It’s official: Rice Lake ‘is on the map’
Popping its way to success in North Central Wisconsin
April 5, 2023
NEENAH – An identified need for jewelry insurance more than 100 years ago has grown to be a longstanding, well-known business in the Fox Valley.
“Jewelers Mutual Group was founded for jewelers by jewelers in 1913 to meet their unique needs for their jewelry businesses,” Scott Murphy, president and chief executive officer, said. “We have come a long way from our humble beginnings when a group of jewelers banded together because they could not find insurance for their stores.”
Jewelers Mutual Group, headquartered in Neenah, is celebrating 110 years of providing jewelry insurance in the Valley and beyond.
Murphy said what started out as a company dedicated to insuring jewelry businesses soon grew to insuring their customers’ jewelry as well.
“We insure everything from engagement rings to necklaces, to watches and anything that one can wear as jewelry,” he said.
Murphy said Jewelers Mutual Group differentiates itself from other companies in the jewelry insurance industry, partly due to its longevity.
“We are the only insurance company that has been dedicated to protecting and serving the jewelry industry and jewelry customers for 110 years,” he said. “We take tremendous pride in our legacy, and we are grateful for the trust our… customers and the jewelry industry place in us.”
Expansion over the years
Longevity often requires change, and Murphy said Jewelers Mutual Group has expanded its business over the years through non-insurance products and technology solutions to help forward the industry.
“We have launched numerous technology advancements for both jewelry businesses and jewelry customers,” he said. “(This includes) a marketplace technology platform, which has become a one-stop destination for thousands of jewelers to improve the way they do business – from shipping to appraisal solutions and more.”
Insurtech, which Murphy said is technology created to improve efficiency of the insurance industry, is another focus of the company.
He said Jewelers continues to innovate in that space.
“Exploring each facet of the industry, we continue to uncover new opportunities, such as Internet of Things loss prevention technology and meaningful Insurtech offerings, like our Luxsurance program,” he said.
As part of its holistic approach to jewelry insurance, Murphy said Jewelers Mutual Group reinvests in the jewelry industry in different ways.
“We invest in educational opportunities that challenge our jewelers and other jewelry industry partners to think outside the box and to stay on top of potential new technologies,” he said. “We also take great pride in investing in expanded solutions and exploring new ideas our customers say they need.”
To properly see this holistic business approach through, Murphy said the company wants to be jewelry insurance experts and is willing to do what it takes to be that for the industry.
“We work across all aspects of the jewelry supply chain,” he said, “We employ both Gemological Institute of America Gemologists and American Gem Society-Certified sales associates, plus many staff members have experience in the jewelry industry.”
Murphy said Jewelers Mutual Group also keeps closely connected with the jewelry industry through the Jewelry Industry Council – an action-oriented think tank of jewelry industry experts, jewelers and other influential leaders in our industry.
Through conducting comprehensive market surveys and listening to key industry influencers, Murphy said the council helps shape how Jewelers Mutual supports the jewelry industry for a thriving future.
A regional staple
With such a long-standing presence in the Fox Valley, Murphy said the company recognizes the influence the region has had on it.
“The Fox Cities has been home to Jewelers Mutual for 110 years, and the Midwest values are in the company’s roots,” he said. “We are incredibly proud to be part of this special community, and we know how fortunate we are to call Neenah home.”
Scott Murphy
Murphy said Jewelers Mutual Group has given back philanthropically, through the Jewelers Mutual Grant, carried out through the Community Foundation of the Fox Valley, and through volunteer hours by its employees.
Recognizing how the community has supported Jewelers Mutual over the years, Murphy said, serves as the main driver behind the company’s philanthropy.
“It is why we take such pride in being good corporate citizens and giving back to the communities that have stood by us over the years,” he said. “We are committed to building on our 110-year heritage to support the communities in which we belong.”
Though the company’s bottom line is in focus, Murphy said the company recognizes the intangible motivation as to why it positions itself as a leader in the jewelry insurance industry.
“We understand it is about more than metal and stone,” he said. “It is about protecting people’s lives and livelihoods and people’s special moments and memories attached to each piece of jewelry.”
Murphy said looking back at how far the company has come during a milestone celebration is something that as president and CEO, he feels invested in.
“Reflecting on the last 110 years is important because the brand, reputation and mindset that has made us a successful company is the result of never forgetting and continuing to celebrate how we began as a company,” he said.
