Selective employees and NASDAQ official join chairman, president and CEO, Greg Murphy, in ringing the bell to signal the close of the NASDAQ trading day on July 14, 2008.
Gregory E. Murphy was named chairman, president and chief executive officer in 2000 and has played a key role in Selective’s growth to a super-regional property casualty company. A strong advocate of independent insurance agents, he has promoted Selective’s “high-tech, high-touch” business model to powerfully combine a unique field-based underwriting and claims model with leading edge agency automation technology.
“The challenge facing any company is the need for a clear, well-articulated strategy built on sustainable, competitive advantages that can generate top-line growth and bottom-line performance,” he emphasized. “The strategy must be dynamic and able to evolve as circumstances change. Selective has been working from a solid plan for decades. We have an excellent foundation and a strong structure designed to support ongoing improvement over the long term. Our strategy has guided Selective’s journey toward becoming the leading regional carrier and market of choice for our agents.”
2000 – present
With the mid-1990s introduction of the field underwriting and claims programs and PC-based automation, the road ahead was clearly the well-designed integration of highly personalized customer service – ‘high touch’ – with the swiftly improving capabilities of technology.
In the two decades since that significant launch, the company introduced systems that make doing business easy while enabling Selective and our agents to maintain the strong relationships that have made us successful.
The new century began with the rollout of One & Done®, our small business issuance system, and eSelect® , the employee and agent extranet portal.
The underwriting Service Center opened in Richmond, Virginia to help agents meet the day-to-day service needs of their small business customers, and the company introduced its Mobile Claim System (MCS), which allowed claims specialists to fully service a claim on site and in the agent's office.
Selective reached $1 billion in net premiums written.
Selective went on to add:
- a fully integrated commercial lines automated system (CLAS®), which offers policy quote, issuance, endorsement and renewal processing for commercial lines products over the web.
- eSurety®, offering agents the ability to rate, quote and issue new commercial surety bonds over the web, and
- SelectPLUS®, the company’s personal lines system, providing a user-friendly environment for processing personal lines policies.
The company introduced its Knowledge Management initiative, creating an online decision support model through CLAS® to provide a broad look at multiple risk characteristics in real-time, leading to even better underwriting and pricing decisions.
xSELerate® agency integration technology for commercial lines, provides agents with a way to bridge data in their agency management system to and from Selective’s systems.
Customers began to benefit directly from our user-friendly “high-tech” approach in 2006 as Selective launched its online customer portal -- eSelect® Online Services. This allows customers to access real-time information, manage their accounts and pay their bills online 24 hours a day.
Selective began writing commercial lines business in Massachusetts, expanding the company’s operating territory to 21 states and the District of Columbia.
Selective acquired two contract binding authority excess and surplus (E&S) operations: Alterra Capital Holdings Limited and MUSIC, both now called Mesa Underwriters Specialty Insurance Company. This gave Selective the platform required to write E&S business in all 50 states and the District of Columbia.
John J. Marchioni was named president and chief operating officer. Greg Murphy remains chairman and chief executive officer.
$1.9 billion in net premiums written.