Altus has partnered with the Association of Financial Mutuals (AFM) and Whitecap Consulting to support an exclusive new report published today which highlights the key areas of current and future focus for mutual insurers and friendly societies and provides a set of strategic considerations for the CEOs and boards of these organisations.
The report finds the overall financial performance of the AFM membership has remained strong over recent years as organisations have withstood the challenging Covid-19 environment, whilst continuing to support their members/ customers in times of need.
The report analyses the strategic landscape for financial mutual organisations in the UK, looking closely at key topics such as strategy, mutuality, collaboration, ESG, competitive advantage and technology. It identifies future challenges and trends and provides a set of questions for CEOs and boards which are related to each key theme, which aim to support the future strategic thinking of the member organisations.
Martin Shaw, Chief Executive of the Association of Financial Mutuals, says:
“This is an important report at a key time for the mutual sector. Our members rightly took great pride at their capacity to support customers in the extreme conditions of lockdown, just as they have during several national emergencies over the last 200 years or more. But what emerges from the report is a recognition from the sector that, rather than rest on our laurels and assume the world will adjust to its pre-pandemic state, the forces shaping financial services, and the needs and expectations of consumers, are changing profoundly. The themes in this report gives us a roadmap to adopt to ensure the future insurance landscape retains a strong and vibrant mutual presence.”
Will Watling, Altus Director – Life & Pensions says:
“Altus are proud to be sponsors and delighted to have contributed to the report which has emerged many hugely valuable insights. We look forward to working alongside the AFM, supporting its members, many of whom are clients, in implementing some of the exciting new development opportunities identified by the research.”
The research involved quantitative data analysis of all 43 AFM members, interviews with 33 of the AFM members CEOs, and an online survey.