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Company: PURE Insurance, White Plains, NY
Company Description: Launched in 2006, PURE is a specialist, member-owned insurance company serving the personal insurance needs of over 100,000 successful individuals and families throughout the United States. PURE is headquartered in White Plains, NY and has over 900 employees. The insurer has been awarded for its innovation, exceptional service, company culture and more.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Insurance - Large
 Nomination Title: PURE Insurance
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2020, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 200 words used.
Founded in 2006, PURE is a policyholder-owned specialty insurance company serving the personal insurance needs of successful individuals and families. The reciprocal insurer combines traditional ideals of mutuality with efficiencies of modern technology and works to integrate empathy and respect with unique insurance expertise to create an exceptional service experience.
PURE continues to see significant growth and wrote more net-new-written premium in 2020 than any other carrier [REDACTED FOR PUBLICATION] their category source: SNL. In 2020, the holding company for PURE was acquired by Tokio Marine Group for approximately $3.25B and PURE’s financial strength rating was upgraded to A+ (Superior) by AM Best. Today, PURE members enjoy the backing of a $40B balance sheet.
PURE is the most awarded insurer in its category and has been recognized as Best High-Net-Worth Insurance Company by Private Asset Management for 4 consecutive years and Best Insurance Underwriter by Family Wealth report for 6 years. Innovations such as PURE Home Spotlight [REDACTED FOR PUBLICATION] have been recognized by Best in Biz and NAMIC. PURE’s workplace culture has been awarded with placements on Fortune’s Best Workplaces in Financial and Insurance Services, Best Workplaces in New York and more.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 247 words used.
PURE works to ensure members receive innovative and creative solutions. This includes tools such as PURE Home Spotlight which compiles data from more than 30 sources so that within a matter of seconds, members can learn about prior claims, property-specific risks and more to better understand a home’s history before buying.
For collectors, PURE Art Spotlight delivers insights about artists to help members make more informed art buying decisions. It starts with a text-to-learn tool where members receive artists’ history and market trajectory within a simple text. Once further along in the process, our art buying report provides information on vendor credibility, artist sale records, known condition and more. [REDACTED FOR PUBLICATION]
Other digital innovations include the PURE Advice Dashboard—an automated learning tool that evaluates the efficiency of insurance buying and identifies coverage gaps or opportunities for members to take advantage of savings and discounts—and the PURE 360—a personalized risk management consultation from a PURE Risk Manager that has evolved into an “always on” tool that notifies members via mobile app when systems in their home, such as a water heater, are reaching the end of their useful life.
PURE provides members with additional value through Subscriber Savings Account (SSAs) and continues to strive for exceptional service by engaging employees in programs such as Trauma Informed Care (TIC), designed to prepare the claims team for supporting members who have experienced traumatic events resulting in a claim.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
PURE premiums under management exceed $1,500,000,000 for more than 100,000 successful individuals and families. This excludes[REDACTED FOR PUBLICATION] which manages $150,000,000 of premiums. PURE’s premium retention rate of 102.7% continues to be higher than their largest competitors as members renew coverage and expand their relationship with PURE.
PURE’s Net Promoter Score (NPS) remains in the world-class category with quarterly results between 60-70 points. Additionally, members who engage digitally, for example through the Home or Art Spotlight or the PURE Advice Dashboard, have an NPS that is 7 points higher on average.
More than $15,000,000 were allocated to Subscriber Savings Accounts (SSAs) for the 2020 calendar year, and over $1,000,000 in cash distributions went to members who have been with the company for 10 years or more as part of PURE Gold, a new loyalty program that was introduced in 2020. Since inception, $118,000,000 has been allocated to members' SSAs.
Additionally, PURE is focused on providing exceptional service for members and a supportive workplace for employees through trainings such as Trauma Informed Care (TIC), setting a new standard for carriers. TIC was co-created by a PURE employee to better support members reporting traumatic events and ensure that PURE’s adjusters are fully equipped to respond. While still in the pilot phase, 100% of employees who received their certification said it applies to their role and they would recommend it a colleague in the industry.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 179 words used.
Attachments:
1. PURE's 2020 Annual Report - we publish a report to our members each year in the spirit of transparency. The report includes a letter from the CEO, member stories, an overview of financials and more.
2. Sample PURE Home Spotlight Report - a preview of the data and insights included in PURE's member-exclusive home buying report. Members can run this report within seconds on any MLS-listed home for sale.
3. PURE Art Services Highlight Sheet - an overview of the art and collection services offered to members, including the PURE Art Spotlight.
4. Sample Art Buying Report - a preview of the information provided to members who request an in-depth buying report from PURE's in-house fine art specialists.
Links
1. Coverage of the PURE Home Spotlight in the New York Times, highlighting a PURE member who was among the first to try the new tool.
Links 2-4 are very short information videos that give insight into some of the important elements that make PURE, PURE. For example, Subscriber Savings Accounts and our emphasis on proactive risk management.
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