On February 8th and February 14th, Frederick Mutual hosted their first series of webinars as a training resource for Agents on their newly launched Secure Businessowners product. Over 100+ Agents tuned in for the valuable experience! The webinar featured a live quoting demonstration of two market segments and allowed attendees to actively participate with an open question and answer forum. At the webinar's conclusion, the organizers sent all attendees the webinar recording, a quoting tips handout and additional copies of their Agent Guide.
The Frederick Rescue Mission worked with volunteers in the community to adopt 80 local families this season. Officials say this mission was to give those facing hardships a better Christmas this year. The Frederick Rescue Mission reaches out to the community to help those suffering from homelessness and or addiction. "We have a large community that’s always willing to help around this time," said Mike Greenberg, Frederick Rescue Mission Fundraising & Event Specialist. With the help of the community, the organization helped dozens of families have a better Christmas.
"I am so blessed my children have gotten bikes. They got more gifts today and my daughter got gift cards from Target," said Ronnie McMillan, a resident at the Frederick Rescue Mission. Ronnie was struggling with addiction and he says the Change Life Recovery Program gave his family an experience they haven’t had before. "When you get them here at the Frederick Rescue Mission that’s when the community here really pours into them. And that’s what’s so great about what the Frederick Rescue Mission does by partnering with everybody in the community to invest in people" said Greenberg.
"He made possible things that I haven’t been able to make possible for myself" said McMillan. Volunteers took the time to donate, adopted McMillan and his family to share their gifts and more importantly their love. "This Frederick Rescue Mission is a blessing to a lot of different families in the community," said McMillan.
"These are men that have been struggling with homelessness and addiction for years and this is their one opportunity to really receive the love that this community has for them," said Greenberg. Frederick Rescue Mission residents are not only grateful for the gifts they received but also for the community that has invested to help them. Some of this year’s sponsors were Darcars, Frederick Mutual Insurance, and Swift Systems.
Frederick Mutual Insurance Company appoints, Shad Collins, Senior Vice President and Chief Information Officer. Collins has more than 30 years of experience in technology and business management with small, mid-cap, and Fortune 500 companies across numerous industries. He most recently served as Managing Partner and Chief Solutions Officer for Digital Alchemy Solutions. Prior to that, he served as the Vice President of Information Technologies for Bojangles’ Restaurants, NASDAQ:BOJA, in the Carolinas from 2001 to 2015. As the CIO of Frederick, MD.-based Frederick Mutual, Collins, will oversee all technology strategy and operations as a new Frederick resident.
ValueMomentum solutions, including ISO Electronic Rating Content™ (ERC™), to support new products and expansion into new markets
Piscataway, N.J.— ValueMomentum, Inc., a provider of software and services to the insurance, healthcare, and financial services industries, announced today that Frederick Mutual Insurance Company (Frederick Mutual), a strong and reliable insurance company established in 1843, is now live with ValueMomentum solutions, including the ISO Electronic Rating Content™ (ERC™) Businessowners Program, to propel the insurer’s transformation initiative, which includes new products and expansion into new markets.
ValueMomentum offerings selected by Frederick Mutual include BizDynamics Digital Solution and iFoundry Rating Engine, which fully automates ISO Electronic Rating Content (ERC), allowing Frederick Mutual to launch and maintain rating for its lines of business.
Referring to itself as a “174-year-old start-up,” Frederick Mutual’s vision is to leverage ValueMomentum solutions to transform its operation from a regional mutual insurance provider to a progressive and modern organization able to easily and aggressively expand within its current geographic markets and into additional markets with new personal and commercial lines product offerings.
“Providing our agents with competitive products is an important step in our transformation says Nancy Newmister, president and CEO of Frederick Mutual Insurance Company. “Working with ValueMomentum and ISO affords us the ability to quickly adjust to changing market conditions and new opportunities.”
