Jason Williams, Treasurer

Once again, it is that time of year to start the budgeting and planning process for the upcoming year. 

The department heads have already spent a substantial amount of time looking at priorities for the upcoming year and determining the resources that will be needed to accomplish those initiatives.  

It is also exciting to reflect on what we have accomplished so far during 2020. As Todd has mentioned in his presentations, the company has over 70 operational initiatives and five strategic initiatives we are focused on. 

A preview of some of the accomplishments so far in 2020 are listed below.

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• New Business Sales

  • Our plan was to write $16 million in new P&C premium in 2020

  • To date we are ahead of plan by 10%

  • Quite an accomplishment considering COVID-19                                 

• Underwriting Profit

  • At the end of August, we had an underwriting profit of $7 million

  • After the windstorm event and wildfire losses - we anticipate a $2 million underwriting profit at the end of September.

  • This is above our plan of $530,000 underwriting profit                       

• Mainframe Elimination

  • Crop Hail business was moved to the AFBIS system

  • Brokerage processing was moved to the Nexsure system

  • We are currently working to move commissions from the mainframe by the end of the year                                                             

• System Stabilization

  • Guidewire System speed was significantly improved

  • Over 800 defects were fixed in Guidewire System

  • Lockbox payment processing went live on September 24th

  • About 100 underwriting blocks and business rules were removed from the system

  • Equity Billing is near completion

  • We are working to improve the lienholder process                               

• Customer Self-Service Website and Mobile App

  • FB Hub was rolled out to all customers in July

  • We currently have 1,649 customers enrolled

  • Net Promoter Score (NPS) for FB Hub is a strong 30 score                                                                

When the 2020 plan was put together, we had no idea we would be facing a pandemic in 2020. It is remarkable the progress we have made towards our goals considering the obstacles we faced. It would have been easy to let COVID-19 be our excuse for not accomplishing our goals, but that was not the case. We came together as a team and accomplished great things.

Looking ahead to 2021, I see the potential for another productive and successful year. The work we have been doing is positioning us for future success. It is an exciting time for the Farm Bureau team!

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Jason Williams, Treasurer

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