By entering the realm of ownership and liability, the company seeks to become a full service provider in expanded markets.
By Anthony Birritteri, Editor-in-Chief July 8, 2021
In its efforts to continuously meet customer needs and excel in first-rate customer service, NJM Insurance Group enters the property and liability insurance market with its ProEdge Business Owners and Commercial Excess and Umbrella policies for small businesses in New Jersey and Pennsylvania.
NJM Insurance is the state’s largest workers’ compensation provider, offering this service for 108 years. It is also one of the largest providers of commercial and personal auto insurance in the state.
NJM has expanded its presence over the years and now offers supplemental insurance to workers in Connecticut, Delaware, Maryland, New York State and Pennsylvania. In addition to New Jersey, personal auto insurance, homeowners, condos, tenants, and personal umbrella insurance are offered in Connecticut, Ohio, and Pennsylvania.
According to Mitch Livingston, president and CEO of NJM Insurance, one of the reasons the company switched to small business property and liability insurance was that existing business customers with insurance policies. Workers’ insurance continued to ask if NJM had the other offers. âOur answer has always been ‘No’,â says Livingston. âAs an organization focused on policyholders, we have said ‘no’ too often. We mean, ‘Yes.’
âSo the ProEdge, Commercial Excess and Umbrella policies are our first steps in these lines of business (property and liability). Small businesses can have a one-stop-shop through NJM and maintain their relationship with us and continue to benefit from the value proposition that we bring. “
According to Tracy McManimon, senior vice president and chief underwriting officer of NJM, while the new products are currently offered in New Jersey and Pennsylvania, they are expected to be offered in Maryland, Delaware and Connecticut during the next year. next year.
Additionally, she says the company is working hard to bring the ProPack trade package policy to medium and large businesses. âThis will be a comprehensive policy for large companies that may have an average of $ 100,000 or more in total account premiums. This will allow us to be the full service provider for just about everyone, âshe says.
Going deeper into the reasons for its expansion into other states, Livingston explains that as NJM’s New Jersey-based business clients have succeeded and expanded into neighboring areas, the company has failed to been able to sell health insurance for workers outside of New Jersey. âSo when a client turned to us and said, ‘We’re now operating in Pennsylvania, Delaware, or Connecticut and we want to keep working with you,’ we had to turn them to someone from ‘other. As they succeeded, we would lose them. To me that was unacceptable, âsays Livingston.
Part of the new strategy includes the sale of insurance products through an external agent distribution model. âWe’ve been a direct writer all of these years, but agents have relationships and can help us partner with those relationships and develop relationships outside of the state,â McManimon said. “It will be a team effort between agents and NJM to ensure policyholders have the coverage they need.”
Currently, NJM works with 46 partner agencies covering 130 locations in the aforementioned states.
Since the insurance industry is a crowded and competitive field where many companies spend more than $ 2 billion annually to increase their market share, NJM needed to differentiate itself by diversifying into the Middle East and the Middle -Where is. As a result, she retained the services of The Brownstein Group, a Philadelphia-based advertising and public relations agency.
Brownstein focused on NJM’s customer satisfaction excellence – it was ranked # 1 in the country for customer satisfaction with experience with auto insurance claims by JD Power last October – and developed the “No jingles or mascots” campaign.
âThe message is we’re different because we’re not talking about gadgets, but having someone who is going to work with you, make sure you get the right coverage and take care of you,â says Livingston. âYou have to be memorable, but you have to be different. I think the [campaign] plays well in our difference.
Since 2018, NJM has been implementing its five-year strategic growth plan, the main objective of which is to become a full service provider and expand beyond New Jersey. He still has two years to implement the plan, but Livingston says the company is already thinking about the future beyond.
When asked if NJM plans to expand nationally, he replied, âWe have done quite a bit of regional expansion. We believe our current expanded footprint meets our current needs for the foreseeable future. â¦ In today’s world, the foreseeable future may be a relatively short period of time, but for now, we want to be successful in our larger space.
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