Suppose an organisation could focus on maximising happiness for customers and employees
… rather than maximising share price and the dividend, what would that organisation look like and how could it make this a virtue?
This article was produced using AI tool Notion AI, and is one of a series we are developing (see: What does FCA’s Consumer Duty mean for NEDs?). The article was generated by posing the initial question, and a number of follow-up questions, as shown in the text; otherwise, no changes have been made to the text, even to correct the- what I consider annoying- ubiquitous spelling of words with z’s rather than s. If you have any comments, please contact the human collaborator, martin@financialmutuals.org.
An organization that prioritizes the happiness of its customers and employees over profits would look vastly different from the traditional corporate model that prioritizes profit maximization. Such an organization would focus on creating a positive and supportive work environment that fosters employee satisfaction and well-being. This could involve offering competitive salaries and benefits, opportunities for career development and growth, and a culture that values employee input and feedback…
For the full article, follow this link: Suppose an organisation could focus on maximising happiness for customers and employees, 0323
UK Market Insights 2022
Woking with our international sister trade body, ICMIF, we looked at the market share of mutuals in the UK in 2021. This showed mutuals manage over £200 billion, on behalf of around 32 million customers, and have a market share of 7.9%.
For the full report, see: https://financialmutuals.org/wp-content/uploads/2022/10/UK-Market-Insights-2022.pdf
Are leaders ready to control the use of Artificial Intelligence in their organisations?
December 2022
In the summer of 2022, AFM Board members joined over 700 other business leaders in contributing to a survey into how well businesses are adapting to AI. The resulting (first of its kind) report, compiled by Sue Turner, NED at Cornish Mutual, was published last week. You can read the full 2022 AI Governance Report here: https://financialmutuals.org/wp-content/uploads/2022/12/2022-AI-Governance-Report-c.pdf
Analysis of Solvency statements for 2021
The majority of Solvency and Financial Condition Reports (“SFCRs”) for 2021 have now been published. As we know, the majority of readers of the SFCR for non-listed insurers tends to be other insurers and consultants. Well, now you don’t need to, as AFM Associate member OAC has produced a summary of various metrics using the publicly available data for AFM members and other firms of a similar nature and size.
The data, using the reported SFCR only, covers 27 insurers where a published SFCR is available. Each insurer’s name is shown alongside the relevant data for that organisation, to aid comparison and contextualise the results.
Amongst the fascinating findings about the financial position of the sector, OAC estimates that the proposals from Treasury to amend the risk margin could release up to £150 million amongst the group.
To read more, follow SFCR Analysis_2021.
New report outlines plan to ‘future proof’ financial mutuals
18 November, 2021
A report published today by the Association of Financial Mutuals and Whitecap Consulting 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.
Read more
Analysis of the strategic landscape for mutual insurers and friendly societies
July 2021
AFM is working in partnership with Whitecap Consulting and key industry partners to conduct an analysis of the strategic landscape for financial mutual organisations in the UK, which will culminate in a report later this year, with the findings to be presented at the AFM annual conference in October. Read more
AFM Guide to the GDPR
October 2020
In 2018 AFM formed a working group to produce a guide to implementing the General Data Protection Regulation (GDPR). The guide was well-received by members in preparing them for the step change in data protection regulation at the time. Two years on, the framework has continued to evolve, and the UK Government has added further legislation, both to support GDPR and in advance of the end of the Brexit transition period. The Information Commissioner’s Office (ICO) has also been active and supported industry in interpreting the standards.
Given the above, we have revised our Guide, to incorporate our understanding of expectations today, and to provide more insight into current good practice. The Guide can be downloaded here.
Why cooperatives and mutuals can help “build back better” post-Covid
September 2020
Diverse forms of ownership are necessary to help re-build after the Covid pandemic, says a new report.
The Rebuilding Business for Society report–compiled by a group of co-operative and mutual trade associations–says they can play a leading role in reinvigorating communities, especially those left behind by economic or social change.
Three key approaches outlined in the report include:
- Creating an enabling environment for forms of business ownership beyond shareholder owners
- Providing an option for businesses that are seeking to recapitalise after the Covid pandemic to introduce employee or customer ownership, including repaying Government support out of future earnings
- Supporting community-led economic development, particularly in the hardest-hit regions, to engage local people in incubating new forms of wealth creation which would support the Government’s ambitions to “level up” different regions.
For more, read the full report here.
Sustainability Policy
April 2020
AFM is committed to promoting sustainability. We strive to show respect for the environment and promote a broader sustainability agenda through our professional activities and interaction with members. Towards the end of 2019, we issued climate change guidance for members and introduced our online Sustainable Mutual Insurance Forum where members can highlight and discuss developments in the sustainability agenda.
We also aim to follow good sustainability practice ourselves, to reduce the environmental impacts of our activities as far as practically possible, and to help our members do the same.
To reinforce our commitment to do what we can to help protect the environment, we have set out our intentions in a Sustainability Policy.
Click here to view and download.
AFM NED Toolkit
April 2019
In April 2019, we launched our revised NED Toolkit, following an extensive rewrite to incorporate AFM’s new Corporate Governance Code and the Senior Managers & Certification Regime. The new Toolkit is a long document – a pdf version of the Toolkit can be downloaded in its entirety here or, for those interested in specific topics only, we have created a more manageable interactive online version which allows readers to jump to, and download, specific sections.
Click on the image below to open the interactive document. We have also developed a short form, themed version of the toolkit focused on Risk, which can be accessed here: AFM NED toolkit.Risk
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AFM Members Staff Survey 2018
December 2018
In the summer of 2018 over 600 employees from across AFM members participated in a survey, exploring issues including the nature of ownership, culture and leadership in our members. The survey followed a similar exercise in 2016, as well as a board leadership survey earlier in 2016. A report on key findings is available to view here.
AFM members with 15 or more responses also received an individualised report. For more information, contact martin@financialmutuals.org.
What is a discretionary mutual?
April 2018
With a number of new mutuals emerging in recent years, built on a discretionary model, we’ve added a short explanation of how they work. Read more here: Discretionary mutuals, v0120
