NJBIZ Honors PURE’S Poe with ‘Under 40’ Award

March 19, 2004

NJBIZ, New Jersey’s premier business magazine, has honored Eric Poe, vice president of marketing and business development for NJ PURE (medical malpractice insurance) and vice president of operations for NJ CURE (auto insurance), with its “Under 40 award.”

“Each year for the past 11 years, NJBIZ has sifted through a field of
hundreds of nominees to choose the top 40 New Jersey achievers whose talent and grit have enabled them to become key decision-makers, establishing a record of solid achievement before their 40th birthdays,” said the announcement.

The 32-year-old Poe, a resident of Lawrenceville, New Jersey, was among those honored at this year’s awards ceremony held in Morristown on March 16. He was instrumental in launching NJ PURE (New Jersey Physicians United Reciprocal Exchange) in 2002, “a not-for-profit medical malpractice insurer established during the current malpractice insurance crisis.”

The bulletin explained that in a “reciprocal exchange like NJ PURE, members are carefully screened on a case-by-case basis and agree to share the insurance risk among themselves in a not-for-profit manner. [In effect they operate as risk retention group’s -RRG’s]. Poe’ was cited for his organizational and marketing efforts, as well as the fact that by using PURE physicians avoid using agents or brokers, “thus saving members the considerable cost of broker fees.”

The bulletin noted that “Poe’s success is evidenced by the fact that more than 15 percent of all the physicians in the state have already contacted NJ PURE since its inception. Poe’s experience with the reciprocal exchange insurance format stems from his involvement with NJ CURE auto insurer. Both NJ CURE and NJ PURE were
founded by former State Insurance Commissioner James Sheeran and noted actuary Dr. Lena Chang.

“When Poe began his career at NJ CURE in 1994, he was its sole marketing director with an annual marketing budget of less than $50,000. Since 1998, the company has tripled in size. He now oversees an annual marketing budget that exceeds $1.2 million, as NJ CURE has grown from insuring 15,000 vehicles in 1998 to more than 48,000 at the end of 2003.”

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