INNOVATED
HOLDINGS
STRATEGY, PURPOSE, SUCCESS
Our Story: The Art of Successfully Reinventing a Stock Company in a Mutual Way
STRATEGY
The Executive Team of Innovated Holdings, Inc. intentionally and strategically organized the company on February 7, 2019, with a clear vision and purpose in mind.
PURPOSE
From the outset, the goal was to provide a safety net for one company that had experienced a decline in its business while also providing another with the opportunity to offer a package of services it had not been able to deliver previously.
SUCCESS
Our success is driven by a foundation of traditional values and conservative business principles, which are integral to everything we do. Our partnership with CFM Insurance has enabled us to help companies like Cornerstone National Insurance to reinvent themselves and thrive in today's competitive marketplace.
THE NUMBERS DON'T LIE
CNI CLAIMS REDUCTIONS
As part of the subsequent review of claims operations, a comprehensive audit of open and litigated claims was conducted for both writing companies.
As a result of this beneficial audit, CNI reserves on open bodily injury (BI) claims were reduced by approximately 28%. The non-litigated BI claim count was reduced by approximately 33%, with the litigated claim count reduced by 30%.
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BODILY INJURY CLAIMS
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NON-LITIGATED BODILY
INJURY CLAIMS
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LITIGATED BODILY
INJURY CLAIMS
THE NUMBERS DON'T LIE
CFM CLAIMS REDUCTIONS
CFM claims were also audited as part of this review. The process resulted in a 45% reduction in open claims and a 35% reduction in open reserves. Claims were reviewed individually, which resulted in an increase in certain claim reserves based on factors including closure strategy and defense budgeting.
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OPEN CLAIMS
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OPEN RESERVES
PROGRESSION
HISTORY-MAKING MOMENT
Despite several challenges, CFM Insurance achieved a historic milestone in the insurance industry by becoming the first chapter 380 mutual insurance company to acquire a chapter 379 stock company. On March 1, 2019, Cornerstone National Insurance (CNI) became a wholly-owned subsidiary of Innovated Holdings, which is a subsidiary of CFM.
CFM's forward-thinking mindset was tested by taking on a stock insurance company with a different product line and market. The Executive Team recognized the potential in CNI's business, employees, and future and integrated its message and business model under the Innovated Holdings umbrella. This marked the beginning of a new chapter for CNI, focused on progression and growth.