Pharmacists Mutual looking forward to another 115 years

When a fire damaged a pharmacy in Titonka around the turn of the century, it sparked the beginnings of a now 115-year-old company. Al Falkenhainer was so unsatisfied with the adjustment claim process after his pharmacy was damaged by the blaze that, in 1909, he founded Druggists Mutual.

Today, the business exists as Pharmacists Mutual, which offers insurance coverage to pharmacies and other select businesses through its underwriting business Pharmacists Mutual Insurance Company, and through its retail insurance business PMC Advantage Insurance Services.

"Reaching a milestone like 115 years of operation is a truly unique and rare accomplishment," said Pharmacists Mutual CEO Aaron Pearce.

"While we take no year for granted, I am incredibly proud of our employees and our history and look forward to building on this impressive legacy. The challenge of securing decades or more of success is incredibly motivating to me. It gets me up in the morning."

Pharmacists Mutual employs upwards of 170 people across the state of Iowa - a vast majority of whom are located in Algona and other northwest Iowa communities.

Pearce went on to say Pharmacists Mutual is best understood today as two distinct insurance operations - PMC Advantage Insurance Services, which focuses on the sale of insurance products, and Pharmacists Mutual Insurance Company, an underwriting company which sells its products through insurance agents.

"The benefits of having PMC Advantage as part of our family of brands are numerous, but at the top of that list I would offer that, with PMC Advantage, we are best able to serve the community around us, and provide exceptional access to a comprehensive array of risk management products needed in today's economy," Pearce said.

And he noted the two separate branches of the company tree take a similar approach to serving their clientele.

"Service is an essential part of either business operation, but it is blended with the ability to offer a fair and appropriate priced insurance product and the right coverages to serve the insured," Pearce said. "Both PMC Advantage and Pharmacists Mutual are relationship-centered organizations and value every client we are fortunate to get to serve."

Outside of Iowa, Pharmacists Mutual also employs more than 80 individuals who focus largely on client policy and claim servicing at the company's national level.

"We see ourselves as a part of a number of communities, not just one," Pearce said. "Locally, we plan to continue to help sustain the northwest Iowa economy for years to come by providing stable and rewarding employment opportunities. Nationally, we endeavor to be seen as a strong market for small to medium sized pharmacy and other select healthcare providers to help them protect their business while they care for all of us. Within the insurance industry, we seek to be a 115-year-old voice in helping to drive our industry forward. Within the state of Iowa, we are proud to be the one of more than 7,000 insurance and financial services companies who call Iowa home."

Pearce said there are constant changes in the world of insurance coverage - for instance, his company chose to exit the personal lines market just last year to focus entirely on specialty commercial lines. But the CEO said he aims to see all parts of the company grow in a sustainable way as they continue to deliver on what he called a 115-year promise of quality service.

"For our underwriting business at Pharmacists Mutual, we will be working to further enhance our value proposition as a specialty underwriting company that is committed to taking care of the healthcare professionals that care for us and our families every day," he said. "For PMC Advantage, we plan to continue to grow the agency practice and help support regional business through our ability to offer truly excellent commercial lines insurance products of all types."