Mutual of Omaha Insurance Company, Nebraska (NE) : Overview, History, Subsidiaries, Coverage, Discounts, Claims And Ratings

Mutual of Omaha  Insurance Company stands as a Fortune 500 mutual insurance and financial services firm rooted in Omaha, Nebraska.

It was established in 1909 as Mutual Benefit Health & Accident Association.

Mutual  Of Omaha Insurance Company
Mutual  Of Omaha Insurance Company: Photo(AP News)

The company provides a diverse range of insurance and financial products, serving individuals, businesses, and groups across the United States.

Mutual of Omaha  Insurance Company Overview

Mutual of Omaha  Insurance Company History

It was founded in 1909 by Dr. C.C. Criss, a medical student at Omaha’s Creighton University, and his wife Mabel Criss.

Mutual of Omaha has evolved into a Fortune 500 company providing insurance and financial solutions nationwide.

V.J. Skutt joined the team in 1927 and became president in 1949.

This propelled the company to national prominence in the 1950s with a distinctive Native American symbol and a license to sell insurance in all 48 states.

In 1963, Mutual of Omaha sponsored the iconic wildlife program “Mutual of Omaha’s Wild Kingdom,” which aired for over 20 years.

The company was a pioneer in offering disability insurance to non-professional workers and providing supplementary coverage for Medicare enrollees in 1966.

Key Milestones:

  • March 5, 1909 – Mutual Benefit Health and Accident Association filed articles of incorporation.
  • 1920 – Premium income exceeded $1 million for the year.
  • 1924 – Mutual of Omaha ranked 8th among insurance companies.
  • 1926 – United Benefit Life Insurance Company, a subsidiary, was founded.
  • 1941 – Group Insurance department was established.
  • 1950 – Name changed to Mutual of Omaha Insurance Company.
  • January 6, 1963 – Mutual of Omaha’s Wild Kingdom premiered.
  • 1974 – Slogan changed to “People you can count on.”
  • 1981 – United Benefit Life Insurance Company became United of Omaha.
  • 2001 – Brand revitalization and sponsorship of USA Swimming.
  • 2002 – New Wild Kingdom series premiered on Animal Planet.
  • 2005 – Daniel P. Neary named chairman and CEO.
  • 2007 – Omaha Financial Holdings, Inc. formed as the parent company of banking initiatives.
  • 2009 – Centennial celebration.
  • 2015 – James T. Blackledge appointed CEO and elected to the board.
  • 2016 – Reached $3 billion in policyholder surplus.
  • 2018 – James T. Blackledge became chairman of the board.
  • 2019 – Mutual of Omaha Bank sold to CIT Bank for $1 billion.
  • 2020 – Logo changed to a lion with the slogan “Protect your kingdom.”
  • 2022 – Announcement of a new headquarters in downtown Omaha, set to be the city’s tallest building.

Financial Overview

  • Total Assets: $10,171,178,077
  • Total Liabilities: $6,159,588,445
  • Capital and Surplus: $4,011,589,632
  • Assets to Liability Ratio: 165.13%

Mutual  Of Omaha Insurance Company Ratings And Reviews

A.M. Best Rating: A+

Complaint Level: Low

Pros

Established industry reputation and trustworthiness.

Diverse array of insurance products catering to different needs.

Commitment to exceptional customer service.

Competitive rates and flexible policy options.

Solid financial stability and reliability.

Cons

Rates subject to variation based on individual factors.

Policy availability may differ by location.

Less prominent recognition in auto insurance compared to some competitors.

Mutual  Of Omaha Insurance Company Subsidiaries

  1. United of Omaha Life Insurance Company: United of Omaha® provides a diverse range of life insurance, fixed annuities, Medicare supplement, and other insurance and financial services products. These offerings are available through Mutual of Omaha’s agency sales force, group sales offices, and independent agent networks.
Mutual  Of Omaha Insurance Company Subsidiaries
Mutual  Of Omaha Insurance Company Subsidiaries: Photo(Plan Medigap)
  1. United World Life Insurance Company: United World® specializes in Medicare supplement insurance, offering its products through direct marketing, Mutual of Omaha’s agency sales force, and independent agent networks.
  2. Mutual of Omaha Investor Services, Inc.: Mutual of Omaha Investor Services, Inc. is the registered broker-dealer of the company, providing mutual funds directly to consumers through Mutual of Omaha’s agency sales force and Retirement Plans division.
  3. Companion Life Insurance Company℠: Companion Life Insurance Company℠ offers a comprehensive range of individual and group life insurance plans, particularly in New York.
  4. Omaha Insurance Company℠: Established in 2006, Omaha Insurance Company℠ focuses on providing Medicare supplement insurance through direct marketing, Mutual of Omaha’s agency sales force, and independent agent networks.
  5. Omaha Supplemental Insurance Company℠: Founded in 2019, Omaha Supplemental Insurance Company℠ specializes in offering health and accident coverage in select states.
  6. East Campus Realty, LLC: East Campus Realty manages Omaha’s Midtown Crossing at Turner Park, a mixed-use urban development located adjacent to Mutual of Omaha’s headquarters.

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Mutual of Omaha Insurance Company Coverage Options

Mutual of Omaha Insurance Company provides a variety of coverage options to address the diverse needs of its customers.

