Under new president and CEO Nancy Newmister, FMIC undertook an aggressive modernization program that spurred the launch of 21 new products by 2021, including the core roll-out, agent app and policyholder app. Thoughtful integration has allowed the company to reorganize products, processes and strategies around the new platform. Cost savings from improved efficiency in risk assessment, underwriting and claims processing have dropped the company’s combined ratio by 11 points below the prior five-year average.
This professional recognition program spotlights innovation in the property & casualty insurance sector. Honorees are companies, people, programs and practices that are modernizing and humanizing P&C insurance. Honorees are selected by a panel of industry experts based on how well they stated and achieved goals with regards to the nomination category; how impactful their work has been; how dedicated the nominee has been to furthering modernization and humanization in the insurance business; and the nominee’s commitment to the highest ethical standards as well as dedication to service and excellence.
“Today’s top insurance organizations recognize the industry’s history and purpose while embodying contemporary processes and services,” says NU Property & Casualty Executive Editor Elana Ashanti Jefferson. “My colleagues and I are thrilled to be able to recognize pace-setting insurance organizations, programs, practices, teams and individuals as part of the annual NU PropertyCasualty360 Luminaries recognition program.”
Frederick Mutual Awarded NUProperty&Casualty Luminaries Technological Innovation Distinction