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• Commercial property insurer service for medium and large buyers
• Commercial property insurer expertise for medium and large buyers
• Commercial property insurer overall for medium and large buyers
An emphasis on engineering services is one of the first things buyers cite when they consider what sets FM Global apart, according to one of the insurer's top managers.
“I think they'll say engineering, that's probably their first, typical reaction,” said Jon Hall, executive vice president. Added to that is the insurer's underwriting capabilities, its claims capability and a specialty product — “business risk consulting group that helps people understand their supply chain vulnerability,” said Mr. Hall. “Those are the four big ones that consistently create a pull on clients. We do these things very well.”
That's reflected in the insurer's retention rate, which is well above 90% this year, said Mr. Hall.
It's also reflected in the fact that FM Global was named a Business Insurance Buyers Choice award winner in six categories this year: commercial property insurer overall for medium and large buyers; commercial property insurer service for medium and large buyers; and commercial property insurer expertise for medium and large buyers.
“We're better underwriters because of our engineering, we're better engineers because of our underwriting,” said Mr. Hall. “Our hallmark is to provide long-term significant and stable insurance capacity, and we're able to do that through the combination of our underwriting and our great loss-prevention engineering.”
Mr. Hall said large and medium-size clients appreciate the insurer's “large, stable capacity” and its engineering capabilities. There is a difference, though, between large and medium-size policyholders' needs.
Middle-market policyholders don't always have a professional risk manager on staff and appreciate the services provided by FM Global's middle-market company, Affiliated FM Insurance Co., said Mr. Hall.
“Most of our large clients are global in nature, and the middle-market clients are more regional — many don't have an international footprint,” he said. “Larger clients value global capability more, and I think our middle-market clients, when they have a need, they're happy we can fulfill it on the global side,” he said.
Mr. Hall said the insurer is constantly looking for ways to improve, especially in technology.
In addition, FM Global has introduced a new process called “accelerated claims,” which is designed to process and pay claims faster than ever, he said.
FM Global also has broadened coverage, the most recent example being “the contingent time element extended.” Mr. Hall said the new product was worth “hundreds of millions of dollars to our clients in the Thailand floods.”
Mr. Hall also said clients like that FM Global is a mutual insurer. “Our clients and our owners are the same people for FM Global.”
“We're a specialty company,” he said. “We do one thing and one thing only — commercial property — and we focus on that every single day and every single minute.”
• Commercial property insurer service for small buyers
• Commercial property insurer expertise for small buyers
• Commercial property insurer overall for small buyers
• Commercial auto insurer service for small buyers
• Commercial auto insurer expertise for small buyers
• Commercial auto insurer overall for small buyers