Strategic Planning

Corporate Goals

Princeton Insurance remains focused on three long-term corporate goals.

While each of these goals support our Mission and Vision Statements, there are numerous smaller targets, or action items, each department must achieve in order to successfully accomplish our larger mission in partnership with the New Jersey healthcare community.

The goals are:

To Build and Maintain Financial Strength in order to remain a viable, long-term partner of our policyholders.

Strengthening the company’s balance sheet is not an end in itself, but rather a means to provide sound, long-term protection for the benefit of the New Jersey healthcare community. The medical professional liability insurance marketplace is no place for the uncommitted. Over our almost 30 years of service to New Jersey healthcare providers, some large, commercial insurers have entered the market, suffered major losses and quickly exited. Several smaller, regional companies have tried and failed to maintain a long-term presence. Others have entered New Jersey only to leave a few years later. Princeton Insurance remains the only exception, with the longest continuous presence of any medical professional liability insurer in the state.

Maintaining a healthy long-term outlook requires perseverance and discipline. It means making tough decisions that sometimes are unpopular in the short-term, yet necessary for long-term health. It necessitates a commitment to three foundational principles of financial health: growing surplus funds, pursuing a modest profit and exhibiting careful expense control.

To Invest in People as our Greatest Resource so that our employees, agents and insureds can work together toward a common goal.

Princeton Insurance ultimately rises or falls based upon the ability of our people. As the leading writer of medical professional liability in New Jersey, we have consistently attracted and retained a knowledgeable, hard-working employee base: one that has weathered the storms and learned the lessons of past insurance industry cycles. Simply put, no other company offering insurance and related services to the New Jersey healthcare community has the experience or expertise of the Princeton team. That being the case, Princeton continues its commitment to employees in 2005, assisting in their professional development and growth. Our success in this area is critical in order to continue providing the very best in service to our policyholders, agents and other audiences.

To Demonstrate Value to Policyholders by offering quality services and sound insurance protection.

Building financial health for the long-term and investing to maintain the high caliber of our employee base are worthwhile goals, but by themselves they cannot lead to success for Princeton Insurance. If ultimately our mission is to partner with the New Jersey healthcare community, then success for Princeton cannot be achieved unless the partnership yields value in the minds of those we exist to serve. That’s why we strive to be more accessible to policyholders, increasing communication and financial disclosure. That’s also the reason why we continue to work to strengthen and enhance the business relationships we have for so long enjoyed with the hospitals, physicians and other healthcare providers of New Jersey.

Developing value-added services takes a team effort. New initiatives are under way in Risk Management and Loss Prevention, targeted to help our policyholders reduce the incidence of loss. Efforts to further evaluate our extensive history of loss data, as well as accessing our most current data sooner in the claim process, will play a significant role in these efforts. In 2005, our marketing group will reach out to agents more than ever before, providing tools for greater efficiency in managing their relationship with Princeton and their clients. Information Technology and Communications are collaborating to build a better Web site at pinsco.com, which will provide more practical, useful applications for policyholders in the coming year. Regular communication will demonstrate our ongoing commitment to be more transparent to policyholders, with frequent financial and operating updates in print and on the Web.