A mutual is owned by its members, typically operated by a Board of Directors and a dedicated mutual manager for their benefit and to not make a profit. Members contribute to the self-insured retention which covers the mutual’s operational costs and claims. Pooling risks across similar sectors ensures stability, generating economies of scale that would not exist through purchasing insurance individually.
The mutual management team ensures a smooth flow of information between stakeholders. A mutual manager is the conduit between the mutual, its members, claims management teams, risk surveyors and the reinsurers.
Reinsurance cover is purchased by the mutual manager to provide protection for potential claims in excess of the self-insured retention, so members can be assured that they are well covered.
Our staff are highly skilled and experienced regarding the complexities of mutual claims, with added access to a suite of third-party experts to assist member needs if required. The claims team will manage members’ claims from end-to-end, reinforcing expert care and efficiency throughout the claims process.
The success of the mutual is underpinned by risk management. A full risk management review is conducted as part of the mutual induction process.
By collecting and analysing claims data, the mutual can share novel insights with mutual members and implement the most effective risk management strategy.