Roadmap to the Future

NAMIC understands that as farm mutuals you face challenges that other, sometimes larger, insurance companies don’t. That is why NAMIC has developed the Farm Mutual Roadmap to help you find your way when dealing with these challenges.

It is the goal of the association to help support the vitality of this important industry, so when developing the Roadmap, the Farm Mutual Conference Board identified three areas it believed were critical to the survival of farm mutuals across the map: reinsurance, marketing, and human capital.

Reinsurance

When it comes to reinsurance, your options continue to shrink, resulting in fewer choices and higher costs. Even so, reinsurance is important because it and its providers heavily influence product, underwriting, and pricing strategies; therefore, we want to be a resource to help you decide whether you should stay in your current reinsurance situation or develop new strategies that will give you more independence.

Marketing

Some farm mutuals have limited opportunities in the types of business written as well as where the products can be marketed. NAMIC wants to help you decide where you can expand and how to stay competitive in the markets you expand in.

This is already underway. A resource is being created that will summarize the current farm/township mutual regulations by state. A roadmap of sorts is being developed that companies can use to evaluate and develop expanded market opportunities and enter into new revenue generating strategies. And a strategy is being created that will promote the value of farm mutual companies to the farming community.

Human capital

Finally, NAMIC knows that farm mutuals often lack the resources to keep the business going, and that sometimes the only way to continue in business is to merge with other companies. NAMIC's Farm Mutual Roadmap can be a resource in recruiting, hiring, training, and maintaining employees – employees who will help the business grow for years to come.

Each month Farm Mutual Forum will focus on an issue from the Roadmap, as well as other interesting and informative articles to keep you up-to-date and successful in the business.

Posted: Thursday, October 18, 2007 12:00:00 AM. Modified: Thursday, October 18, 2007 10:32:59 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.