Has it really been three months since the ICMIF Board of Directors confirmed my appointment as the incoming Chief Executive of ICMIF (as of November 2024)? Well, my calendar tells me it has, and my goodness, time flies when you are so busy and inspired!
It’s been very humbling to receive so many generous messages of support and congratulations from ICMIF members, staff and other wonderful stakeholders supporting my appointment which also celebrated the incredible impact Shaun Tarbuck has made during his two decades at the helm of our 100-year-old membership organisation. Thank you all so much.
Recently, I was asked by our Supporting Member, AM Best, to share my vision for ICMIF as part of an interview for AMBestTV. Associate Editor, John Weber, and I had a great chat that focused on how I plan to build upon the strong foundations that Shaun has already built for ICMIF and why it is so important that mutual and cooperatives, the fastest growing part of the insurance sector, continue to leverage their global network to enable more creative thinking within their talent pools and to collaborate further with non-competitive organisations to help navigate the growing complexities facing our industry.
Facilitating knowledge sharing and collaboration
It’s no coincidence that the average age of an ICMIF member organisation is more than 100 years old. And to get to that age, our members have managed to operate successfully during unprecedented times in history, with an enduring commitment to serving their members’ best interests at all times. And it’s during these times of adversity, that customers turn to brands that they can trust. Brands that are local. Brands that deliver what they promise. Brands that are physically close to the risks they insure.
These trusted insurance brands are very often mutual and cooperatives. They command some of the highest levels of trust in the insurance sector by doing the right thing, even when that’s not easy. But despite the trust that consumers have in our member organisations, challenges and mounting emerging risks continue to dominate the minds of the CEOs leading our member organisations.
As a membership organisation, ICMIF leverages its network of more than 200 insurers, in 60 countries, to address the risks facing our part of the sector. This could include anything from closing the protection gap; to attracting and retaining talent; to business transformation, and of course helping to determine an organisation’s approach to ESG/sustainability/long term impact and transition.
And so at our Centenary Conference last year, ICMIF’s Board signed off a new mission for ICMIF focused on modern mutuality. We now aim to inspire and assist members to build and sustain a purpose-led, resilient future. To achieve this our team works with member organisations to help them connect and share strategies, knowledge and experiences from all over the world, injecting innovative thinking, creativity and different perspectives into both fledgling and mature organisations in order to help them manage risks and realise opportunities for strategic differentiation and growth.
Today’s ICMIF is far from a traditional trade association; we are a modern membership organisation connecting, curating and cultivating a unique depth of knowledge sharing across a diverse global network, in a non-competitive environment. We complement national and regional trade bodies which are executing valuable, targeted regulatory and legislative lobbying on behalf of their members. My goal is to create a joined-up narrative with these organisations to help clarify our model’s priorities and impact and to ‘join the dots’ between ICMIF’s strategic focus and other trade bodies’ lobbying work to maximise the impact of our the mutual and cooperative industry.
The value of a global perspective
Given that many mutual and cooperative insurers operate primarily at a national level, differentiating themselves from competitors becomes vital. ICMIF provides its members with a global perspective, allowing them to draw insights from different countries and cultures. This international outlook fosters new ways of thinking and helps these organisations stand out whilst staying true to their original purpose.
Cooperative and mutual principles emphasise cooperation and collaboration within the sector. ICMIF supports this by connecting its global network in various ways. This collaborative approach has been successful, as evidenced by the growth of the global mutual and cooperative insurance sector, which is outpacing the total global insurance industry’s growth.
ICMIF also works to curate the sector’s leading examples of strategic best-practice and share these insights within our network. ICMIF members can access the ICMIF Knowledge Hub, a valuable resource centre exclusively available for all employees at ICMIF members to help inspire their own strategic approach and to expose emerging talent to the wider world of mutuality.
ICMIF fosters collaboration through introductions among members and face-to-face events, forging relationships and collaborations across global regions. We also work to develop partnerships with leading global policymakers to help maximise the global impact of the mutual/cooperative business model.
Supporting member-centric innovation in a technology-driven world
One of the foremost challenges for mutual and cooperative insurers is adapting to the demands of modern consumers. Many of our member organisations have histories spanning more than a century, making cultural and technological transformation essential.
Therefore, transformation and innovation are key to staying relevant and competitive. Mutual and cooperative insurers are focusing on business transformation, embracing digitalisation, seizing new opportunities through innovation, and adapting to the evolving future of work. ICMIF facilitates this by hosting virtual roundtables and webinars for our strategy and transformation leaders.
