Merchants wins National Award from NAMIC
July 1, 2020
Merchants Bonding Company earned the top Award in Innovation from the National Association of Mutual Insurance Companies (NAMIC) for innovations that had the greatest impact.
The award recognizes Merchants’ technological innovation in relation to the Merchants Bonding Company Hub™ , its highly secure online surety bond ordering system that streamlines the surety process. The Hub delivers a simple and visual user experience integrated into a single system, ensuring agents and policyholders get the right bond at the right time.
“This award is a testament to Merchants’ cutting edge technology. We are proud to be a leader in the industry for our surety innovations,” said Merchants’ President Larry Taylor.
The Hub revolutionizes how Merchants issues surety bonds, providing an extremely efficient and innovative experience for policyholders, insurance agents, and internal associates.
- Roughly 1,000 hours saved per month internally on data entry and error correction.
- More than 500 percent growth in number of agent-issued bonds since launch.
- Forty percent overall commercial growth since implementing the Hub.
“We built the Hub from the ground up, listening carefully to agents’ ideas and suggestions along the way. This helped us create a common sense tool that’s intuitive to our customers’ needs,” said Chief Technology Officer Brad Rasmussen. “We’re proud to be an agile team that continually rolls out new features and enhancements to provide a first-class user experience.”
Click here to learn more about the Hub and get started issuing bonds!
For more than 120 years NAMIC has been serving in the best interests of mutual insurance companies – large and small – across the United States as well as in Canada. NAMIC membership includes more than 1,400 member companies.
NAMIC’s award in Innovation was created in 2014 to recognize mutual insurers that exemplify the vision and entrepreneurialism it takes to stay relevant in changing times. Learn more.
Merchants' Acceptance Video