One of the primary goals of Agency Checklists, since its inception, has been to promote and celebrate the Massachusetts insurance industry. This aim takes many forms: from our Agency Interviews with local agents, to carrier statistics and top ten lists, to CAR updates to our ongoing coverage of the insurtech community here.
With the next installment of Insurtech Boston right around the corner, Agency Checklists decided to dedicate this week’s email to providing a preview of the event along with some information about the presenters and sponsors for the Spring Jam ’18.
This will be the second time in a row that both Boston Mutual and Norfolk & Dedham will be sponsoring the Insurtech Boston Event. As such, here are profiles on both of these local insurance carriers and why these companies have decided to support the Insurtech Boston community once again.
Boston Mutual Life Insurance Company
Boston Mutual’s history is uniquely intertwined with its namesake city. Founded by John Wheeler on August 18th, 1891, Boston Mutual was initially called the Boston Mutual Life Association. The company’s first home was located at the illustrious address of 17 Milk Street in Boston, which many will also know as the birthplace of Benjamin Franklin.
This seems like a most appropriate location in which to start a mutual insurance company since Ben Franklin was one of the earliest proponents of mutual insurance.
In addition to being a Founding Father and one of the signers of the Constitution, Mr. Franklin was also known as the founding father of the first mutual insurance company in the U.S., which he began in Philadelphia in 1752.
As for Boston Mutual, after getting its start on Milk Street, the company went on to operate out of a number of offices in and around downtown Boston, until moving to Canton in 1974.
After first offering individual life insurance, the company began offering employer group products in 1956. Later in 1978, the company launched its worksite product offerings. Ten years later, in 1988, the life insurer organized the Life Insurance Company of Boston & New York (LICOBNY), a subsidiary company which offers a comparable product portfolio in New York.
While celebrating its local roots, the life insurer has expanded its geographical reach over the years and now does business from coast to coast. The 126-year-old company currently insurers more than 732,000 individuals with over $18 billion in life insurance.
Most interestingly of all, however, might be the fact that although Boston Mutual has been in business for 126 years, the life insurer has had a grand total of only seven different presidents throughout its history.
For those interested in learning more about Boston Mutual’s history, view their 125th online anniversary book here.
We were once a start-up too…
In a previous profile on Boston Mutual’s support of the Insurtech Boston event, Paul A. Quaranto, Jr., MBA, LLIF, Chairman, CEO and President, Boston Mutual Life Insurance Company noted that once upon a time, Boston Mutual was a start-up too. With that in mind, he says it is important for any company no matter how old to support innovation and to have a growth-mindset.
“As a returning sponsor of Insurtech Boston, we’re excited to support the Insurtech community and the fresh, creative ideas supporting our industry and customers. We’re always looking for opportunities to create a better customer experience for both our policyholders and producers as we evolve and grow.”
Norfolk & Dedham Insurance Group
As one of Massachusetts oldest mutual insurers, Norfolk & Dedham has been offering insurance to its customers for 193 years.
Founded in 1825, the Norfolk & Dedham Group was established in response to the needs of the early residents of Dedham who were settling the area and establishing both new farms and businesses. In response to the community’s needs, in particular, financial protection against various risks, especially fire, the Norfolk Mutual Fire Insurance Company was born. The first president of the company was John Endicott
As early Dedham, Massachusetts residents were establishing new farms and businesses, it quickly became apparent that the community needed financial protection against various risks, especially the peril of fire. As a result, the Norfolk Mutual Fire Insurance Company was established by a group of prominent citizens, electing John Endicott as the company’s first president.
From these auspicious beginnings, the mutual insurance company has grown to now include over 150 employees and three separate mutual companies:
- The Norfolk & Dedham Mutual Fire Insurance Company
- The Dorchester Mutual Insurance Company
- The Fitchburg Mutual Insurance Company
Rated as “A–Excellent” for financial strength by A.M. Best, the company continues to offer protection for homes, autos, and businesses via its 450 independent agency partners with over $624.0 million in total assets in 2016.
Similar to Boston Mutual, while claiming a long history within the insurance industry, Norfolk & Dedham notes that the only way a company likes theirs can last so long is become it is open to growth and change.
In commenting on its decision to sponsor this week’s event, N&D’s Chief Information Officer, Erin Cummings, CPCU, had this to say about the company’s participation in this week’s event.
N&D® is a proud sponsor of InsurTech Boston events – true showcases of a community with a stellar talent pool and a boundless enthusiasm for innovation.”
