It’s that time of year again, when so many of us make New Year’s resolutions that cover both personal and business areas of our lives where we vow to make changes for the better. This year, I would like to suggestion a resolution for all of us in the mutual and cooperative insurance sector to ensure we engage with millennials in the best possible way we can. To ensure that the millennial talent we already have working for our organizations really feel engaged and valued by their organization, even by the sector as a whole, and to give them an all-important sense of purpose.
A PwC survey of Generation Y raised an interesting question: are there any industries in which you would not wish to work solely because of their image? Coming out as the top industry that Gen Y do not wish to work for was the oil and gas industry. Second, was defence. Insurance was the third.
The cooperative and mutual insurance sector has long been associated with having a strong heritage but its continued success and growth also point to an outstanding capability to respond to changing market dynamics and emerging consumer needs. This capability will underpin our sector’s future development as it contends with new demographic trends, ongoing financial market instability, climate change, shifting consumer behaviours and digital disruption.
In the past, the business world has had a patchy relationship with social ideals. On the one hand, a handful of 18th century post-industrial revolution mill owners built housing and schools, while philanthropists used their personal wealth to establish charitable institutions, but conversely, an entire capitalist market has dominated the developed world, built around the Friedman doctrine that a firm’s sole “social” responsibility is to maximise shareholder returns. Milton also noted, however, that this should be done “so long as it stays within the rules of the game”.