Mike Pritula shares some global messages which cooperative/mutual insurers need to bear in mind when thinking about their organisation’s sustainability. Firstly “we are all technologists now”; all senior executives need to be familiar with the possibilities presented by technology. Secondly, innovation is an ongoing process; new technologies continue to emerge. Thirdly, we are not innovating fast enough.

Pritula offers three key observations from the day. Firstly, efficiency gains from automation are inevitable and substantial; automation will increase efficiency in back-office insurance tasks in particular, so workforces will become smaller and difficult choices will have to be made. We should not assume our industry will continue to be a large employer of people and we should  not try to avoid having this discussion.

Secondly, there are substantial revenue and growth opportunities due to the insurance industry’s role at times of stress and strain. Although difficult, employees who may be displaced through automation could be redeployed into leveraging those growth opportunities.

Thirdly, cooperative/mutual insurers have an important advantage, due to the deeper trust with customers. They should seek to identify ways to use technology to further amplify this privileged position.

Pritula also offers three recommended actions, his “Monday morning task” list.

Firstly, consider whether you and your management team are scanning your members’ needs and identifying associated growth opportunities sufficiently.  It is important to understand the opportunities in front of your organisation and manage the pipeline of ideas that can make it more relevant to member-policyholders.

Secondly, consider how to build stronger orientation towards pace and execution; this applies not just to innovation. Consider whether the skills and talent within your organisation are sufficient for the required pace. There are examples of organisations that have acquired more agility simply by working with start-ups, and how they can provide inspiration on how to move quickly on low budgets.

Thirdly, consider if you are spending enough time with the IT leaders of your organisation, to have their view on how the company can move forward.