West Bend Mutual prosper by focusing on niches
In the spring of this year, West Bend Mutual Insurance Co. opens the doors of an addition that more than doubled the size of its headquarters in West Bend.
The leaders see as a means for them a good thing.
The 700 staff on the ground now shoehorned built around 1991 for just over 500 in the air 220,000-square-foot, and with it greater dining room, new fitness centers, hospitality and training centre premises.
West Bend Mutual strategy of working time to do a few things well - especially at home, car, economy and employees benefits of health insurance - was of crucial importance for growth of 73 % Of insurance companies history of the surplus over the past five years and 47% Increase in assets in this period, they say.
He did not itself an expansion.
“I would say that one of the strengths of us is that we are absolutely a property and accident insurance. We do not sell life insurance, we are not financial services, “said Kevin Steiner, Executive Vice President and Chief Operating Officer.
Even within the household and personal self-Arena, West Bend Mutual has a place as by many other major insurers. It is not for sale and car Home Insurance separately - they must be purchased as a package.
Although Steiner said that the requirement probably lose a few potential customers, we need one or the other, at least it has some advantages. On the one hand, he believes West Bend Mutual dilution of its margins by competition with price stability of domestic securities, such as auto insurer Geico.
Plus, Steiner said that the sale of housing and auto insurance as a package is a solid base of customers for independents, West Bend Mutual uses for its products. These agents may be potential advisers for West Bend home and auto-customers, could also interested in obtaining coverage roof and boats and other types of insurance, he said.
People who are willing to buy a house and self-assurance by both the same company are generally good, longstanding customers, “he said.
“Our turnover rate is 92.5% of our package business, which is exceptional. If only one car, you see, conservation in 80 years at the bottom, “said Steiner. “It is one thing, write to us if someone in a package, we reserve.
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