As the insurance industry continues to transform, modern mutuals are setting a new standard by combining the traditional values of mutuality with innovative approaches that benefit both member-policyholders and society as a whole. These insurers prove that staying true to one’s roots while adapting to the times can lead to a successful and purpose-driven future.
A wider role for mutuals: preventing and mitigating risk
In many ways insurers already act as society’s financial safety net. Mutual and cooperative insurers prioritise sustainable and inclusive economic growth for all. By adhering to their principles, more and more ICMIF members are working to bridge the protection gap in both developed and emerging nations. Unlike many shareholder-driven companies, these organisations can take a more long-term approach, focusing on their purpose rather than immediate profits. This approach, built on trust and resilience, resonates with consumers and has the potential to inspire positive change across the entire insurance industry.
ICMIF is also collaborating with the wider insurance industry to shift the focus from a pure protection mindset to one centred on resilience, which includes a proposition of protection and prevention for all customers. This approach enables insurers to reach a broader and more diverse clientele, ensuring that no-one is left behind.
The ICMIF Foundation focuses on strengthening resilience in underserved communities by partnering with members and the United Nations Development Programme (UNDP). The recently announced UNDP ICMIF Insurance Innovation Challenge Fund aims to expand inclusive insurance coverage in developing countries, with a focus on women.
So like other business models, mutual and cooperative insurers face both challenges and opportunities in today’s insurance landscape. ICMIF members, however, face these conditions with a collaborative and growth mindset. With a commitment to sustainability, innovation, and community support, these organisations are well-positioned to inspire positive change and contribute to a more inclusive and resilient future for the insurance industry and the communities they serve.
Having a positive social and environmental impact is good for business
ICMIF members believe doing good makes business sense. Having a positive impact in the communities that they serve creates shared value for all stakeholders.
The COVID-19 pandemic highlighted the significance of the impact that mutual and cooperative have in society, demonstrating their value by providing financial assistance, health advice, and support to local communities. Over USD 8 billion in financial aid was contributed, underlining the sector’s commitment to social and economic impact.
ICMIF members also recognise the importance of addressing ESG risks and opportunities, promoting sustainable and responsible business practices, and helping to mitigate the impact of climate change.
ICMIF’s commitment to sustainability is exemplified by the ICMIF-calibrated Insurance SDG Calculator, which measures insurance sustainability impact against the U’s Sustainable Development Goals (SDGs). Developed in collaboration with the Swiss Re Institute, this tool helps insurers assess their impact within their portfolios and operations. The ultimate goal is to make this tool accessible to the entire insurance sector. We have also developed a Resiliency Benchmark with the United Nations Office for Disaster Risk Reduction (UNDRR) and are committed to a multi-year collaboration to help address the urgent challenge of reducing disaster risks.
A survey among ICMIF members revealed significant investments in sustainable frameworks, with sustainability reporting on the rise. Furthermore, the ICMIF Sustainability Forum and our upcoming Sustainability Summit (1-2 November 2023) aim to foster knowledge sharing and collaboration amongst members on sustainability and ESG topics.
At the end of the day, we are still in the people-business
Transformative change goes far beyond AI, new systems, impact measurement tools and reporting. ICMIF members are committing to ensure diversity, equity, and inclusion (DEI) in their workforces and in their customer-reach which, in turn, can offer differentiation and help address societal issues. They are recognising the importance of enterprise-wide culture change and lean into this mindset. They are focused on retaining their best people and attracting new specialised talent. This remains a strategic priority in order to achieve an on-brand, consistent and integrated customer experience.
ICMIF’s talent and leadership propositions offer face-to-face and virtual opportunities for members’ to explore the development of their purpose-driven culture and leadership qualities whether you are in the C-Suite, an HR Leader or indeed an emerging leader.
And so I finish this blog where I began. In November 2024, I will become ICMIF’s first female CEO at our Biennial Conference in Buenos Aires (Argentina). These events attract around 350 to 400 mutual and cooperative leaders from around 35 countries with around 75% of the audience being C-Suite delegates. The issues I have discussed here, plus many more, will be brought to life by our members at this event. Watch out for the launch communications later this month. I hope to see you in Argentina, if not before.
Watch Liz’s interview with AMBestTV here.
