Jewelers Mutual Insurance Company
“Our benefits help us attract and retain employees. That’s our competitive advantage in the market.”
– Connie Rank-Smith, Vice President Human Resources, Jewelers Mutual Insurance Company
Company Facts
- Location: Neenah, Wisc.
- Type of business: Insurance company that specializes in insuring jewelry and jewelry businesses
- Number of employees: 187
- Founded: 1913
- Web site: www.jewelersmutual.com
Benefit highlights
- 80%-84% employer-paid medical insurance premiums for employees and dependents
- 401(k) plan with an employer match of 50% up to 8% of pay; average employee deferral of 8.9%
- Defined benefit pension plan
- 100% employer-paid premiums for short- and long-term disability insurance
Percent of employees participating in 401(k) plan: 95%
Greatest impact on financial security of employees: Jewelers Mutual cites their company contributions to the 401(k) plan as having the greatest impact on employees’ financial security. “Our match, which is at a stronger level than that of many organizations, combined with the profit sharing—at a time when many companies have simply eliminated both—makes a big difference for our employees,” said Connie Rank-Smith, Vice President Human Resources, Jewelers Mutual Insurance Company.
Other interesting facts:
- Offers medical and prescription drug coverage for retirees
- Absorbed a 30% increase in employee contributions for health insurance in 2008, keeping premium contributions level for a third consecutive year
- Wellness program includes full biometric screenings and on-site access to a nurse once per month
- Offers voluntary long-term care insurance
Why Judges Selected Jewelers Mutual
Watch a video of comments from 10 Best judge Timothy A Welsh, director, McKinsey & Company
Read the transcript
“Jewelers had an exceptional benefits program. (There were) a couple of things that really stood out for us. The first was their truly excellent retirement benefits. Secondly, a very good bonus package which allows them to pay above median compensation. And then finally, some very creative and innovative wellness programs. What was interesting about Jewelers is these are common programs across many companies, but Jewelers seemed to really stand out in their ability to deliver these kinds of programs. They did them above what most other companies do.”
—Timothy A Welsh, 10 Best judge and director, McKinsey & Company
