Indianapolis (June 27, 2023) – The National Association of Mutual Insurance Companies today presented its annual Award in Innovation, sponsored by Guy Carpenter, to Alfa Mutual Insurance Company, headquartered in Montgomery, Ala. With the creation of the Alfa Leadership Academy, the company has been successful in developing emerging leaders, enhancing its company culture, building innovative solutions, and providing exceptional service to customers.
“Since the launch of the academy in 2015, we’ve been placing a critical emphasis on developing Alfa’s next generation of leaders,” said Jimmy Parnell, president and CEO of Alfa Mutual Insurance Company and the Alabama Farmers Federation. “Academy classes have been transformative, helping our company break down organizational silos, build trust, and improve self-awareness among those participants who take on leadership positions. In addition, in-house promotions have increased. These steps have been critical in helping our company continue to grow.”
The Alfa Insurance family includes more than 2,500 team members across 14 states in two main business segments: Alfa Insurance and Trexis Insurance. Alfa was founded by the Alabama Farmers Federation, which is a partner in the Leadership Academy. Alfa Insurance credits initiatives of academy classes for helping to spur growth across the organization, such as the development of innovative strategies for retaining employees, creation of an employee engagement survey to evaluate corporate culture, and formation of a new marketing strategy based on Alfa’s Core 4 values of faith, family, community, and integrity.
In presenting the overall award to Alfa during NAMIC’s 2023 Management Conference, Neil Alldredge, NAMIC president and CEO, remarked, “Alfa’s efforts to develop an extensive educational program show the company is deeply committed to what all our members value – making sure the mutual insurance industry is positioned for the brightest possible future.
“The Alfa Leadership Academy is the hallmark of innovation at Alfa Insurance and demonstrates the difference it can make when insurers embrace and implement innovative processes, technologies, and critical thinking. By positioning the people who serve Alfa’s region to take charge, the company has proven just how effective innovation can be in making sure policyholders can continue to receive a high level of service. I am grateful for Alfa’s continued ingenuity and commitment to education.”
Award in Innovation Criteria
- Impact in perpetuating mutuality
- Creativity of idea
- Numbers and/or dollar impact – relative to size of insurer, i.e., biggest and best are not an influence
- Potential for the idea to be adapted and used by other NAMIC members
- Alignment with the NAMIC Management Conference focus areas: strategy, innovation, leadership, industry trends, and the economy
Other NAMIC member companies recognized as category winners were:
- Farmers Mutual Hail Insurance Company of Iowa – Best in Category/Creativity
- Church Mutual Insurance Company S.I. – Best in Category/Adaptability
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NAMIC membership reflects many of the country’s largest national insurers as well as regional and local mutual insurance companies on main streets across America. NAMIC members write $357 billion in annual premiums and account for 69 percent of homeowners, 56 percent of the automobile, and 31 percent of the business insurance markets.
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