The innovation that AmTrust Financial came out with was the Vested Insurance Partnership Program (VIP). They collaborate and help small businesses rise up in the competitive market. Another innovation AmTrust started is an activity to protect our environment and conserve precious natural resources known as “Go Green Initiative”, as a contribution to the UN Sustainable Development Goals. It’s an initiative that has been very helpful in creating awareness among local communities about Reduce, Reuse and Recycle.
Rutgers Business School
The innovation that AmTrust Financial came out with was the Vested Insurance Partnership Program (VIP). They collaborate and help small businesses rise up in the competitive marketplace. What makes this program innovative and unique from the rest is that they are the only insurance company that offers this type of program. No other commercial or personal lines insurer offers a similar program.
For their communities, AmTrust agents and employees take an active part in company sponsored events and voluntarily contribute their time and effort to develop ways and means that benefit a large number of charitable organizations. The most highlighted organizations would be, The American Heart Association, the Breast Cancer Research Foundation, and the American Foundation for Suicide Prevention.
AmTrust also started an innovation to protect our environment and conserve precious natural resources by launching their initiative called, “Go Green Initiative” as their contribution to the UN Sustainable Development Goals. It’s an initiative that has been very helpful in creating awareness among local communities about Reduce, Reuse and Recycle. It has greatly helped in generating the spirit of eliminating plastic, carbon, dangerous chemicals and other harmful waste materials that have been polluting and causing severe damage to the world’s ecosystem and Ozone layer for centuries. This movement is very impactful and is expected to promote awareness globally for society and external stakeholders. They will do this by offering incentives (such as extended coverage, lower premiums, etc.) to all insured small businesses to promote “green” initiatives in their day-to-day work, such as not using plastic bags or straws, practicing recycling, transitioning to digital payments, etc.
Irfan Gangjee, during the interview, stated that, “AmTrust is doing an exceptional service in fulfilling our mission to protect and inspire our customers, communities, and family of employees through engagement efforts that go far beyond the boardroom.” He specifically mentions his excitement over the “Go Green Initiative,” referring to AmTrust’s efforts towards climate change. “We're taking steps to protect our environment and conserve precious natural resources now, before it's too late,” says Irfan. The overall consensus from AmTrust employees is approval and praise towards the initiatives being undertaken by the executive leadership at AmTrust Financial Services.
The quantitative data defends the impact both the Vested Insurance Partnership Program and “Go Green Initiative” have had, as AmTrust Financial displays on their website. Regarding their VIP Program, $500,000,000 in premiums have been given to insured small businesses since the start of the program. In addition, small businesses in 2018 received an average dividend of $76,000 and displayed an average ultimate loss ratio of 51%. With respect to the “Go Green Initiative”, the program is relatively new and currently being implemented; therefore, concrete evidence is yet to arrive but AmTrust plans to provide details on their implementation soon.
Most small businesses appear in our neighborhoods. Helping those small businesses run with stability is also indirectly helping to build a good community. Successful small businesses will attract more people to live or consume in our community.
Unlike big companies that have solid foundations, small internal or external changes are also harmful to the business owners. An external factor such as coronavirus can easily cause huge financial problems. During this special time, the government requires most of the small businesses such as restaurants to shut down their businesses until the epidemic is under control. This is detrimental to those small business owners; they may lose their businesses at this time. If they join the VIP program, they won’t face the challenge of losing their businesses. It will reduce their loss and still earn money while their businesses are closed temporarily.
The business world is not only made up of big companies but also the small businesses that represent a significant portion. Since the big companies have larger scale than those small businesses, they have more power in the society and know how to earn more benefits through their own abilities. Those small businesses seem to struggle more when facing financial problems. The VIP program can deliver insurance and risk solutions to smaller businesses. This innovation ensures those small businesses get more chances to survive when they’re facing financial challenges because of internal or external factors.
AmTrust Financial is also presenting the “Go Green Initiative.” All the employees are very supportive of this activity. The company encourages the employees to stock reusable pens, buy environmentally friendly paper and go digital. All of these small steps will reduce those unnecessary wastes, all the while saving money for the company. This activity educates the employees to be environmentally aware in the short term. In the long term, they think they may be able to influence their clients to join their “Go Green Initiative” as well. If all of the communities get involved in this kind of activity, the world can change too.
Irfan Gangjee, Director
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New York City, New York, Worldwide
Business Website: https://amtrustfinancial.com/
Year Founded: 1998
Number of Employees: 5001 to 10000
AmTrust Financial Services is a corporation which provides insurance services focused on small businesses. Their business mission is to deliver outstanding insurance and risk solutions to their clients and partners around the world through different innovations, niche expertise, and unparalleled service.