJM regularly donates money to charities and supports programs related to education, health care reform and economic development among others.
II. History of NJM Insurance
Founded in 1913, NJM Insurance Group is one of the oldest and largest workers’ compensation insurers in the United States. The company has been providing insurance services to employers and individuals for over 100 years, making it a trusted name within its industry.
The history of NJM Insurance begins with an act of the New Jersey legislature that established a workmen’s compensation law in 1910. This law gave employers greater protection from liability due to workplace injuries or deaths. In response to this new legal framework, State Treasurer George A. Laboe proposed an “act to authorize the organization of a private corporation to provide insurance against liabilities arising out” under these new laws. Thus, the idea of an insurer named New Jersey Manufacturers Mutual Insurance Company was born–the precursor to today’s NJM Insurance Group.
In 1915, NJM became the first workers’ compensation insurer in New Jersey approved by state regulators on behalf of policyholders as opposed to being backed by companies with their own employees. This made them truly independent and insured all businesses regardless of size or industry throughout New Jersey and beyond into Pennsylvania, Delaware, Maryland and Virginia over time. It also enabled small business owners to purchase affordable coverage they might not have had access too otherwise – bringing them economic security during volatile economic conditions such as COVID-19 today. Today, NJM is solely owned by its policyholders which helps keep prices low across industries without sacrificing quality customer service – a mission worth celebrating for generations.
III. Ownership of NJM Insurance
NJM Insurance Group is owned by its policyholders, and has been since it was founded in 1913. NJM’s success over the past 100 years has relied on the trust that its policyholders have placed in their care and expertise. The company operates as a mutual insurer, which means that all profits are returned to policyholders either in the form of lower premiums or improved services, rather than being shared with shareholders.
With no outside stakeholders exerting influence over NJM, they can remain true to their mission – ‘To provide value to our policyholders’ – and make decisions based upon their customers’ best interests. This creates an environment of trust between NJM and its policyholders, allowing both parties to focus on providing quality products and exceptional service while achieving mutual benefit.
The funds generated by NJM are used to reinvest back into the organization so they can continue improving the services provided for their customers. In addition to using these funds for research & development projects that further enhance customer experience with NJM’s products, they also take part in charitable giving initiatives throughout New Jersey that help benefit local communities statewide.
IV. Structure of the Company
NJM Insurance Group’s organizational structure is characterized by its decentralized management. This allows the company to respond quickly and efficiently to changes in customer needs and market conditions. By delegating authority, responsibility is shared among various teams which helps ensure decision-making processes are more informed and efficient.
The corporation has four key divisions that help carry out their mission – NJM Life & Health Services, NJM Property & Casualty Services, Automobile Insurance Company of Hartford (AICH) and Selective Auto & Home Insurance Company of New Jersey (SAH). Each division acts as an independent entity with its own leadership team responsible for developing strategic plans tailored towards their business operations and goals. The roles within each division are further separated into specialized departments so that department heads can focus on managing specific tasks related to their expertise.
NJM prides itself in using technology to improve efficiency throughout all aspects of the organization. Through intelligent data gathering and analytics, the company can take proactive steps to enhance consumer experiences across different segments. They also rely on predictive models to identify areas that need improvement or where new services may be necessary in order for them to remain competitive within the insurance market.
V. Future Plans for NJM Insurance
With its eye-catching blue and white logo, it is easy to identify NJM Insurance as a beacon of stability and security. Established in 1913, the company started with three workers and a mission statement that still stands today: be reliable, be honorable, and take care of customers. Over 100 years later, NJM continues to offer homeowners’ and auto insurance policies to residents of New Jersey, Pennsylvania, Delaware and Ohio – but these are only the beginning for what the future holds.
Under the leadership of CEO Bernie Flynn, NJM recently announced their five-year plan which includes rebranding efforts across all 4 states they service. The goal is to create an even stronger corporate identity by emphasizing product innovation alongside greater customer centricity. This could mean anything from revamping their mobile app to offering discounts through technology such as telematics systems like Snapshot® by Progressive or usage based insurance programs like Allstate’s Drivewise®.
In terms of real estate expansion, NJM Insurance plans on building new regional offices in each state – including mid-size cities such as Akron and Bethlehem – designed to better serve policyholders closer to home. Construction began this past May for their first office located in Hamilton Township (NJ), about 15 miles outside Atlantic City near Great Egg Harbor Bay. Upon completion, this site will offer modern workspaces for up to 350 associates along with an outdoor activity area for teambuilding initiatives.
VI. Employees and Benefits at NJM Insurance
NJM Insurance is an employee-owned company, headquartered in West Trenton, New Jersey. The company offers competitive salaries and comprehensive benefits packages that include medical, dental and vision coverage for all employees. Employees also receive generous retirement plans with automatic employer contributions as well as life insurance to provide financial security for their families in the event of their death or disability.
NJM’s commitment to its employees extends beyond providing excellent wages and benefits; it ensures a work environment that encourages personal growth and fulfillment by offering professional development programs, on-site wellness services and tuition reimbursement options. NJM provides teambuilding exercises to foster camaraderie between its workers while promoting creativity within the workplace. It has even been recognized by Forbes Magazine as one of the top companies to watch in 2020 based on its highly rated practices.
NJM proudly supports a variety of community projects across the United States through its charitable giving program. From building new playgrounds in underprivileged neighborhoods to hosting free seminars for local students looking for career advice – NJM’s philanthropic efforts demonstrate their dedication towards creating positive change in society from an early age onwards.
