As seen in the November 15, 2010 COMPTEL Connection
National Farmers Union Insurance
Headquarters: Greenwood Village, CO
Q: What does your company do and how long has it been in operation?
A: National Farmers Union Insurance offers a one-policy, multi-peril insurance contract designed to cover losses to real and personal property, as well as to provide general liability, auto and crime coverages specifically designed for telecommunications systems. We also offer umbrella liability and directors and officers liability policies. The company was founded 65 years ago in 1945, and has been the leader in insuring telecommunications companies for the last 40 years.
Q: To what do you attribute your company’s success in the communications industry?
- We know the telecommunications business - we are long-time members, sponsors and exhibitors for most state, regional and national telecommunications associations.
- We support the industry by annually contributing a percentage of general liability and auto liability premiums paid by our insured telecommunications systems in states that have job training and safety programs. More than $1 million has been contributed during the course of the last six years.
- Our sales force is dedicated exclusively to working with the telecommunications industry – they don’t market other types of insurance.
- Our loss control staff provides safety and risk management programs and services specifically designed to address telecommunications business exposures.
- Our claims staff offers prompt, knowledgeable service by dedicated experts in handling property and liability telecommunications claims.
Q: What have been the biggest obstacles your company has faced in the marketplace?
A: Market growth is the main obstacle we face. There are only a certain number incumbent local exchange carrier telecommunications companies in the country; we want to expand our customer base to include more competitive local exchange carriers and telecommunications services-related companies.
Q: What do you see as your greatest challenges going forward?
A: The telecommunications business is rapidly evolving due to advances in technology and the ever-changing regulatory environment, along with the resultant changes in equipment, services offered to customers and business models. Unfortunately, these new technologies and opportunities also present new risks to the business. Our challenge is to continue to meet the needs and demands of the industry with cost-effective coverage options and risk control techniques to protect our policyholders from catastrophic loss.
Q: What have been some of your company’s most recent achievements (new customer wins, new service/product deployment, etc.)?
A: We are the largest insurer of telecommunications systems in the nation. Our policyholders comprise approximately two-thirds of the independent telecommunications carriers in the U.S.
Q: Why is it important for your company to be a COMPTEL member?
A: We believe we have excellent insurance products and services that specifically meet the property and casualty insurance needs of companies operating in the telecommunications marketplace. Membership in COMPTEL will give us the opportunity to provide these products and services to an additional sector of the telecommunications industry.