Your Mutual Elevator Speech
You Mutual Elevator Speech
You Mutual Elevator Speech Insurance is IMPORTANT
Insurance is IMPORTANT
Insurance is IMPORTANT
The Protection Gap: 7.0 EQ “Closing the Protection Gap: Tools to Use before They're Needed.” Swiss Re - Leading Global Reinsurer , www.swissre.com/global_partnerships/closing_the_protection_gap_2015.html.
The Protection Gap: 7.0 EQ January 12, 2010 September 4, 2010 7.0 7.1 Leogane/Port-Au-Prince Christchurch 250,000 deaths 185 deaths Potter, S H. “An Overview of the Impacts of the 2010-2011 Canterbury Earthquakes.” Philosophical Transactions of the Royal Society B: Biological Sciences , The Royal Society, doi.org/10.1016/j.ijdrr.2015.01.014.. MyChristchurchLibrary.org; worldvision.org
The Protection Gap: 7.0 EQ Economic 8.5 B 31 B Loss (130.7%) (18.8%) 164.7 B Total Country 6.6 B GDP Insurance < 1% 75% Recovery “Closing the Protection Gap: Tools to Use before They're Needed.” Swiss Re - Leading Global Reinsurer , www.swissre.com/global_partnerships/closing_the_protection_gap_2015.html.
The Insurance Protection Gap Kerr, Michelle. “The Growing Insurance Gap Is A Serious Threat to Us All.” Risk & Insurance , 22 Aug. 2018, riskandinsurance.com/critical-coverage-gap/.
↑ 1% Insurance coverage ↓ 22% taxpayer burden https://www.insdevforum.org/
Discussion Insurance is IMPORTANT
You Mutual Mutuals are Elevator DIFFERENT Speech
A mutual insurance company is owned by policyholders. What is a The sole purpose of a mutual Mutual insurance company is to Insurance provide insurance coverage for Company? its members and policyholders, and its members are given the right to select management. Kagan, Julia. “Mutual Insurance Company.” Investopedia , Investopedia, 14 Jan. 2019, www.investopedia.com/terms/m/mutual-insurance-company.asp
The history of modern insurance
China 3000BC
London 1666 London 1666
London 1666 Nicholas If-Christ-had-not-died-for-thee-thou-hadst-been-damned Barbon
Nicholas Barbon The insurance office for houses IMPORTANCE London London 1681
The insurance office for houses 1681 London Contributors for Insuring Houses 1696 The British Insurance Industry
The insurance office for houses 1681 London Contributors for Insuring Houses 1696 DIFFERENCE The British Insurance Industry Mutuals were foundational
The American Insurance Industry
The Friendly Society 1738 South Carolina
The Friendly Society 1738 South Carolina The Great Conflagration 1738 300 Homes Destroyed
Ben Franklin 1752 The Philadelphia Contributorship
The Friendly Society 1735 South Carolina 1740 – 300 homes destroyed Ben Franklin 1752 The Philadelphia Contributorship IMPORTANCE The Insurance Company 1792 of North America INA The United States Insurance Industry
The Friendly Society 1736 South Carolina 1740 – 300 homes destroyed Ben Franklin 1752 The Philadelphia Contributorship The Insurance Company 1792 of North America INA The United States Insurance Industry Mutuals were the foundation
Insurance caught on… Cargo Liability Marine Life (Funeral) DIFFERENCE 17 th & 18 th Century Europe & America
…and the mutual concept caught on
Rochedale 1844 The Rochedale Pioneers
Rochedale Principles 1. Open membership 2. Democratic control (one person, one vote) 3. Distribution of surplus in proportion to trade 4. Payment of limited interest on capital 5. Political and religious neutrality 6. Cash trading (no credit extended) 7. Promotion of education Adopted 1937
Mutual Farm Insurance Military Frontier societies Ag Coops Civil Agricultural Coops Agricultural Supply Coops Credit Unions 17 th & 18 th Century Europe -> America
India New Zealand Canada Netherlands Marketing Coops Dairy Coops Ukraine Ecuador Cacao Coops Commodities United States Israel 19 th Century
Mutual/Coop Membership Europe 45.5% N America 38.6% Oceana 28.7% Asia 12.7% Caribbean 12.7% Latin America 7.8% Africa – Sub Sahara 2.7% MENA 1.6% Worldwide 16.3%
Global Success More than 2.5 million companies • Employing over 12.6 million employees • Producing more than $3 trillion in revenue • In 65 countries • https://www.hbrfrance.fr/chroniques-experts/2016/10/12738-et-si-on-passait-en-mode-cooperatif/
The Global Insurance Market “Global Mutual and Cooperative Market Infographic 2017.” DHAN Foundation Provides Mutual Microinsurance Cover to over 200,000 Previously Uninsured People in First Year of the 5-5-5 Strategy | ICMIF , www.icmif.org/publications/infographics/global-mutual-and- cooperative-market-infographic-2017.
