| 73 FMG FMG – giving rural NZ a better deal Richard Loader Established in 1905 FMG is 100% owned by its New Zealand members. INSURANCE With a history of caring for its clients’ insurance needs spanning 117 years, FMG’s selection as Co-operative Business of the Year Finalist at the 2021 Cooperative Business New Zealand awards is a worthy measure of the insurer’s enduring success. FMG is a New Zealand-owned mutual and works with members and clients exclusively through a direct model. Established in 1905, to this day the insurer’s core purpose remains unchanged; to give rural New Zealand a better deal. “We’re one hundred percent owned by our New Zealand members,” says Pete Frizzell, GM People and Culture & Communication. “All profits stay here in New Zealand and go straight back into the Mutual. Being one hundred percent Kiwi owned and operated is something more New Zealanders are valuing in the current climate.” Pete says a key driver for entering the awards was to not only showcase FMG’s support for the cooperative and mutual communities in New Zealand, but also demonstrate why being a mutual is a strategic advantage. “2020 was a year that reminded us that everything is about people. By their own definition, Cooperative and Mutual models are all about putting people over profit. Entering these awards is a way to showcase how we work to improve on this model every year.” Pete sites the example of FMG’s leading collision repairer model, where trusted relationships are built with local kiwi repairers, barriers removed and they are paid to do a quality repair. Sounds simple, but if you asked the Collision Repairers Association what one of their biggest industry challenges was, most would tell you it’s the need to keep building a trusting relationship between insurers and repairers. “When repairers are allowed to use their expertise and carry out a quality repair job, faster, it’s a win for FMG, a win for repairers and most importantly, a win for clients.” With 31 offices across the country and insuring over half of the country’s farmers and growers, FMG has the privilege of being New Zealand’s leading rural insurer, offering insurance for lifestyle blocks through to agribusiness and commercial businesses. Reflecting on FMG’s success as an insurer Pete makes the point that first and foremost, the company is very much a relationship business. We’re here for the good of the country. Since 1905, we’ve remained true to what it means to be a mutual. For example, putting profits back into the business instead of shareholders’ pockets. If that sounds good to you, ask around about us. Or better still, call us now on 0800 366 466. THEFEELING’SMUTUAL. PROUDOFYOUR FAMILYHERITAGE? “2020 was a year that reminded us that everything is about people. By their own definition, Co-operative and Mutual models are all about putting people over profit.” “When you pick up the phone to call us you speak to a real person. “Our people live and work in the communities we support. We have two hundred mobile rural and commercial specialists and assessors based throughout the country — backed by an award-winning sales and service team in the Manawatu and a corporate function in Wellington. “We’re firm believers that success of any business is underpinned by how it looks after its people. “Globally, FMG is ranked top quartile for employee engagement. We invest heavily in the professional development, training, and retention of our people. “During the first lockdown in 2020, the first Chief Executive message to all employees was ‘Your Job is safe’. Everyone was retained on full salary, no jobs were lost, and no offices were closed.” Pete adds that in many ways, the mutual model is a key part of FMG’s success. “Because we don’t pay dividends to shareholders or other investors, profits are re-invested back into the business to produce new products and services and premiums kept fair and affordable. “The mutual model supports us to take a sustainable and long-term view of insurance.” It also means FMG can continually invest in rural communities. “We sponsor and support some seven hundred community events every year — from FMG Young Farmer of the Year to local school lamb and calf days.” FMG is also one of the founding partners of Farmstrong, an award-winning rural wellbeing programme, designed to help farmers and growers better deal with the ups and downs of the industry. FMG invests in research of industry best practice and risk mitigation, as well as using its own claims data and 117 years’ experience in supporting rural New Zealand to help clients reduce the risk of damage and disruption to their lives and livelihoods.
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