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20/20
MONEY MATTERS
JerseyMutual
Insurance Society
by Roy Jeanne
SECRETARY,
Jersey Mutual Insurance Society
- WHAT MAKES US DIFFERENT?
You might imagine that all domestic insurance suits them. Then if the householder has to make a
companies are roughly the same. Obviously some are claim, the same representative will visit to work through
more efficient than others and perhaps can compete the details and make the process smooth and hassle-
better on price and service. But surely there is nothing free. This approach has proved itself over many years,
fundamentally different between them? and householders rarely find a need to shift their
insurance business once they join Jersey Mutual.
Jersey Mutual, however, is totally different to the run of
the mill insurance company. It is different not only That means the society has been able to build up
because it knows its market extremely well, it’s different considerable reserves over the years, which combined
because it doesn’t have to worry about shareholders and with extensive reinsurance agreements, means that the
middle men. mutual is financially strong even though its premiums
are low. Jersey Mutual has also built up an excellent
As a mutual society, Jersey Mutual does not pay reputation for careful cash management, which might
dividends to outside shareholders as the society is also be a reflection of its history. Founded no less than
owned by its members. As it doesn’t deal with insurance 139 years ago, the first board consisted of a number of
brokers either, it doesn’t have to pay commissions to leading businessmen and farmers who understood the
agents. value of the careful management of money.
That means that the premiums householders pay for They laid the foundations for an organisation which
their insurance all go towards paying for claims and the has worked hard to satisfy the needs of local
modest running expenses of the society. That translates householders.
into real savings and means in effect, you get more
cover for your money. As a purely local organisation, Jersey Mutual also
understands the Island and the needs of Islanders and
This was graphically illustrated after the great storm of this knowledge of their market has many benefits to
1987. Every insurance company was faced with paying policyholders. The vintage fire engine which is part of
out on an enormous number of claims. Jersey Mutual the group’s logo, emphasises the society’s historic
did so, and didn’t even have to increase premiums to origins and its adherence to traditional values.
compensate for the extra costs. Other insurance
companies were forced to immediately put up premiums Operating from modern premises in Halkett Place, Jersey
to cover the unusual number of claims. Mutual may emphasise traditional values but it uses up
to date methods to ensure efficiency and speed when
But it’s not just the way Jersey Mutual is structured that dealing with applications and claims. Comprehensive
makes it different. It’s the whole attitude to business. information is available on their website
Perhaps it’s because it is a mutual society that the www.jerseymutual.com, which even includes a sum
management and the staff try so hard to provide a insured guide so you can work out the costs.
personal and cost effective service.
The Jersey Mutual has been at the heart of the Island
Whenever a householder takes out insurance with Jersey community for many years now and by maintaining its
Mutual, they are visited by a representative of the personal approach to doing business, it intends to be
society who will look at their personal requirements serving islanders efficiently and cost-effectively for many
carefully, and choose the type and level of cover that more years to come.
20/20 forty six
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