Monica Woodley of the Economist Group said mutual insurers asked about barriers to innovation responded that their own organizations may be a big barrier in promoting organizational innovation.
Bill McKinney, vice president for strategy and long-term development for Thrivent Financial, said mutual insurers are racing to keep up with a fast-changing insurance environment. One tool is wider adoption of data analytics.
Philippe De Ridder, strategic planning and intelligence manager, P&V Group, said insurers that promote staffers principally based on their expertise with insurance matters may run a risk of creating management with skill sets that are too narrow.
Peter Hunt of Mutuo, a consultancy focused on mutuals, said mutual insurers are focusing on efforts to better educate regulators and governments on the needs of mutuals.
Mutual insurers at the ICMIF conference said the mutual model can help address many global societal problems, including protection against disasters and sustainability.
Shaun Tarbuck, chief executive, ICMIF, said mutual insurers' future appears bright but will be tied to how well they serve their respective affinity groups.
Jeff Kingsley, partner, Goldberg Segalla, said mutual insurers are part of the wave of consolidation affecting the global insurance and reinsurance industries, but must work to help regulators better understand their unique structure.
Insurers at the biennial conference of the International Cooperative and Mutual Insurance Federation said mutual companies are fighting to build closer relationships with members and to gain understanding from regulators.
Nick Shufro, director, sustainable business solutions, PwC said his organization is working with the insurance community to focus on better withstanding disasters and strengthening insurance coverage.
Daniel Grieger, managing partner, Twelve Capital, said new regulations in Europe and elsewhere have stifled bank lending to insurers, forcing them to explore new sources of lending and reinsurance arrangements.
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