April marks the 7th anniversary of the initial meetings regarding the creation of Arkansas Mutual Insurance Company, the only single state medical professional liability company in Arkansas. After measuring interest from several dozen Arkansas physicians, on April 19, 2007, I met with the Friday firm attorney Mike Pickens, former two-term Arkansas insurance commissioner and past president of the National Association of Insurance Commissioners. This was followed by a meeting with UALR insurance Professor Lars Powell, PhD. Over the next year and a half I had countless meetings with physicians, attorneys, accountants, bankers, consultants, financial advisors, etc. The list of meetings that had to take place to form such a highly regulated company seemed endless. But all these meetings had one thing in common: they were with Arkansans.
Arkansas is blessed with an unusual amount of talent for a small rural state. Arkansas produced the world’s largest retailer, WalMart, the world’s largest producer of protein, Tyson Foods, the 42nd President of the United States, Bill Clinton, the largest investment bank off Wall Street , Stephens Inc. and some of the greatest musicians of all time like Johnny Cash, Al Green, Louis Jordan, Scott Joplin, Levon Helm….the list goes on. Suffice it to say that we are an energetic, creative, intelligent and entrepreneurial bunch here in the Natural State.
Throughout our development and into our growth stages, Arkansas Mutual has partnered with Arkansas companies. Just as our policyholders are only Arkansas doctors, our vendors and partners are Arkansas companies:
Arkansas Mutual banks with First Security Bank instead of the larger regional and national banks because they know us.
Stephens Capital Management and Crews and Associates handle Arkansas Mutual’s investments. Wall Street may have bigger firms but Stephens and Crews are world class organizations and they are our friends and they know us and understand our needs.
Arkansas Mutual only uses established, long-time Arkansas insurance agencies as our partners. No out of state agencies can sell our products. These companies are an integral part of their communities.
Arkansas Mutual uses CFO Networks for our accounting and finance services. We use Edafio for our IT environment. I could go on but you get the idea….we go out of our way to work with Arkansas companies.
Why do we insist on using local companies? Because we know these people. We went to school with them…we go to church with them, our kids play on sports teams together, we see each other at the restaurant, football games, the gym and the golf course. There is a level of trust doing business with people that you know that is not possible otherwise. We are building community while building our company.
We believe in Arkansas and we believe in the people of Arkansas. Our mission as a company is to build the best possible medical malpractice insurance company specifically for Arkansas physicians. This is not a marketing slogan… it is the reason for our existence. So to those of you who have placed your trust and the protection of your practice in our hands…thank you for your trust. For those of you who are not yet Arkansas Mutual policyholders, we hope that when it is time to renew your medical professional liability insurance that you will give Arkansas Mutual the chance to quote your policy. We want to explain why it is in your best interest and the best interest of our state, for you to join our family. We are the fastest growing medmal carrier in the state and it is because Arkansas takes care of its own. We are excited about the future of Arkansas Mutual and we hope you are as well.