End of Year 2021 Results
Posted on April 22nd, 2022
2021 was the third full year since Western Illinois Mutual Insurance Company was formed and it was also the third year that we have experienced positive growth. Net income has been at least $481,000 in all three years, with 2019 net income being $708,401.
Net income in 2021 was $499,224 and we had an Underwriting profit of $275,167. Selected Financial Data for the last 3 years can be found HERE!
Contingency bonus checks have now been delivered to everyone that will receive them and those checks totaled nearly $125,000! One thing that stuck out to me is that the agents that are receiving contingency bonus checks did over 70% of the 828 quotes that were done in our system and wrote nearly 75% of the 300+ new policies. Overall, 36% of the quotes that were done ended up being issued as a new policy and was paid 18% commission during that first year. As time allows, I will be emailing out results to everyone that did not receive a bonus check this year.
Is your agency quoting business with us? We offer an auto/home discount if you have the auto policy in-house, we offer discounts for good insurance scores, and we offer claim free discounts on new policies. We are looking to write good farm and home business! If you have not quoted us recently, give us a try. You can’t write the business if you don’t quote it. If you’re not sure how to get started, give us a call, we’re glad to help. Have an underwriting question on what class to put something in? Check with Heather at 217-509-7704 or email her at email@example.com
As I was delivering Bonus Checks I had a question about our Rater related to Social Security Numbers. While there IS (soon to be clarified) an Underwriting Message for “No Hits” on Insurance Score that asks you to “Verify SSN” this does not mean that SSN is required, as it is NOT. . I just wanted to clarify this. SSN will give more chance of getting an accurate insurance score, but again, is not required.
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