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20/20 T H E C OMMU N I T Y Insurance Society Jersey Mutual


by Roy Jeanne GENERAL MANAGER Jersey Mutual Insurance Society


Why we are in a league of our own.


You might imagine that all domestic insurance companies are roughly the same. Obviously some are more efficient than others and perhaps can compete better on price and service. But surely there is nothing fundamentally different between them?


Jersey Mutual, however, is totally different to the run of the mill insurance company. It is different not only because it knows its market extremely well, it’s different because it doesn’t have to worry about shareholders and middle men.


As a mutual society, Jersey Mutual does not pay dividends to outside


shareholders as the society is owned by its members. As it doesn’t deal with insurance brokers either, it doesn’t have to pay commissions to agents.


That means that the premiums householders pay for their insurance all go towards paying for claims and the modest running expenses of the society. That translates into real savings and means in effect, you get more cover for your money.


This was graphically illustrated after the great storm of 1987. Every insurance company was faced with paying out on an enormous number of claims. Jersey Mutual did so, and didn’t even have to increase premiums to compensate for the extra costs. Other insurance companies were forced to immediately put up premiums to cover the unusual number of claims.


But it’s not just the way Jersey Mutual is structured that makes it different. It’s the whole attitude to business. Perhaps it’s


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because it is a mutual society that the management and the staff try so hard to provide a personal and cost effective service.


Whenever a householder takes out insurance with Jersey Mutual, they are visited by a representative of the society who will look at their personal requirements carefully, and choose the type and level of cover that suits them. Then if the householder has to make a claim, the same representative will visit to work through the details and make the process smooth and hassle-free.


This approach has proved itself over many years, and householders rarely find a need to shift their insurance business once they join Jersey Mutual.


That means the society has been able to build up considerable reserves over the years, which combined with extensive reinsurance agreements, means that the mutual is financially strong even though its premiums are low. Jersey Mutual has also built up an excellent reputation for careful cash management, which might also be a reflection of its history. Founded no less than 140 years ago, the first board consisted of a number of leading businessmen and farmers who understood the value of the careful management of money.


They laid the foundations for an organisation which has worked hard


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