Based on detailed interviews held with 34 cooperative and mutual leaders from 21 countries, the research provides a valuable insight into the minds of the leaders of the cooperative and mutual insurance sector.
In the report ICMIF member Chief Executives share their views on the markets in which they operate, the firms which they run, and what the future could look like for our sector.
Readers are presented with a picture of a vibrant and sustainable part of the insurance industry and a key contributor to economic stability.
The findings suggest that the customer-focus and values that underpin cooperative and mutual insurers are evident drivers of strategic thinking, performance measurement and, crucially, of business success. Cooperative/mutual organizations benefit from the freedom to be able to think, act and achieve for the long-term rather than bend to short-term shareholder pressures.
While the mutual insurance sector continues to thrive having grown by 26%, compared to the total market which grew by just 11% since 2007, the report reveals that ICMIF member firms have considerably outperformed the total mutual market during the past five years growing by 30%.
The report includes direct quotes from CEOs interviewed. One CEO put it that “our competitive advantage is simply in being a cooperative so that we can take the long-term view and don’t need to make sudden knee-jerk reactions to improve quarterly results or pay out to investors”.