Below is a list highlighting some of the coverage options offered by the company:

Life Insurance:

Health Insurance:

Medicare Part D Prescription Drug Plans:

Long-Term Care Insurance:

  • Policies covering nursing home care, assisted living, and in-home care costs.

Disability Insurance:

  • Income replacement in case of disability, ensuring financial stability during periods of incapacity.

Dental Insurance:

Vision Insurance:

  • Coverage for eye exams, prescription eyewear, and vision correction procedures.

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Cancer Insurance:

  • Specialized coverage to assist with expenses related to cancer diagnosis and treatment.

Accident Insurance:

  • Financial protection in the event of accidental injuries, offering benefits for medical expenses and more.

Annuities:

  • Financial products providing income or lump-sum payouts, often used for retirement planning.

Critical Illness Insurance:

  • Coverage for serious illnesses like heart attack, stroke, or cancer, helping with medical costs and other expenses.

Accidental Death & Dismemberment (AD&D) Insurance:

Group Insurance:

  • Tailored insurance solutions for businesses and organizations, providing coverage for employees.

Employee Benefits:

  • Various employee benefit solutions, including life and disability insurance, to enhance workplace offerings.

Please note that the availability of these coverage options may vary by location and individual circumstances.

Consult with a Mutual of Omaha representative to determine which coverage options suit your specific insurance needs.

Mutual of Omaha Insurance Company Discounts

The company offers several discounts to help policyholders save on their insurance premiums. Here’s a list of some discounts they provide:

Multi-Policy Discount: Save by bundling multiple insurance policies with Mutual of Omaha, such as home and auto insurance.

Safe Driver Discount: Earn discounts for maintaining a clean driving record and demonstrating safe driving habits.

Good Student Discount: Students with good grades may qualify for reduced rates on their auto insurance.

Anti-Theft Device Discount: Installing anti-theft devices in your vehicle can lead to lower premiums.

Defensive Driving Course Discount: Completing an approved defensive driving course can result in reduced rates.

Payment Discounts: Some discounts may be available for policyholders who pay their premiums annually or through electronic funds transfer (EFT).

Paperless Billing Discount: Opting for paperless billing and online policy management can lead to additional savings.

Low Mileage Discount: If you don’t drive your vehicle frequently, you may be eligible for a low mileage discount.

Affinity Group Discounts: Mutual of Omaha often offers discounts through various organizations and affinity groups.

Keep in mind that the availability and specifics of these discounts may vary by location and the type of insurance policy you’re interested in.

Consult with a Mutual of Omaha representative to explore the discounts that apply to your specific situation.

Mutual of Omaha Insurance Company Claims Process

Effortless Claim Filing (Online, Over the Phone, Mobile Apps)

Mutual of Omaha Insurance Company is dedicated to ensuring a seamless and user-friendly claims process for its policyholders.

They offer multiple avenues for claim submissions, including online filing, phone assistance, and mobile app accessibility.

Policyholders have the flexibility to choose the method that aligns with their preferences, guaranteeing a straightforward and stress-free claims experience.

Average Claim Processing Time

Mutual of Omaha prioritizes efficient claim resolution with a competitive average processing time.

While the processing duration may vary based on claim complexity and policy specifics, the company is committed to expediting the claims process for timely disbursement to policyholders.

Customer Feedback on Claim Resolutions and Payouts

Customer input is pivotal in assessing an insurance company’s claims-handling performance. Mutual of Omaha has garnered positive reviews from policyholders regarding the resolution and payout processes.

The company’s dedication to customer service and dependability is evident in its ability to meet the needs of individuals and families during crucial moments, ensuring a smooth and reliable claims experience.

Mutual of Omaha Insurance Company Digital and Technological Features

Mobile App Features and Functionality

Mutual of Omaha provides a comprehensive mobile app equipped with features for easy insurance account management.

The app grants access to policy details, facilitates payments, allows claim filing, and provides digital insurance card access.

Boasting a user-friendly interface and robust functionality, the mobile app enhances the overall customer experience.

Online Account Management Capabilities

Policyholders can benefit from Mutual of Omaha’s online account management capabilities, offering convenient access to update and retrieve insurance information.

The online portal encompasses various services, including managing policy documentation, handling billing, and reviewing coverage details.

Empowering policyholders, this platform allows for greater control over their insurance accounts.

Digital Tools and Resources

Mutual of Omaha furnishes policyholders with a plethora of digital tools and resources to make informed decisions about their insurance coverage.

These resources comprise calculators, educational materials, and FAQs designed to address common insurance-related queries.

Leveraging these digital tools empowers policyholders to gain a comprehensive understanding of their policies and coverage options.

Frequently Asked Questions

What types of life insurance does Mutual of Omaha offer?

Mutual of Omaha offers both whole life and term life insurance policies to cater to varying needs.

How can Mutual of Omaha help with Medicare coverage?

They offer Medicare Advantage and Medicare Supplement Insurance plans to enhance your Medicare coverage.

What is the advantage of Mutual of Omaha’s disability insurance?

Their disability insurance replaces a portion of your income if you become disabled, ensuring financial stability during challenging times.

Why choose Mutual of Omaha for long-term care insurance?

Mutual of Omaha’s long-term care insurance provides vital financial support for nursing home, assisted living, and in-home care, ensuring your future needs are met.

 

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