New Zealand mutual FMG wins two national awards for most satisfied customers in home and car insurance

4 September 2020


ICMIF member FMG (New Zealand) has won two Canstar Most Satisfied Customers Awards 2020, for Car Insurance and Home and Contents Insurance. The mutual insurer beat all other insurers in the New Zealand market to win these two awards for customer satisfaction.  

This year was FMG’s first appearance in the car insurance category, and its second appearance in the home and contents category as it won the Most Satisfied Customers Awards for home and contents insurance in 2019 also.

Despite having 5% of market share, FMG was the only insurer to achieve a clean sweep of Five-Star ratings, scoring the prestigious rating in both categories, for all Drivers of Satisfaction on which insurers are ranked. The three key Drivers of Satisfaction for both categories were quality of service, value for money and communication. 

Jose George, Canstar NZ General Manager, said FMG’s success reflected the care and attention it paid to its customers. “Insurance is a highly competitive industry with several major players. For FMG to outrank them all in customer satisfaction is a significant coup and I congratulate them on their success.”  

Glenn Croasdale (pictured), General Manager Client Propositions & Online services, FMG said “We’re thrilled to receive the Canstar Home and Contents, and Car Insurance awards. As a mutual insurer we’re here for our members and do our best every day to provide them with outstanding client service and products, so this recognition means a lot to the team at FMG.”  

FMG has been part of the New Zealand farming landscape for over a century. But although its historical roots are in agriculture, FMG also offers a broad range of business, household and personal insurances. And, as a mutually owned insurer, all its profits go back into the business to support its clients and help keep their premiums competitive. 

In 2019, FMG’s net client growth for the year was 7% bringing overall client numbers to 94,300 and rural market share to 51%. Commenting on another year of strong growth against the backdrop of an uncertain external environment, FMG Chief Executive Chris Black says this reflected the value people see in a mutual insurance model where the interests of owners and clients are aligned. 

“It’s a model which, while set up to make a profit, does not seek to maximise profit. It’s based on an enduring core purpose of ‘giving Rural New Zealand a better deal’ and within the business, we use the mutual’s solid set of values every day to attract and retain talent, and guide decision making. We strive to keep premium increases to a minimum for the cover offered so our insurance remains affordable for rural and regional New Zealand. These unique mutual features distinguish FMG from most other insurance companies in New Zealand,” says Chris Black, who also serves as Vice-Chair and a Member of the Board of Directors of ICMIF. 

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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