Jane Dotson
AM Fed Insurance, also known as the Federated Mutual Insurance Company, is an American insurance company that deals with property and casualty insurance products. The company is headquartered in Owatonna, Minnesota, and operates across 48 states with various service offices. AM Fed Insurance was established in the late 19th century by retail implement dealers in Minnesota who aimed to reduce their insurance costs. Over the years, the company has evolved, adding accident and health coverage in 1949 and organizing the Federated Life Insurance Company in 1959. Today, AM Fed Insurance holds an A. M. Best credit rating of A+ (Superior) and continues to provide a range of insurance services to individuals and businesses.
| Characteristics | Values |
|---|---|
| Name | Federated Mutual Insurance Company |
| Other names | Federated Mutual, Federated Life Insurance Company, Minnesota Implement Mutual Fire Insurance Company, Mutual Implement and Hardware Insurance Company, Federated Mutual Implement and Hardware Insurance Company |
| Industry | Insurance |
| Location | Owatonna, Minnesota, USA |
| Number of employees | 2,600 (as of 2019) |
| Area of operation | 48 states in the USA |
| Services | Property and casualty insurance, accident and health coverage, group accident and health insurance |
| Credit rating | A. M. Best credit rating of "A+ (Superior)" |
| History | Founded in 1904 by retail implement dealers in Minnesota |
| Notable events | Entered the casualty insurance field on January 1, 1948; Organized Federated Life Insurance Company in January 1959; Hosted an annual two-day fundraising event in St. Paul, Minnesota, that has raised over $47 million for Big Brothers Big Sisters organizations |
| Notes | Not associated with Federated Insurance Company of Canada |
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What You'll Learn
Federated Mutual Insurance Company
Federated Mutual offers a range of insurance products for businesses and professionals. The company provides essential commercial general liability insurance to protect against expenses related to third-party lawsuits for claims of bodily injury or personal property damage. Federated Insurance also covers business vehicles against various disasters, including theft, collisions, and weather damage. In addition, the company offers professional liability coverage, which reimburses businesses for expenses related to third-party claims of professional errors or negligence.
Federated Mutual entered the casualty insurance field on January 1, 1948, and was one of the first major insurance companies to write both fire and casualty insurance. The following year, in November 1949, accident and health coverage were added, with group accident and health insurance being offered to various trade associations and employer groups. Federated Life Insurance Company ("Federated Life") was organised in January 1959. Federated Mutual once offered group health insurance but ceased this offering at the end of 2017.
Federated Insurance has received mixed reviews, with some negative publicity due to various lawsuits and dismal customer reviews. However, the company has also been recognised for its employee engagement and community involvement, including speed volunteering events and food drives. It is important for potential customers to consider all aspects of the company before making a decision.
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Federal Insurance Office (FIO)
The Federal Insurance Office (FIO) was established under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act grants FIO certain financial stability, monitoring, and international responsibilities.
FIO has the authority to monitor all aspects of the insurance sector, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the U.S. financial system. It also monitors the extent to which traditionally underserved communities, consumers, minorities, and low- and moderate-income persons have access to affordable non-health insurance products. FIO can recommend to the Financial Stability Oversight Council that it designate an insurer as an entity subject to regulation as a nonbank financial company supervised by the Board of Governors of the Federal Reserve System (Federal Reserve).
In addition to its monitoring and regulatory duties, FIO advises the Secretary of the Treasury on major domestic and prudential international insurance policy issues. FIO serves as a non-voting member on the Financial Stability Oversight Council and assists the Secretary with the administration of the Terrorism Risk Insurance Program. FIO also has the authority to represent the U.S. federal government internationally at meetings of the International Association of Insurance Supervisors (IAIS) and other similar organizations.
The FIO is responsible for issuing several one-time reports as well as annual reports to the U.S. Congress.
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Federated DriveSafeSM telematics
Federated Insurance's DriveSafeSM telematics is a program designed to help businesses recognize and promote safe driving practices among their employees. The program provides consistent and meaningful feedback on driving habits, helping to prevent injuries, deaths, litigation, reputational damage, and expenses associated with road accidents.
The DriveSafeSM telematics program offers a mobile app and tags that can be placed in fleet vehicles to collect driver performance information. The app provides driving performance scores and trends, leaderboards, achievement badges, and feedback on driving behaviours such as phone use, speeding, hard braking, harsh cornering, and hard acceleration.
The tags are easy to install, battery-powered, and wireless. They collect data on driver performance and provide feedback to both employers and employees. This helps businesses analyze employee driving behaviour and identify areas for improvement. The program also includes an administrator portal and a weekly team summary email to help leaders stay informed and make data-driven decisions regarding their fleet's safety.
