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Relevance of Mutual and Cooperative Lessons learned from developed Europe and Asia

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Article Synopsis :

Much of the talk concerning insurtech focuses on the growth of adoption in personal lines and the need for commercial insurers to act now or regret later.

 The Digital Insurer reviews Peak Reinsurance’s Report on Relevance of Mutual and Cooperative Lessons learned from developed Europe and Asia

Mutuals are a source of innovation for and an example for insurtech  

However, the non-profit sector faces similar challenges – perhaps greater, as it doesn’t have deep pockets –  when it comes to digital transformation.

Services the parts other insurers cannot reach

Mutuals, cooperatives and community-based organisations (MCCOs) still have a considerable role to play in supporting economic development and social stability.

They became established in the times before social welfare and their simple, relevant products gained considerable traction.

Developed countries have equally well-developed welfare systems, but MCCOs still have a role to play filling the ego between welfare and commercial insurers.

Because they help members mitigate risk, they remain popular and are considered to be a benefit to society as a whole.

But MCCOs must also remain agile to address social and economic changes and adapt to regulatory trends.

Technology is equally important for mutuals

Although MCCOs are trusted by the public, retaining good relationships is as important to them as any other provider.

They must therefore make use of technology, to ensure  communication with members is timely, efficient, accurate and transparent.

This is difficult at a time when nearly two-thirds of people get their news from the internet and 63% agree that an average person has difficulty differentiating truth from fake news according to the 2018 Edelman Trust Barometer Global Report.

It says that of the top five digitally interactive insurers in France in 2016, two were mutual insurers and two social protection organisations.

Leading the charge

In addition to being a “touch base” platform, French mutual insurers are also well placed in online policy and claims management. Three mutual insurers were among the top five insurers to have developed user-friendly digital platforms to manage policy and claims.

They are Amaguiz, MAAF and MATMUT.

Mutual insurers also dominate the top five list for product innovation and that is not limited to products. French mutual, MAIF, introduced a new working environment for employees that allowed flexible working, that was designed to better serve members and improve performance.

Link to Full Article:: click here

Digital Insurer's Comments

 MCCOs have a role to play in society, plugging gaps and perhaps also as the first contact for developing markets.

They face the challenges of remaining sustainable and solvent in an increasingly regulated world.

However, they may prove to be another source of innovation for insurers as to how they can – and perhaps hold – manage client interactions.

Their innovations would certainly be one way to attract additional external capital to support their sustainability.

Link to Source:: click here

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