Frederick Mutual’s anticipated benefits from the implementation of ValueMomentum solutions, including ISO ERC™, provide:
• speed to market for new products, including those specifically designed to appeal to all generations and the upcoming millennial workforce
• a more robust portal to support an omni-channel environment that includes agents, customers, and employees
• agility to quickly adjust to changing market conditions and new opportunities
• easy and efficient maintenance of ISO rating information, including ISO loss costs, rules, and forms
“The initiative seemed more challenging than anticipated considering the various technologies we were integrating our software with. While, that’s a known phenomenon with technology implementations, I am proud of the collaboration between our organizations to cross this important milestone We look forward to building on the trust Nancy has laid on ValueMomentum as we continue onto delivering new products and an omni-channel experience to agents, customers and employees” said Swarup Ghosh, Chief Delivery & Services Officer at ValueMomentum.
“We’re pleased that Frederick Mutual is working with ValueMomentum, an important ISO ERC vendor-partner,”said Mark Sheehan, vice president of ISO Rating Solutions. “We look forward to collaborating with ValueMomentum and helping Frederick Mutual pursue its plans to grow and expand into new markets.”
Effective November 15th, 2017 the Board of Directors for Frederick Mutual Insurance Company appointed Brook Rockefeller Cote, CPCU, ARe, RPLU as their newest board member. Ms. Cote replaces a retired member position.
In June 2017, Brooke Cote retired from General Reinsurance Corporation, a Berkshire Hathaway Company after 25 years of service. Ms. Cote’s extensive insurance industry experience in a variety of executive management, marketing and underwriting roles augments the diverse expertise of the current board membership.
Ms. Cote is a principle at Cote Advisors; an insurance and reinsurance consultant firm. She holds a MBA in Finance from Villanova University and Bachelor of Arts in Economics from Lehigh University.
The Board and Staff of Frederick Mutual Insurance Company are proud to welcome our newest board member.
Jill Showalter, CPCU, AU, ASLI, AIS, CIC and CRM joined Frederick Mutual on October 2nd, 2017 as our new Regional Vice President. The RVP role is responsible for all aspects of Commercial Lines Underwriting, as well as, executing on our Agency Marketing Strategy for both commercial & personal lines. Jill spent the previous 18 years of her career in the insurance industry, most recently, 13 years with Liberty Mutual in Columbia, MD as their AVP of Commercial Lines Underwriting. Her responsibilities included profit, loss, retention and new business growth for a $176M commercial lines region serving the Maryland, Delaware and Virginia territory. Prior to that, she was a Territory Manager, working with independent agency partners in this region. She retains her Maryland Property & Casualty License. Amongst all her insurance educational accomplishments, Jill also has a Bachelor of Arts degree in Communications with a Minor in Business.
The Frederick Mutual Insurance Company A- rating was reaffirmed on October 2nd, 2017. This is very good news! We will continue to execute on our strategy to achieve long-term, sustainable profit and growth. As you know, we delivered the new profit-sharing agreement and commission schedules in September 2017 to all FMIC agents. We remain committed to assisting your agency in writing profitable business. We’re here to support you in earning profit-sharing this year and in 2018.
Frederick Mutual Insurance Company’s President & CEO, Nancy Newmister, announced the promotion of Bob Pelletier from Assistant Vice President and Claim Manager to Vice President - Chief Claim Officer. Bob is directly responsible for the successful growth and performance of Frederick Mutual’ s claim operation. Bob joined FMIC in August 2016 and is a longtime veteran of the insurance industry. He has a true passion for risk mitigation and can’t imagine himself in any other industry. During his career, Bob has held several claim leadership positions at some of the most respected names in the property and casualty industry. He is a graduate of Western Connecticut State University with a degree in Justice and Law Administration.
WHEN NANCY NEWMISTER TOOK OVER AS PRESIDENT and Chief Executive Officer of Frederick Mutual Insurance Company one year ago, she discovered that the 174-year-old company—the third-oldest mutual insurance company in the state—needed to hit the refresh button, and operate as a start-up business.
Frederick Mutual was founded in 1843 as a way to insure homes and small businesses against fire. Newmister —who arrived with more than 30 years of experience in the property casualty insurance industry, most recently as senior vice president and chief underwriting officer for Berkley Mid-Atlantic Group— said she wanted to develop a forward-thinking strategy that would challenge its old ways.
