Corporate responsibility. Health section. The name was inspired by an 11,foot volcano on the eastern shores of Sicily, Mt. Etna, which was the most active volcano in Europe. Aetna launches its new product with an aggressive promotional effort, which included higher commission rates for agents. This shift in strategy caught the industry by surprise. With the outbreak of the Civil war, many companies were thinking of retrenching. But the devastation of the battlefields combined with a prosperous wartime economy sparked a surge in life insurance purchases.
By , Aetna increased its business percent over levels. This rapid growth gave Aetna the financial stability to meet the stringent requirements placed on life companies in Massachusetts and New York. By , Aetna had 27 percent of its assets in farm mortgages.
From that start, the company rose to become one of the two largest national firms in the farm mortgage field. It also abandons the half-note premium system, a widely used insurance standard. An all-cash premium plan is introduced, making Aetna one of the first companies to switch from half-notes.
Aetna also built into new policies an emphasis on consumer-oriented items, such as nonforfeiture clauses and paying policyholder dividends after the first year rather than the fifth, as was generally done. Bulkeley dies; Thomas 0. Enders becomes president.
Aetna President Morgan G. Bulkeley is elected governor of Connecticut. Bulkeley, the son of the first Republican speaker in the Connecticut Legislature, was a career politician on the Republican side.
He had already been the mayor of Hartford for several terms, and would eventually wind up his political career as a member of the storied "Millionaires' Senate" of , so named for the wealth of its members.
With its entry into accident coverage, Aetna took its first step in a year transformation from a monoline insurer to a company that offered a variety of coverages. The new product was offered only to people holding or purchasing an Aetna life or accident policy.
As the nation's industrial base grew more complex, and the Progressive social reform movement gained political momentum, Aetna responds by organizing an Accident and Liability department in to handle employers' liability and workmen's collective insurance. This department became the cornerstone of the Aetna Accident and Liability Company in It later added protection against damage to horse teams, flywheel breakage, auto collision coverage, plate glass and burglary insurance, and surety bonds.
This wipes out every dollar of profit American fire insurers had made over the previous 47 years. Twenty companies fail completely. Most make only partial payments under the tenuous assertion that most of the damage in the city had been caused by the earthquake for which fire insurers were not liable.
Nonetheless, the Hartford insurance companies would pay every claim in full. Soon after, Aetna began aggressively developing related lines, such as collision and damage. This is one of the earliest examples of Aetna's willingness to use technology to improve efficiency. Several people insured by Aetna lose their lives on the Titanic.
This became the foundation upon which Aetna built its current health care business. The s brought into the public consciousness the notion that employers were responsible for the safety of their workers. Aetna uses its financial strength to provide insurance needed to bond contractors involved in government construction. The company also helps fund the country's war effort by purchasing and selling millions of dollars of Liberty Bonds.
Cammack to run the Group department. Bulkeley dies after 43 years as Aetna president. Under Bulkeley, Aetna experienced explosive growth. Bulkeley is replaced by his nephew, Morgan B. Under Brainard, Aetna revamped its agency system and rewrote its policies in simpler language. The company advertises on radio for the first time Aetna creates the first insurer-owned rehabilitation clinic for disabled workers, located in Syracuse, NY.
Marion Bills. Bills revamped the company's personnel policies within two years. She also introduced the Bonus Plan, a piecework sliding pay scale that was primarily applied to data processing departments. The inherent strength of the Aetna companies enables them to survive.
Aetna manages the crisis by withholding dividend payments to shareholders from late to early , reducing the workforce through attrition and cutting salaries by 10 percent. Aetna employees survive the Depression in relatively good shape.
Construction begins on the current home office at Farmington Ave. At the time of its completion in late , the structure is the largest colonial-style building in the world and is the largest office building in Connecticut. Navy aircraft carriers. As it did in World War I, Aetna aids the war effort by throwing its substantial resources behind bond drives, raising millions for the war chest.
Aetna becomes the first insurer to advertise on television. The gala is attended by more than 8, people at the home office. The birthday cake stands over 12 feet tall and weighs more than pounds. Aetna develops the first automobile simulator the "Drivotrainer" to teach high school students to drive.
Cammack retires after being Aetna's chief actuary for more than 30 years, a senior officer in the casualty affiliates since , and a member of the Board of Directors of three of the four Aetna companies. About us. Corporate responsibility Corporate responsibility. For individuals. Investors overview Investors overview. Aetna secure site. Dental secure site. Coventry secure site. Health section. Access Access. Community Community. Innovation Innovation.
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