Mutual insurers at the ICMIF conference said the mutual model can help address many global societal problems, including protection against disasters and sustainability.
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.
Shaun Tarbuck, chief executive, ICMIF, said mutual insurers' future appears bright but will be tied to how well they serve their respective affinity groups.
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.
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.
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