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Best Places to Work - Small Companies

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Island Insurance Company, Ltd.

Company:Island Insurance Company, Ltd.
Address:1022 Bethel Street Honolulu, HI 96813
Year Founded:1939
Number of Full-time Employees:179
Overview:Founded by Masayuki Tokioka in 1939, Island Insurance Companies is Hawaiis largest locally owned and managed property and casualty insurance company. Today, Island Insurance has been serving Hawaiis families and businesses for over 65 years and employs over 180 people. It offers a full range of personal and commercial insurance coverage and has an A (Excellent) financial strength rating from A.M. Best and A (Strong) from Fitch Ratings, two of the worlds oldest and most authoritative insurance company financial ratings organizations.
CEO:Colbert Matsumoto
Status:Privately Held
Number of Part-time Employees:6
Average Annual Salary - Exempt Employees:$72,552
Average Annual Salary - Non-exempt Employees:$33,204
Number of Job Applicants:272
Number of Hires (Last Fiscal Year):17
Voluntary Turnover:7%
Female Employees:128
Percentage of Female Employees:69%
401(K) or 403(B) Match:Yes
Percentage of Match:100% of first 3%
Average Hours Training Offered per Year:38
Number of Paid Company Holidays:
Number of paid vacation and personal days:10
Interesting Fact:Company events, which are open to friends and family to attend at no cost, allow employees to interact outside of the work place. Events include Movie Day, where an entire theatre is rented out for employees and their guests to enjoy a free movie as well as a lavish casino-themed holiday party.
Best Practices #1:Island supports ongoing education in leadership development through programs covering general management topics such as performance management processes, constructive feedback, recognition/reward, communicating more effectively, etc. Monthly leadership training is provided on-site.
Best Practices 2:Examples of recognition and rewards include: 1) Employee Appreciation Program - This program recognizes employees for going above and beyond in terms of service. Employees receive reward cards per recognition which is redeemed for prizes such as logo items, gift certificates, and inter-island air travel certificates (up to a maximum $304 value). 2) Island Ideas Program - This program rewards employees for making work-related suggestions for practical business improvements or cost-saving ideas that will contribute to the companys future success and growth. Upon implementation of a cost saving idea, the employee who makes the suggestion receives a percentage of the cost savings to the company. 3) Professional Designation Award - A monetary award up to a max of $2500 for successful completion of a designation which is related to the employees position or career path. Tuition fees for courses needed to obtain the designation is paid for by Island. 4) Perfect Attendance Award - $100 for calendar year period. 5) Service Award - Service award ceremony. Starting from the 5th year of employment and every 5 years thereafter, up to a max of $500. 6) Retirement Award - $100 per completed year of service to max $2500. Retirement from active service with 20 or more years of service. 7) Customer Service Week - A week long celebration event hosted by Island to show appreciation to its employees for providing outstanding customer service throughout the year. Activies include customer service seminars, team building activities, pankake breakfast event, luncheon, and movie day.
Differentiating Practice:Ongoing company events, many of them open to friends and family to attend at no cost: 1) Movie Day - rent an entire theatre for employees and their guests to enjoy a free movie. 2) Family Fun Event - extensive outdoor event for employees and their families and friends with food, live entertainment, fun activities, etc. 3) Holiday Party - lavish casino themed party 4) Discount Movie Tickets 5) Flexible Work Week - allows employees to have flexibility in their schedule so that they are able to maintain a work/life balance.
Map:Click to map the location of Island Insurance Company, Ltd.