Reflecting on a company’s origin is a good way to build on organisational values in order to grow and move forward whilst keeping an affinity to cooperative/mutual roots.
P&V (Belgium) are driven by the morals which catalysed its creation back in 1907. P&V stemmed from the democratic movement in Belgium, inspiring a fight to help the lower income sector in the country. The organisation continues this by always trying to do good for society.
Values, purpose, solidarity and offering protection to as many as possible drive P&V; but in order to live up to this mission, it needs to continue to grow and adapt. A learning curve for P&V was learning to be stricter on finance. Solid financial results being necessary to realise its purpose moving forward. Partnering together gives the company a platform to accelerate the ideation and implementation of new ideas. ICMIF is a very powerful platform in this case.
Founded in 1963, competing with older and more established companies was a main challenge for Unipol. Constant innovation is how it has kept its competitive edge to be relevant for its members. Unipol tries to merge its experience in managing risk to the evolving services that it provides to its customers. Using data helps with transformation of society and the world.
With 150 years’ experience, Guy Carpenter has found that building on existing relationships and being a part of the cooperative system has influenced smaller companies to achieve the growth of larger members. In Puerto Rico for example, with the backing of cooperative insurers and credit unions, more lower/middle income households can continue to get the cover that they need. The growth potential in emerging markets such as Puerto Rico or Mexico is huge.
In the Philippines, tax for life insurance is only 2% compared to tax for non-life insurance at 25-27%. CARD MRI suggests that microinsurance bonds should be implemented through the ICMIF 5-5-5 Mutual Microinsurance Strategy and ICMIF Foundation. Combining the powers and relationships of ICMIF, along with the new partnership of the UNDP and UNDRR, together we should lobby for the emerging market for these kind of bonds, and change regulations for emerging markets. Non-life insurance should be accessible to all instead of only for those that can afford these heavy taxations.
There is an urgency to act on helping people to trust their future again and an urgency to act on reducing global risk to build a more resilient world for our communities.
Collaboration is important, especially to help emerging markets. All organisations should have an outlook that the ability to make a difference as a solo organisation, is far less effective than tackling global issues together.
Session panellists:
- Hilde Vernaillen, Chair, ICMIF, and Chair of the Management Committee, P&V Group (Belgium)
- Carlo Cimbri, Chairman, Unipol Gruppo (Italy)
- Aris Alip, Founder and Chairman, CARD MRI (Philippines)
- Tony Phillips, Chairman, Latin America & Caribbean, Guy Carpenter (USA)
- Rob Wesseling, Incoming Chair, ICMIF, and President and CEO, Co-operators (Canada) moderator
