NJM Insurance
Name: New Jersey Manufacturers(NJM) Insurance Group
Headquarters : 301 Sullivan Way,
West Trenton, NJ 08628
Phone number: (800) 232-6600, NJ 08628-0227
J.D. Power rating- 5/5 for overall customer satisfaction among active policyholders.
Website: www.njm.com
CEO & president: Mitch Livingston
A.M. Best Rating: A (Excellent)
Pros
Customer satisfaction is historically high.
Complaints are low.
Dividend payments for New Jersey policyholders.
Njm offer a mobile app to manage its policies for tech-savvy customers.
Cons
Not available in all states
No mobile app for managing policy
About Njm insurance Group
NJM Insurance. Headquartered in Hammonton and Parsippany , New Jersey, NJM is a sister company to three other companies: New Jersey Re-Insurance and New Jersey Casualty Insurance. These four companies are part of the NJM Insurance Group.
Specialisation
NJM Insurance Group specializes in personal auto insurance, motorcycle insurance, homeowners insurance, umbrella insurance, and commercial business insurance policies (including commercial auto coverage and workers’ compensation insurance), along with other services exclusively for drivers employed by the state of New Jersey.
New Jersey Manufacturers Insurance was only available to certain groups until recently. NJM removed those restrictions in 2018, and now offers umbrella, homeowners, renters, and auto insurance to anyone in Connecticut, New Jersey, or Pennsylvania. NJM sells policies online and by phone to its customers directly, rather than through agents.
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Strengths Of NJM Insurance
NJM offers underwriting, claims, information technology and administrative support to its customers. It is good for those finding cheap coverage, especially after an accident.
An insurance company that has been incorporated as a stock corporation. It holds its stock in trust and pays dividends and premium credits to policyholders in New Jersey. However, these payments are not guaranteed.
It is the largest auto insurer in the state (by the number of vehicles it covers, approximately 810,000), and the third-largest homeowner insurance provider. The company’s largest written premiums consist of personal auto premiums. Workers’ compensation premiums make up the remainder.
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History of Njm Insurance
In 1913, New Jersey Manufacturers Casualty Insurance was established. It was formed by factory owners looking for insurance that would be reliable, local and safety-oriented. Since then, the Company has been working to establish a reputation of excellence, integrity, and superior service.
the company provide insurance directly to consumers, without the need for agents’ commissions. It also operate in a mutual manner exclusively for policyholders. Since 1918, NJM insurance has paid more than $5.6 billion in dividends to policyholders..
“New Jersey Manufacturers” has a reputation for fair and prompt handling of claims. In published surveys, NJM is compared favorably to other insurance companies, especially in regards to customer service and claims service for auto insurance.
Employers must be members of the New Jersey Business & Industry Association to be eligible for workmen’s compensation and commercial auto coverage. The applicant has to meet the eligibility criteria for homeowners or personal auto insurance.
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Sales Method of the company
The company sells direct to the consumer, without any agents or sales commissions.
The company is a mutual company and pays dividends to its policyholders. These include 15% of premiums for workers’ compensation policies, 5% on personal auto policies, and an average of 15%. Since its 1918 founding, it has paid out more than $5.5 Billion in dividends.
Customer satisfaction and NJM Insurance complaints
According to data from the National Association of Insurance Commissioners, NJM received significantly fewer complaints than expected to state regulators for its size in auto insurance.
NJM receives high marks in customer satisfaction for auto insurance. It is the first company ever to be awarded with J.D. Power’s Personal Auto Claims Certificate and J.D. Power’s audit of company practices.
Consumer Reports’ latest survey of satisfaction about car insurance shows NJM as one of the top three national auto insurers.
Company’s website is very user-friendly. Logging in is easy for policyholders to view their policies, make payments, file a claim, and much more.
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