The Federated DriveSafeSM telematics program is a valuable tool for businesses to improve road safety, reduce risks, and promote a culture of safe driving among their employees. By providing feedback and encouraging positive driving behaviours, the program can help prevent accidents and keep employees safe on the road.
The app has received positive reviews from users, who have noticed improvements in their driving habits and increased attention to safety. The instant feedback and insights into driving performance have been highlighted as particularly beneficial, with some users noting a reduction in risky driving behaviours.
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mySHIELD® risk management
Federated Insurance's mySHIELD® is a comprehensive risk management platform, offering a range of digital tools and resources to support businesses in mitigating risks and enhancing their success. This personalised service is tailored to meet the unique needs of individual Federated clients.
MySHIELD® provides industry-specific training and resources, covering over 200 topics. These include driving, employee and workplace safety, drug and alcohol awareness, human resources, disaster preparedness, cyber security, and more. The platform also offers a learning management system with online education programs for employees and supervisors. Additionally, the Safety on the Go! mobile app enables businesses to hold "toolbox talk" safety meetings anywhere, with access to video libraries on construction, driving, hazardous materials, and other relevant subjects.
Certificate management is made seamless with mySHIELD®. Businesses can easily access and manage certificates of insurance, promptly requesting new certificates when needed. The platform also allows for the creation and saving of templates to streamline the certificate process.
The platform's vehicle and driver list tools offer an efficient way to manage company vehicles and drivers. Businesses can view the insurability status of drivers, update company vehicle information, and access auto ID cards at their convenience. Additionally, mySHIELD® provides a central location for housing drivers and vehicles lists, simplifying the process of adding or deleting company drivers.
In conclusion, Federated Insurance's mySHIELD® is a powerful risk management solution, offering a wealth of resources and customisation to help businesses protect themselves from a wide range of risks. By leveraging industry-specific training, efficient certificate and vehicle management tools, and convenient mobile access, mySHIELD® empowers businesses to enhance their success and create a robust culture of risk management.
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Accident and health coverage
Accident insurance is a crucial coverage option that complements your existing medical insurance. It provides financial protection and helps alleviate the economic burden associated with unexpected accidents. This type of insurance is designed to pay you directly, giving you the financial means to cover various expenses that may arise after an accident. Accident insurance can be particularly beneficial in covering costs that your primary insurance might not, such as deductibles, copays, and other medical expenses.
For federal employees in the United States, FedAdvantage offers accident insurance that provides comprehensive coverage. This insurance plan is tailored to meet the unique needs of federal employees and their families. It includes emergency services, hospital stays, and additional benefits to ensure peace of mind during challenging times. The FedAdvantage accident insurance plan pays out cash benefits when injuries, medical treatments, or services occur due to a covered accident. This means that you will receive financial assistance directly, which can be used at your discretion to cover any expenses related to your recovery.
The importance of accident insurance becomes evident when considering the gaps in health insurance coverage. Traditional health insurance may not always cover all the costs associated with an accident, leaving individuals with unexpected out-of-pocket expenses. Accident insurance fills these gaps by providing additional financial support to offset costs such as emergency room visits, diagnostic tests, medical equipment, and even income loss due to missing work. This supplemental coverage ensures that individuals can focus on their recovery without the added stress of financial worries.
Another notable feature of accident insurance is its applicability beyond health-related expenses. Accidents can result in a range of non-medical costs, such as transportation to and from medical appointments, temporary household assistance, or even specialised equipment to aid in your recovery. Accident insurance can help cover these ancillary expenses, providing a more comprehensive safety net during challenging times. Additionally, accident insurance can also provide benefits for wellness checks or routine health screenings, incentivising policyholders to stay proactive about their health.
Overall, accident and health coverage through providers like FedAdvantage and Fed Benefits Center offer essential financial protection for federal employees and their families. By having accident insurance, individuals can rest assured that they will have the necessary resources to navigate the financial challenges that often accompany unexpected accidents. This type of coverage empowers individuals to focus on their recovery, well-being, and financial stability during difficult times.
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Frequently asked questions
FEDVIP stands for Federal Employees Dental and Vision Insurance Plan.
FEHB stands for Federal Employees Health Benefits.
The FEHB Program is a health care program that helps federal employees, retirees, and their survivors meet their health care needs.
Federal employees can choose from Consumer-Driven, High Deductible, Fee-for-Service (FFS), Preferred Provider Organizations (PPO), and Health Maintenance Organizations (HMO) plans.
You can compare the costs, benefits, and features of different plans on the opm.gov website.
