Have you ever wondered who owns the insurance company you buy a policy from? If you’re a customer of a mutual insurance company like MEM, the answer is you. That’s right, policyholders are the owners of the company.
What makes a mutual insurance company different?
Unlike traditional insurance companies that prioritize maximizing profits for shareholders, mutual companies like MEM focus on the best interests of their policyholders. Your needs and concerns are a top priority, not just another line item on a financial report.
What does this mean for you?
Being an MEM policyholder comes with many advantages:
- Ownership and a voice: As a MEM policyholder, you have a stake in the company. MEM hosts an annual meeting where you can vote on Board of Directors and other important decisions.
- Focus on long-term success: MEM focuses on long-term growth, leading to a stronger financial position and greater security for you, the policyholder.
- Potential for savings: When MEM performs well, the benefits are shared with policyholders. This can take the form of dividends or reduced premiums. Additionally, MEM offers safety grant programs that can help reduce your overall costs.
- Customer-centric approach: J.D. Power consistently rank mutual insurers, like MEM, higher in customer satisfaction. Expert service, delivered with compassion and integrity – that’s the MEM promise.
- Community focus: Many mutual companies, including MEM, are deeply rooted in the communities they serve. MEM supports local initiatives and charities, giving back to the communities that have helped them thrive.
The mutual advantage for businesses:
As a business owner, partnering with a mutual company like MEM offers additional advantages:
- Exceptional agent and broker satisfaction: Many agents choose MEM as their preferred work comp carrier due to the company’s commitment to long-term partnerships and exceptional service.
- Streamlined operations: MEM invests in technology to improve efficiency and simplify partner interactions. This translates to faster turnaround times and better service for your business.
- Superior products and services: MEM uses its resources to develop top-notch work comp products and services tailored to your needs.
Being a MEM policyholder means being part of a community focused on safety, stability, and your success. You’re not just a customer; you’re an owner with a voice and a stake in the company’s future.