Insured for Life

By Janet E.H. Wright, ABC, APR

The unusual for most industries is the very usual for mutual insurance companies. More than 60 percent of NAMIC-member companies have been serving policyholders for 100 years or more. Community involvement, quality products, and excellent service have earned these companies the long-term loyalty of many customers.

However, few companies can beat the longevity of the 121-year-old South Central Mutual Insurance Association of Chariton, Iowa, a company where Pauline Vincent has been a loyal policyholder for 72 of her 90 years.

“I live on our farm. My daughter and son-in-law live about a mile down the road, and take care of it as well as raise their cattle on it,” Vincent said. I am living on the land my parents moved to when I was nine months old. We have three children, 13 grandchildren, and 33 great grandchildren. When we get together on Thanksgiving and 4th of July, we have to rent a building.”

Throughout the years, the Vincents have been involved with South Central Mutual, but far more than just customers. Howard Vincent was not only a policyholder, he was also the insurer’s agent for decades before his death.

“My husband took out a policy on our farm a year before we were married in 1936. We lived in Lucas County at that time, but moved to Wayne County in 1938. The company asked him to become their agent for Wayne County, and he eventually became a company director. He served his customers as an agent, however, until the end of his life,” Vincent explained.

In a heart-felt display of gratitude, South Central Mutual honored Pauline at the company’s annual meeting. “I received a lovely wall clock attached to a walnut plaque with my name inscribed,” she recalled. “It was supposed to be a surprise, but I suspected something was going on. There were some hints.”

According to the book “In the Pursuit of Wow,” 70 percent of customers end their relationship because of poor customer service. South Central Mutual’s human connection is not lost on Vincent. “We’ve had smaller losses over the years,” she explained, “but about three years ago, we had a very bad lightning strike that took out all of our appliances – everything. The company settled up quickly and agreeably. I am very pleased with their service.”

Posted: Thursday, May 31, 2007 12:00:00 AM. Modified: Thursday, June 28, 2007 3:50:25 PM.

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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.