Frederick Mutual’s quiet and respected presence was not widely known, leading Newmister to reintroduce the company by offering relevant insurance products and services for homeowners and local commercial businesses.
The company will launch a new product line this summer, and is developing a digital solution that will make it easier for its agents and policyholders to request quotes and information online. Frederick Mutual Insurance Company is a property and casualty insurance company — rated A-(Excellent) by A.M. Best — that operates through independent agencies in Maryland, Pennsylvania and Virginia, offering coverage for 345 classes of business for more than 21,000 policyholders.
Newmister plans to ensure agents and policyholders know about the competitive coverage Frederick Mutual offers to those in the Frederick County area and beyond, citing its metropolitan proximity as a great indicator of the company’s potential growth. “Our team is focused on the future,” Newmister said. “We want to add to our rich history and serve our customers by delivering cutting-edge products.”
You’ve worked in the mutual side of the business and the stock side; you’ve worked in an agency and for large companies. What was that like coming to the smaller-mutual-company side of the industry?
"It brought back all the different experiences I've encountered - marketing, underwriting, actuarial, product development, agency management. In a larger company, you have certain resources right there at your fingertips. If you want to go the predictive modeling route, you have actuaries to assist you in house. In a smaller mutual, you have to get out there and figure out for yourself where to get those resources. You have to pay attention to every single aspect of the business. I personally find it invigorating."
Do you notice a difference between the stock and mutual sides of the insurance industry?
"Fostering strong business relationships is so important as a mutual. Agents do business with people they have relationships with. Key associates recognize the assets of your company and will work with you in terms of your strategies. We need to be better insurance experts in our markets of choice. My hope, for the mutual side, is to find even more efficient ways to do business that will keep up competitive."
You've been in some high-ranking positions before, managing large regional offices, but what was it like to transition to CEO, a position you had not held before?
"It was my aspiration and I was ready to step into a new role. From 2012 until I joined Frederick Mutual, I had received a few inquiries in the super regional and national spaces. They were good opportunities, but I wanted to do something different. This was something different, but it aligned with my industry experiences."
"I preferred the approach the board of directors took during the hiring process. We met multiple times over the course of several months in different group settings. Those were some very detailed and candid meetings. I got to know the board and they got to know me. You don't always get the luxury of understanding the new company dynamics prior to joining."
Are there any particular aspects that enticed you to lead a smaller mutual company?
"I am a huge fan of questioning everything and finding the root cause of problems in order to find sustainable solutions. Follow up and follow through are part of my daily routine. In a small company, there is no one sitting behind you to do it for you. You own it. You influence results daily."
What is next for your company?
"I want to be on the forefront of helping mutual companies flourish. My belief is our customers desire a relationship with their insurance companies. During the economic downturn, significant disruption occurred for policyholders, agents, and companies. Mutual companies filled some of those gaps. In order to compete, we need to be the most efficient and effective in what we offer. A lot is on tap for Frederick Mutual; we are a 174 year-old start-up company."
Frederick Mutual Insurance Company decided that opportunities for growth and the introduction of new leadership, products and services, inevitably changes the direction of a company. Frederick Mutual, the 3rd oldest mutual insurer in the state, needed to operate as a start-up business under the leadership of President and CEO, Nancy Newmister. As CEO, Newmister recognized the opportunity to reintroduce Frederick Mutual to the local community. She announced their start-up campaign as a demonstration of her refreshing approach to their business strategy. Newmister stated, “To achieve success in the next 174 years, we must keep pace with the markets and relevant industry trends.” The campaign is focused on paying homage to their rich history, while moving forward with innovative product solutions. The company is set to release their newest Secure Businessowners product this year, along with a digital Portal solution to Agents, making issuing business even easier.
Frederick Mutual Insurance Company’s Board of Directors proudly announced the appointment of Nancy Newmister as the new President & Chief Executive Officer on May 2, 2016. As CEO, Nancy Newmister will provide oversight of all business operations, including the management of staff, profitability, agencies, and industry partnerships. Nancy joins Frederick Mutual with over 30 years of experience in the property casualty insurance industry, most recently as Senior Vice President and Chief Underwriting Officer (CUO) for Berkley Mid-Atlantic Group.