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The highest reputation The fifth-largest life insurance company in the U.S., Northwestern Mutual Life has consistently been chosen by Fortune's annual survey of corporate reputations as the "most admired life insurance company." It has been cited for its quality products, financial stability, and exceptional agents. Founded in 1857, NML quickly developed a reputation for excellence and dependability well beyond its headquarters in Milwaukee, Wisconsin. The early years saw the company become renowned for settling its claims within a few days, despite a 60-day grace period in its policy contracts. There is even a story that the company's president once took out a personal loan to pay beneficiaries. The specialties Today, NML specializes in life insurance for individuals, but also provides disability income and annuities. Agents are independent and self-employed and have exclusive contracts to sell the company's products. This system of independence is intended to foster a more in-depth knowledge of Northwestern Mutual's offerings among the agents, and to make them serve customers with greater care. Changes in Milwaukee But there are changes afoot in the nurturing confines of Milwaukee. In July 2000 Northwestern will shorten its name to Northwestern Mutual, and together with all agents and subsidiaries fall under the Northewestern Mutual Financial Network. Northwestern is one of the last mutual companies of its kind, meaning that it is owned by its policyholders, not stockholders. Going public would mean each policyholder would net about $2,400 of NML's $6.7 billion surplus. The CEO, James Ericson, doesn't want to take this step, however, and plans to keep NML private for as long as being a mutual does not put the firm at legal disadvantage. Expanding funds In 1999, Northwestern Mutual bought the Frank Russell Company, a pension manager. Northwestern, it appears, is moving into the mutual fund and investment management business; the company set up nine mutual funds (its Mason Street Funds) in 1997.
Northwestern Mutual prefers candidates with bachelor's degrees. Candidates with high grades alone are not as attractive to NML as candidates who can demonstrate a lot of energy and the ability to work independently. Candidates seeking a position as an insurance agent do have to go through an interview process. Because working for NML is more of a "life decision" than simply a career move, one candidate was asked to bring his wife along to his last interview, to make sure he would have her support. Yet, one enthusiastic contact claims "if you really, really want to be an agent - the job is yours." For detailed information about working for Northwestern, visit the career opportunity section of their web site at http://www.northwesternmutual.com/career/. Resumes may be submitted online or sent via postal mail.
NML patriots Most NML agents seem to rally around their parent company, calling it "an excellent company with a great reputation" and lauding the "really top-notch group of employees." One contact admitted that working for NML "doesn't sound exciting" but averred that "representing a quality company like NML is a win-win for you and your clients." One agent called a career with the company "good for someone who is self-motivated, looking to be independent, likes to help people, can put up with ups and downs of dealing with the public, is willing to work hard, and wants to earn an above-average income." Life at Home (office) NML insiders not in the field call the Home Office their stomping grounds. The HQ is "right on the banks of Lake Michigan in downtown Milwaukee," and is, "along with Harley-Davidson" one of the beer-soaked city's largest employers. The Home Office is no hotspot of dynamism - one insider comments that "most people have been here since high school." Another notes that "many people tend to work here for their entire career and that speaks for itself." Dress up Although some lament the formal dress code, most happily endure "dark suits or silk blouses" in exchange for the chance to make "sky-high commissions." Milwaukee's best As one might expect from an insurance company, "benefits are excellent." Insiders say they get "double our salary in life insurance," gratis. The biggest freebie, however, is the "free lunch program." "We get a gourmet lunch for free," reports one of our contacts, "which has been rated by Milwaukee Magazine as the best restaurant in Milwaukee. I don't know if I'd go that far, but you can't leave hungry with all the choices." Agents, however, are "not allowed to eat in the cafeteria" (presumably for free). Working towards the optimum workplace While NML is not a paradise of racial and gender equality - "most (certainly not all) of the black females are in low level clerical positions" - most insiders seem to feel working at NML is "a good experience." "My bosses allow me to do my job myself without looking over my shoulder. I feel that the company believes I am a valuable employee and that they are glad to have me working there." High marks One agent summed up the NML experience by saying: "The hours are long, but this is the chance to run your own show and get paid handsomely for it."
Human Resources
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