MagMutual unveils a new look for a new era in healthcare.
“It was time for our brand to transform in the same way we’re transforming healthcare liability insurance, making it more modern, innovative and impactful."
In its nearly 40-year history, healthcare liability insurer MagMutual has always been a pioneer. But while the company has been at the forefront of the industry developing groundbreaking innovations, its brand identity has remained mostly unchanged. Rather than implement a small update to maintain market recognition, the company did what it’s known for – took a bold step forward and created something completely new.
Gone is the caduceus that has been part of the company’s logo throughout its history – a commonly used medical symbol that made it clear what industry MagMutual supports, but didn’t do much in the way of setting the company apart. In its place: an egg.
An egg probably isn’t the first thing that comes to mind when you think of healthcare liability insurance, but that’s largely the point: MagMutual isn’t like traditional medical malpractice insurance providers. Not only do they offer so much more – including flexible, customized coverage options for the practice, business and regulation of medicine – they do so much more.
Here are some of the company’s recent achievements:
- PRISM (launching in 2020) – A first-of-its-kind visual risk simulator, this revolutionary tool lets prospects see all of their potential liabilities and all of their current insurance protection in one intuitive, interactive simulation, enabling them to make informed decisions about how much risk they want to absorb and how much protection they want to purchase.
- Claims Predictive Model – Claims have always been unpredictable, but MagMutual is finding a way to change that. Their groundbreaking claims predictive model analyzes years of data to reveal the most likely outcome for each claim, as well as how to affect the odds in the policyholder’s favor.
- Narrative Search – While the rest of the industry relies on outdated taxonomies and coding, MagMutual has developed a proprietary narrative search capability that enables them to dig into nearly 40 years of claims history and uncover the connections and correlations other insurers miss.
- Claims Assessment Unit – Every single claim reported to MagMutual is reviewed by specially trained physicians and clinicians to help ensure the best possible results for their policyholders.
- Larger, More Consistent Dividends – MagMutual has perfected the mutual company model by returning higher and more consistent financial rewards, plus a choice in how to receive them. Policyholders can opt for an extra dividend now or have funds set aside for their retirement. They can receive their dividend by check or have it deducted from their premium. It’s their money and their choice.
“MagMutual is in the marketplace doing things no one else is or doing them in a way that’s better than everyone else,” said Neil Morrell, president and CEO of MagMutual Insurance Company. “It was time for our brand to transform in the same way we’re transforming healthcare liability insurance, making it more modern, innovative and impactful. And for a company that’s always doing things first, an egg makes the perfect symbol.”
The new logo was also inspired by the ancient Japanese art of kintsugi, in which broken pottery is mended using lacquer blended with gold, silver or platinum. The resulting work honors the history of the piece while fortifying it for the future. For MagMutual, the kintsugi egg symbolizes the idea that the company does more than protect their PolicyOwners – they make them stronger.
The simplicity of the egg design is complemented by a new, more muted color palette, refined typography and stylized, hyper close-up black-and-white photography of items related to the medical profession. The result is sophisticated and confident, and effectively conveys the company’s image of strength, leadership and forward-thinking.
“Our number-one precept has always been: PolicyOwners first. We do what’s best for them, and we continually strive to find new ways to enhance our value to them,” remarked Dr. Joe Wilson, executive chairman. “The new brand identity really brings it back to the PolicyOwners and our promise to protect, support and reward them, today and into the future.”