You don't have to be a farmer to get insurance coverage here, but it helps. Georgia Farm Bureau Mutual Insurance Company (GFNMIC) and its subsidiaries offer a variety of commercial and individual property/casualty products to members of the Georgia Farm Bureau. Its products include farmowners, automobile, homeowners, marine, business owners, and personal liability insurance. The company specializes in writing lower-cost, preferred risk policies (policies for customers that are less likely to file claims). A network of nearly 500 agents and representatives market GFNMIC's products. The company, which was founded in 1959, is a part of the Georgia Farm Bureau. It is owned by its policyholders.
GFNMIC's subsidiaries include Georgia Farm Bureau Casualty Insurance Company (GFBCIC) and Georgia Farm Bureau Brokerage Inc. GFBCIC mainly writes farm insurance and standard private passenger auto policies, along with homeowners and mobile homeowners coverages and personal fire coverages. Georgia Farm Bureau Brokerage provides supplemental insurance products that are not offered by GFNMIC and GFBCIC through strategic partnerships with leading national insurance companies. These products include annuities and life, disability, long-term care, and cancer policies offered in partnership with Southern Farm Bureau Life Insurance.
GFNMIC reinsures all its business. The company's marketing and government relations activities are supported by the Georgia Farm Bureau Federation. GFNMIC consistently achieves high rates for its claims services based on ease of reporting and quick and fair claims settlements. Adjusters and support staff at the local level handle all claims.
The company operates through about 160 county locations.
Financially, GFNMIC has suffered underwriting losses and a diminishing surplus in recent years. Its losses are tied to increased claims due to severe weather conditions that have pummeled the state over the past five years.
GFNMIC's strategic plan to improve its products and services underlies the company's multi-year and multi-million dollar decision to invest in its technology. In 2011 the company began replacing its customized legacy mainframe systems with StoneRiver's suite of policy, claims, and billing software solutions to provide higher levels of customer service and competitive pricing rates. The administrative suite streamlines processes for quotes, applications, and issuing policies; manages claim life cycles; and handles account-level billing. In addition to technological improvements, GFNMIC works to respond to regulatory and legislative activity that could impact its business since its sales base is limited to a defined region.