2023 Annual Report
Supporting the jewelry industry, protecting our customers, and giving back in our communities.
As we conclude another remarkable year at Jewelers Mutual, we reflect on a milestone—110 years celebrating our commitment to the jewelry industry, our valued customers and our community. The year is not just a celebration of our longevity, but a testament to our people and the enduring values that have shaped our company and continue to push us forward.
Over our 110-year history, we have continuously innovated to meet the dynamic needs of the jewelry industry and our customers. We take pride in being the preferred insurer for over 1 million customers who trust our expertise to protect their jewelry. We also stand as a pillar of strength, safeguarding the dreams and aspirations of designers, retailers, manufacturers and collectors alike with an unwavering commitment to support and protect them and the industry that has been our home for over a century.
This year, we continued to explore new ways to elevate our industry and help it thrive by driving technological progression and creating digitally immersive and personalized experiences. It is this dedication to pushing the boundaries of what is possible that defines us as a leader in the industry, and a trusted advisor and solutions provider to our customers and the jewelry industry we serve. As we strive to meet jewelers where they are, we will continue to go beyond traditional insurance to bring them into the future.
Below are a few highlights from the past year I am proud of. I welcome you to also review our financial statement which illustrates the year’s success. As we embrace the future, I extend my gratitude to our dedicated employees as well as our agents, customers and industry partners for their continued trust and support.
It is thrilling for me to be part of this incredible legacy as we evolve with purpose and passion to be here for our customers, community and industry in new, inventive ways for the next 110 years and beyond.
Investing in our People and Culture
We believe our greatest asset is our people. Our dedicated and talented team members have been the driving force behind our achievements, demonstrating resilience, creativity and a shared commitment to our customers and the dynamic industry we serve.
As our company continues to evolve, we remain committed to our employees’ growth and development, recognizing that their passion and expertise are instrumental in meeting the changing needs of our customers.
This year, our focus on fostering a positive work environment and investing in our workforce has been recognized through a number of awards and certifications. We are proud to be certified as a Great Place to Work™, underscoring our dedication to employee satisfaction. Additionally, we have been honored with the Fox Cities Chamber of Commerce Champion of Young Professionals award, highlighting our support for the growth and development of emerging talent. We also achieved Platinum Certification as an Employee-Friendly Workplace, reflecting our ongoing efforts to create a workplace that prioritizes the well-being and engagement of our employees.
Learn how we succeed through our people and career opportunities available.
Evolving our Brand
Our stunning brand transformation connects our 110-year legacy with our forward-looking vision. The evolution includes a revitalized logo, captivating color palette, refined fonts and a suite of new visual assets to elevate the love of jewelry and position us as a beacon of trust and innovation in the jewelry industry.
We unveiled the new brand look to the jewelry industry for the first time at the prestigious JCK Show in Las Vegas in June 2023, with booth graphics, print collateral and branded promotional pieces. Industry professionals were captivated by the brand's transformation and its nod to a heritage spanning over a century.
The event marked the beginning of a new chapter for us, one that embraces innovative thought and technological advances that position the company to deliver unique, personalized customer experiences at every turn. We look forward to continuing our brand evolution over the year ahead.
Transforming the Experience through Technology
One of the cornerstones of our success has been our relentless pursuit of technological innovation to revolutionize the customer experience. Our dedication to enhancing customers’ interactions with us is evident in the successful launch of the LUX Digital Vault® mobile app, powered by Luxsurance® technology.
This innovative insurtech solution builds upon our tech-focused portfolio of offerings. It not only provides a secure and convenient platform for our customers, but also exemplifies our commitment to leveraging technology to meet and exceed customer expectations. Introducing the LUX Digital Vault marked a significant milestone in our journey toward frictionless solutions that add value for jewelers and their customers.
The innovative app connects customers to their trusted jeweler and their jewelry and watch collections, while seamlessly enabling each jewelry purchase to be safeguarded by an exceptional insurance offering.
The LUX Digital Vault was a finalist in The Digital Insurer’s World’s Digital Insurance Awards 2023 for Insurer Innovation and helped us earn a Distinguished Performer Award for Innovation from Deloitte, along with recognition as one of Inc’s Power Players for our innovative support to jewelry businesses.
Keeping the Industry Safe and Secure
Over the past year, the jewelry industry has seen an unprecedented increase in crime directed against it. It has been our goal to grow awareness of trends and provide the industry with resources and education to heighten their security strategy and lessen their risk to criminal activity.
Through the launch of our Safety and Security Academy, the entire jewelry industry has access to 18 online courses related to security best practices, tactics and techniques designed exclusively for jewelers – all customizable and free of charge. We also introduced new coursework focused on cybersecurity, knowing jewelry businesses face an ever-increasing threat of cybercrimes. We continue to encourage jewelers to make loss prevention education an ongoing part of their business’s safety and security practices.
Additionally, with persistent crime and events impacting our jewelers, their families, staff and communities around the world we expanded our Relieve counseling services to everyone in the industry, spanning multiple countries. This service, provided through TELUS® Health, is available to jewelers, their staff and immediate family members to aid in emotional recovery after a traumatic event.
View our full Risk Services portfolio of products and services available.
Receiving Awards and Recognition
Our company's outstanding performance has garnered recognition from renowned entities in the industry. Jewelers Mutual Insurance Company, SI (a stock insurer) earned an A+ Superior financial rating from AM Best for the 37th year in a row and was named to the Ward’s 50 list for the 13th year, further demonstrating financial strength, stability and performance.
Throughout the year, our leaders stepped up as thought leaders in the industry, elevating the brand and our digital progression. Two such examples include our Chief Information Officer, John Kreul named to the Business Transformation 150 and our Senior Vice President of Marketing and Digital, Krystle Craycraft named a Dynamic Woman of Dallas.
We also earned endorsements from such high value media outlets as Forbes Advisor, Wall Street Journal’s Buy Side and CNBC Select touting our jewelry insurance on their Best Jewelry Insurer lists. These accolades serve as a testament to our dedication to excellence and our unwavering focus on exceeding customer expectations. We stand tall at the forefront of the jewelry industry, driven in our mission to support and protect it while continuously elevating the love of jewelry.
Giving Back to Our Communities and Industry
We have an extensive history of supporting the jewelry industry and the communities where our employees live and work in Wisconsin’s Fox Valley, as well as Dallas and Miami. From scholarships that help promote the jewelry trade to future generations to giving back through volunteer opportunities and gift matching, we take great pride in being responsible corporate citizens.
This year, we actively supported initiatives such as the Black in Jewelry Coalition’s Jewelry-Focused High School Program to prepare students for jewelry and gemologist careers. Our commitment to education extends to our support for the Women’s Jewelry Association and Gemological Institute of America’s scholarships, empowering individuals pursuing careers in the jewelry industry.
Additionally, we continue to make a positive impact in our communities, fostering a culture of philanthropy and social responsibility. In total, we provided financial support to more than 40 community organizations and our employees donated over 1,000 hours of volunteer time in 2023.
As of December 31 (in thousands) | 2022 | 2023 |
|---|---|---|
Assets | ||
| Cash and invested assets | 584,722 | 702,067 |
| Premium receivable | 43,070 | 48,043 |
| Other assets | 15,258 | 19,304 |
| Total Assets | 643,050 | 769,414 |
Liabilities & Surplus | ||
| Loss & LAE reserves | 54,483 | 53,888 |
| Unearned premium | 171,970 | 192,811 |
| Other liabilities | 49,422 | 70,132 |
| Policyholder surplus | 367,175 | 452,583 |
| Total Liabilities & Surplus | 643,050 | 769,414 |