Regis Mutual Management, has been included in the 2017/2018 edition of The Parliamentary Review which was published in October 2018. The Parliamentary Review is an annual publication which highlights best practice in different industry sectors in the UK. Read the full article from Regis in the insurance edition of the Review here.
Established 10 years ago, Regis Mutual Management (Regis) has, the organisation says, ushered in a compelling new era for mutuality at a critical time for the UK financial services community and the economy at large. Set against the context of uncertainty following the 2008 banking crisis, the Regis mutual model gives customers choice for those who are tired with the status quo of rising costs without receiving proper benefits. The company has grown across industry sectors over the last decade, and its international growth has helped contribute to Britain’s business leadership on the world stage. In the Regis feature in The Parliamentary Review, CEO Paul Koronka has much to say on the topic of creating mutuals in both the UK market and overseas.
In the Review Koronka explains: “Our mutual model offers a real alternative to conventional insurance, providing a more efficient and tailored approach to managing risk. Regis managed mutuals are entirely owned by their members, and run by a board appointed by the membership, who make key decisions such as what to do with any surplus after payment of claims, insurance premiums and administration costs. There are no shareholders; everything the mutual does is for its members’ benefit. We offer a robust structure for claims and risk transfer – or as we call it, a “redesigned” approach to insurance.”
Koronka explains how Regis Mutual Management has led the way in developing the discretionary mutual model, which, he says, is generally the only economically viable way of setting up a mutual in the current environment. “It’s much easier to set this up for people who are interested in protecting their risks through a mutual, without having to fund it with huge amounts of capital,” Koronka adds.
Over the last decade, Regis has helped many organisations gain control of their risk in a transparent way, including enabling them to generate and manage their own surpluses. The organisation’s expertise comes from having listened to customers and designing unique structures around their specific needs. As demand for Regis Mutual Management’s services has grown, the organisation has expanded to cover every kind of support required to build a mutual in virtually every sector.
Koronka concludes: “We live in the age of consumer empowerment and those businesses that put consumers in the driving seat will be tomorrow’s success stories. Within this, mutuality has a key role to play; in this respect, Regis inspires to be at the fore. The mutual advantage has never been so tangible or compelling.”
About Regis
Regis Mutual Management is a mutual management company with amission to make a real difference in the insurance sector by offering choice to its clients and their respective members through the establishment and careful management of mutuals. This can include broking and contact centre projects. Regis’ services provide a made-to-measure alternative to conventional insurance and can include broking and contact centre projects. Regis’ services provide a made-to-measure alternative to conventional insurance.
The mutuals managed by Regis Mutual Management are inherently customer-focused and their products are designed specifically for the members. These new mutuals, Regis says, are a new generation of mutuals that are based upon the spirit of mutuals in their original form, brought to life by modern, professional and disciplined management skills. Indeed, three of ICMIF’s member organisations are managed by Regis Mutual Management: The Livery Companies’ Mutual and The Retail Mutual (both UK) and Unimutual (Australia).
The Parliamentary Review
The Parliamentary Review allows UK businesses and public sector bodies to share and promote their best practice within policy sectors, with the goal of raising standards. The publication is independently owned which allows it to remain non-partisan and take no official government stance. Alongside the voices that represent different sectors, each year notable politicians and senior figures related to the relevant industry for each edition (by industry) lend their perspective and insight to The Parliamentary Review.
The Parliamentary Review is primarily aimed at directors, CEOs and those in positions of leadership with a readership of upward of 500,000 per year. The Parliamentary Review is not an award, acting instead as a vehicle for different organisations to share their best practice as well as their concerns. The organisation chooses to present itself as a learning tool and a template for reform rather than as an accolade.
