CUNA Mutual Marks First Claim Anniversary
These days, CUNA Mutual Group says it pays out nearly $3.4 million in claims each day, which is a historical leap from the $40 death benefit it first paid 75 years ago.
The company celebrated that milestone Oct. 8. In 1935, the year CUNA Mutual was founded, the company paid its first claim on the death of a Milwaukee Road switchman. Since its founding, it has paid out more $28 billion in claims, including life, health and property and casualty benefits, according to CUNA Mutual.
The total claims paid in 1935 were $1,653 and the company's total premium earned in its first month that year was $145.22. CUNA Mutual reached a milestone in 1972 when it paid $1 billion in claims. In 2009, it disbursed $851 million to policyholders.
"A contract is just a piece of paper; our promise is to bring it to life. We delivered on our promises then, we do now and we'll deliver on them always," said Larry Holweger, CUNA Mutual's senior vice president of claims.
CUNA Mutual employees marked the 75th first claim anniversary with a campus-wide picnic lunch as a culmination to their observance of the company's customer service week.