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 Al Falkenhainer
What appeared to be a bleak end for pharmacist Al Falkenhainer, is today a thriving, prosperous insurance company, Pharmacists Mutual Insurance Company. In 1902, a fire destroyed Al Falkenhainer’s drug store located in Titonka, Iowa. Frustrated by loss settlement practices and high premiums, Falkenhainer set out to build a better insurance company.
As a member and officer of the Iowa Pharmacists Association, he believed in druggists working together for the good of the profession. In 1909, Falkenhainer obtained a charter for a Mutual Insurance Company. He founded Druggists Mutual Insurance Company with the support of his peers and served as president from 1909 to 1920.
Following the direction set by Falkenhainer, Pharmacists Mutual (formerly Druggists Mutual) continues its dedicated service to pharmacy. It is the only insurance company in the United States that specializes exclusively in serving the insurance needs of pharmacists. As an A.M. Best A (Excellent) rated property and casualty insurance provider, the company writes over 80,000 policies for more than 45,000 customers in forty-eight states. The majority of policyholders are pharmacists and independent pharmacy owners, although the market share of pharmacy students, home health care operations, durable medical equipment providers and gift and card shops is on the rise.
The Pharmacists Mutual headquarters is located in Algona, Iowa, a rural community of 6,500 in a diverse agricultural area. The company employs nearly 300 people including over 50 sales representatives who live in the states where the company operates. Among the Pharmacists Mutual staff are former teachers, nurses, lawyers, accountants, pharmacy technicians, pharmacists and a medical examiner. Many are licensed insurance representatives and/or have earned distinctive insurance designations. The Board of Directors of Pharmacists Mutual are practicing pharmacists. They are instrumental in developing company goals and policies.
Committed to the pharmacy profession, Pharmacists Mutual supports numerous pharmacy initiatives including scholarships to pharmacy students, sponsorship of the Distinguished Young Pharmacist Award nationwide, lectures on pharmacy law, providing continuing education speakers at pharmacy conventions, risk management assistance, and legislative support of pharmacy bills. You can sense the dedication to the pharmacy profession at Pharmacists Mutual from the moment you set foot in the company’s door. A unique turn-of-the-century museum furnished with pharmacy artifacts, many donated by policyholders, greets guests and pharmacy connoisseurs. The museum features pharmacy items dating back to the early 1900’s, including a marble-topped soda fountain. Al Falkenhainer’s commitment to pharmacy nearly a century ago is alive today. Pharmacists Mutual is committed to maintaining his legacy and his simple yet powerful idea—be the best at serving your members and all else will follow. |