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FM Global

FM Global

According to Factory Mutual Insurance Co., which does business as FM Global, delivering the best service is all about understanding risk.

The links between FM Global's engineering, underwriting and claims services make it a standout insurer for large insurance buyers, said Tom Lawson, executive vp at FM Global in Johnston, R.I. And such buyers agree, naming FM Global the insurer they'd most recommend for service in the Business Insurance Buyers Choice Awards.

“We think we're better underwriters because we engineer, but we're also better engineers because we underwrite,” Mr. Lawson said. “Claims is the third part of that triangle,” he said, noting that FM Global employs its own claims experts, which eliminates the need to outsource such services. The claims team also interacts with underwriters and has access to engineering services, which together help mitigate client losses, Mr. Lawson said.

FM Global has 1,600 engineers around the globe that work with clients to help them understand the risks and hazards at their facilities and then mitigate those exposures.

“It's all based on 175 years of research at our research campus and facilities,” Mr. Lawson said. “That's the foundation of what we do.”

FM Global's underwriting focus also sets it apart from its competitors, as it focuses solely on property insurance, Mr. Lawson said.

The insurer boasts a high contract certainty rate, and “we deliver 70% of our policies on or before the effective date of coverage,” he said.

Such attention to service extends to all the insurer's operations. “Our platform is consistent around the globe,” Mr. Lawson said.

For example, for clients who suffered losses from the Japanese earthquake and tsunami, FM Global was able to mobilize its claims experts and services to Japan and complete most of its work within about three weeks.

“That goes to the fact that we use our own claims folks. So we've got lots of preparation, lots of preloss work. So when the emergency happens, we're ready to mobilize and get there and actually help them get back in business faster,” Mr. Lawson said. “That has tremendous impact in minimizing the downtime to their business.”

Moving forward, FM Global aims to manage its global scope to continue providing exemplary service.

“One of the key challenges is, as our clients continue to expand around the globe, we expand too,” Mr. Lawson said.

To address this challenge, FM Global increased its use of technology for better internal and external communications, giving clients access to account information from anywhere in the world.

View profiles of all the honorees here.