Insurance Sector Success US P&C by DPW 5 of 10 State Farm Berkshire Hathaway Liberty Mutual Allstate Progressive Travelers Chubb Nationwide Farmers Ins Group USAA Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
Financial Strength AMBest Financial Strength Rating Summary Mutual Parent Companies Public Stock Parent Companies Percent Percent Rating No. of rated Rating No. of rated Unrated 41 A Range unrated 106 A Range A 47 31% 84% A 59 32% 77% A+ 18 12% B Range A+ 24 13% B Range A++ 2 1% 16% A++ 6 3% 21% A- 60 39% C Range A- 54 29% C Range B 1 1% 1% B 7 4% 2% B+ 9 6% B+ 10 5% B++ 14 9% B++ 20 11% C++ 1 1% B- 1 1% Rated 152 100% C+ 1 1% C++ 3 2% Rated 185 100%
Enduring Strength NAMIC Ave Age Member companies 120 S&P Ave Age of Parent Company Mutual/Cooperative 111 Public Stock 50 Survival Rate 5 years 10 years Mutual/Cooperative 62% 35% Stock/Private 44% 20% Source: NAMIC, S&P; Chauvin, Sandrine. “La Coopérative Ne Craint Pas La Crise.” HBR , Https://Www.hbrfrance.fr, 21 June 2018, www.hbrfrance.fr/chroniques- experts/2015/07/7811-la-cooperative-ne-craint-pas-la-crise/.
Demutualize? No way! Carol Jardin, President & CEO, Wawanesa Insurance.
The Mutual “Secret Sauce” JD Powers Insurers with 4 or 5 Star Ratings 7 of 10 Erie Insurance: 5-star rating Liberty Mutual: 5-star rating The Hartford: 5-star rating American Family: 4-star rating Automobile Club Group (AAA Insurance): 4-star rating State Farm: 4-star rating Customer focus Allied: 4-star rating Travelers: 4-star rating Amica Mutual: 4-star rating . Mercury: 4-star rating
The Mutual “Secret Sauce” JD Powers 2018 Highest-ranked auto insurance brands by region: 8 of 11 California: Ameriprise Central: Shelter Florida: MetLife Mid-Atlantic: Erie Insurance New England: Amica Mutual Customer focus New York: New York Central Mutual North Central: Auto-Owners Insurance Northwest: PEMCO Insurance Southeast: Farm Bureau Insurance—Tennessee DIFFEENCE Southwest: CSAA Insurance Group Texas: Texas Farm Bureau
The Mutual “Secret Sauce” Clearsurance Best Car Insurance Companies 8 of 10 1. USAA : 4.72 out of 5 2. New Jersey Manufacturers Insurance Co. (NJM): 4.59 3. Erie Insurance Group 4.54 4. Amica Mutual Insurance Company: 4.49 5. Shelter Mutual Insurance Company: 4.38 6. CSAA Insurance Group , a AAA Insurer 4.38 Customer focus 7. AAA: 4.33 8. Auto-Owners Insurance Group: 4.32 9. State Farm: 4.29 10. The Hartford: 4.28 Clearsurance , clearsurance.com/blog/best-car-insurance-2019.
People love to work for mutual companies • Prudent decision • High Tenure making 4 • Competitive • Loyalty Employee focus benefits packages • Meaningful work • Great customer service
Leveraging the power of our workforce Employee focus https://www.icmif.org/tags/women-leaders
Leveraging the power of our workforce 64% of millennials say it’s a priority for them to make the world a better place. Employee focus Asghar, Rob. “What Millennials Want In The Workplace (And Why You Should Start Giving It To Them).” Forbes , Forbes Magazine, 14 Jan. 2014, www.forbes.com/sites/robasghar/2014/01/13/what-millennials-want-in-the-workplace-and-why-you-should-start-giving-it-to-them/#200876424c40.
Mutuals give back to their communities Scholarships Fo Food Bank United Way Success Grants Community focus DIFFERENCE We West Middle School Sc Ronald McDonald House Columbia Symphony Fountain/ Tree In Inclus usiv iveness Im Impact In Instit itut ute Lighting Ceremonies
Mutuals are DIFFERENT
Discussion • Who is your audience? • What do they need to hear? Mutuals are DIFFERENT ( + )
Your Mutuals are Mutual DIFFERENT Elevator Speech Insurance is IMPORTANT
Your Company is AWESOME Your Mutual Elevator Speech
My Company is AWESOME • Answer to policyholders not shareholders • Generous benefits • Profit sharing • Diversity, Inclusion, Innovation • “We do the right thing”
Discussion Your Company is AWESOME • Who i is i in y your e elevator? • Where d do y you w want t the conversation t to g go? Mutuals are DIFFERENT • Where i is t the h heart? Insurance is IMPORTANT
What will Your you Mutual Elevator say? Speech
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