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Our employees benefit the most from a company with strong financial results. When I came on board, change was necessary at IAT. The company's historical results from our insurance operations was not acceptable – with combined ratios in excess of 100 each year. In 2015 and 2016, we achieved the best results the company has ever had. Combined ratios in the mid-90s - generating underwriting profit for the first time in the company’s history. We paid our largest bonus pool(excluding the executive team) in 2016 for the 2015 performance year. In 2017, we paid out 30% more than we did in 2016. In 2017, 80% of our employees (excluding the executive team) received a bonus. The majority receiving a larger bonus than prior years.
At the same time, we have worked hard to build an engaging, inclusive culture. We seek and listen to employee feedback. In fact this year was the second year we conducted an anonymous employee engagement survey managed by an outside firm led by Kevin Kruse. We are pleased that our overall score was 3.8 out of 5, and our highest score was in the area of Trust at 4.2. 87% of our employees responded to this engagement survey – one of the highest response rates the firm has ever seen. The most important thing, however, is that our survey results improved in 2017 over last year because we responded to the feedback we received and addressed many of the concerns our employees shared, including implementing a pay-for-performance model and offering expanded training and career development opportunities.
Today, IAT is a stronger company with better financial results and more opportunities for reward and career development for our employees. We are investing in a major upgrade to our technology systems (BTM) and identifying new markets and opportunities for expansion. Our vision is to be a recognized leader in the specialty property casualty insurance industry, and we are well on our way.
Bill Cunningham
