Your Mutual Elevator Speech You Mutual Elevator Speech You - - PowerPoint PPT Presentation

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Your Mutual Elevator Speech You Mutual Elevator Speech You - - PowerPoint PPT Presentation

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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

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Your Mutual Elevator Speech

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You Mutual Elevator Speech

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Insurance is

IMPORTANT

You Mutual Elevator Speech

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Insurance is

IMPORTANT

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Insurance is

IMPORTANT

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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.

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SLIDE 8

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

September 4, 2010 7.1 Christchurch 185 deaths January 12, 2010 7.0 Leogane/Port-Au-Prince 250,000 deaths

The Protection Gap: 7.0 EQ

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The Protection Gap: 7.0 EQ

31 B 75% 164.7 B 8.5 B < 1% 6.6 B

“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.

(130.7%) (18.8%)

Total Country GDP Economic Loss Insurance Recovery

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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/.

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https://www.insdevforum.org/

↑ 1% Insurance coverage ↓ 22% taxpayer burden

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Insurance is

IMPORTANT

Discussion

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Mutuals are DIFFERENT

You Mutual Elevator Speech

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What is a Mutual Insurance Company?

A mutual insurance company is owned by policyholders. The sole purpose of a mutual insurance company is to provide insurance coverage for 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

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The history of modern insurance

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China 3000BC

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London 1666 London 1666

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Nicholas Barbon

If-Christ-had-not-died-for-thee-thou-hadst-been-damned

London 1666

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London 1681

Nicholas Barbon

IMPORTANCE

The insurance office for houses London

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The British Insurance Industry

The insurance office for houses London Contributors for Insuring Houses 1681 1696

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The British Insurance Industry

Mutuals were foundational

DIFFERENCE

The insurance office for houses London Contributors for Insuring Houses 1681 1696

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The American Insurance Industry

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The Friendly Society South Carolina 1738

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The Friendly Society South Carolina The Great Conflagration 300 Homes Destroyed 1738 1738

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Ben Franklin The Philadelphia Contributorship 1752

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The United States Insurance Industry

IMPORTANCE

The Friendly Society South Carolina 1740 – 300 homes destroyed Ben Franklin The Philadelphia Contributorship 1735 The Insurance Company

  • f North America

INA 1752 1792

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The United States Insurance Industry

Mutuals were the foundation

The Friendly Society South Carolina 1740 – 300 homes destroyed Ben Franklin The Philadelphia Contributorship 1736 The Insurance Company

  • f North America

INA 1752 1792

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Insurance caught on…

DIFFERENCE

17th & 18th Century

Europe & America

Marine Life (Funeral) Cargo Liability

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…and the mutual concept caught on

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Rochedale 1844

The Rochedale Pioneers

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Rochedale Principles

Adopted 1937

  • 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
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17th & 18th Century

Europe -> America

Military Frontier Ag Coops Civil Agricultural Coops Mutual Farm Insurance societies Agricultural Supply Coops Credit Unions

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Israel

19th Century

New Zealand Marketing Coops Dairy Coops Cacao Coops Commodities India Ecuador Canada Ukraine Netherlands United States

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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%

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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/

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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.

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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.

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Financial Strength

Rating No. Percent

  • f rated

Rating No. Percent

  • f 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% AMBest Financial Strength Rating Summary Mutual Parent Companies Public Stock Parent Companies

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Enduring Strength

Survival Rate 5 years 10 years

Mutual/Cooperative 62% 35% Stock/Private 44% 20%

S&P Ave Age of Parent Company

Mutual/Cooperative 111 Public Stock 50

NAMIC Ave Age

Member companies 120

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/.

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No way!

Demutualize?

Carol Jardin, President & CEO, Wawanesa Insurance.

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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 Allied: 4-star rating Travelers: 4-star rating Amica Mutual: 4-star rating. Mercury: 4-star rating

Customer focus

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The Mutual “Secret Sauce”

DIFFEENCE

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 New York: New York Central Mutual North Central: Auto-Owners Insurance Northwest: PEMCO Insurance Southeast: Farm Bureau Insurance—Tennessee Southwest: CSAA Insurance Group Texas: Texas Farm Bureau

Customer focus

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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
  • 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.

Customer focus

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People love to work for mutual companies

  • High Tenure
  • Loyalty
  • Great customer

service

  • Prudent decision

making

  • Competitive

benefits packages

  • Meaningful work

4

Employee focus

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Leveraging the power of our workforce

https://www.icmif.org/tags/women-leaders

Employee focus

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Leveraging the power of our workforce

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.

64% of millennials say it’s a priority for them to make the world a better place.

Employee focus

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Mutuals give back to their communities

DIFFERENCE

Fo Food Bank We West Middle Sc School

Ronald McDonald House United Way Columbia Symphony Scholarships Success Grants Fountain/ Tree Lighting Ceremonies

In Inclus usiv iveness Im Impact In Instit itut ute

Community focus

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Mutuals are DIFFERENT

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Mutuals are DIFFERENT

Discussion

  • Who is your audience?
  • What do they need to hear?

( + )

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Insurance is

IMPORTANT

Your Mutual Elevator Speech

Mutuals are

DIFFERENT

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Your Company is

AWESOME

Your Mutual Elevator Speech

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  • Answer to policyholders not shareholders
  • Generous benefits
  • Profit sharing
  • Diversity, Inclusion, Innovation
  • “We do the right thing”

My Company is

AWESOME

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Insurance is

IMPORTANT

Mutuals are

DIFFERENT

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?

  • Where i

is t the h heart?

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What will

you

say?

Your Mutual Elevator Speech

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What will you say?

Your Mutual Elevator Speech