Mitch Livingston was elected President and CEO of NJM Insurance Group in April of this year, becoming only the ninth person to hold that office in the Company’s 105-year history. Livingston is an industry veteran and longtime NJM executive, most recently serving as its chief operating officer and general counsel.
Livingston has a deep appreciation for the Company’s rich history and has assured all that NJM remains fully committed to operating as a true mutual insurer with the highest levels of service, integrity and financial stewardship. In fact, he considers that commitment to be the Company’s greatest differentiator in a highly competitive market. “NJM was founded by policyholders for policyholders,” Livingston said. “As a company dedicated to the mutual model, without the need to satisfy stockholders, we are focused solely on the needs and interests of our policyholders.”
What is planned, however, is a geographic expansion that represents a new chapter in NJM’s evolving story. Livingston explained that several significant technology advancements over the past few years have positioned NJM well to meet the changing needs of its existing policyholders, and to permit the Company to expand its policyholder base to become more of a regional insurance provider.
“NJM has been focused almost exclusively on the New Jersey market for our entire 105-year existence. However, over the last several years, many of our personal and commercial lines policyholders have expressed the need for insurance outside the state. We saw an opportunity to meet that need, and to expand our policyholder base through regionalization,” said Livingston. “In addition to providing workers’ compensation coverage to Garden State businesses, we now offer it in Pennsylvania and New York, with plans to expand into Maryland, Connecticut and Delaware by mid-year. On the personal lines side, we expanded our offerings to Pennsylvania residents earlier this year.”
When asked what’s next after geographic expansion, Livingston offered that a logical follow-up would be to provide more product options to customers with more comprehensive risk-management needs: “We strive to provide value-based insurance options for the benefit of our policyholders, and we are constantly evaluating new and different products and services to meet that mission.”
He cites the formation of NJM’s third-party claims administrator (TPA), NJM Claims Management Services, LLC, as a great example. “Through our TPA, we’re able to offer our claims, loss prevention, medical case management and legal expertise for commercial customers that seek to self-insure without sacrificing the quality and expertise of the claims management services for which NJM is recognized,” he said.
Equally important he says, is that by accommodating these specific customer needs, the Company can preserve relationships which, in many cases, span decades.
“Relationships are at the heart of our business model. Maintaining and strengthening them through the faithful execution of our promise to pay claims, helping our customers reduce accidents and workplace injuries, and growing with them as their needs change, are the most important jobs we have at NJM. That was true under the tenure of the eight presidents that came before me, and will be true for all those that follow,” Livingston said.
For more information, visit NJM.com