PEOPLE MEETING COMMON ECONOMIC, SOCIAL AND CULTURAL NEEDS TOGETHER
Insurance and Risk Protection
Increase customer trust and accountability
Because of their different purpose, mutual insurers help to increase customer trust and drive greater accountability. Their members are their owners and they have a degree of influence over the way in which the insurer operates.
Give consumers more choice and increase competition in insurance markets
Mutual insurers provide additional choice in the marketplace. They do not pursue short term goals and are able to provide stability and consistency in a highly-developed market. They focus on delivering high-quality products, often designed with and for their customers/members.
Contribute to corporate plurality and diversity
Mutual insurers different business purpose permits them to pursue different business objectives which helps them contribute to corporate plurality and diversity. This contrasts with listed firms that require shareholder-led short and medium-term business strategies.
Promote economic resilience and sustainability
The evidence of the economic downturn is that mutuals and co-operatives have generally been more resilient than listed firms. Mutual insurers play an essential role in the global economy, especially in time of crisis, by combining profitability with solidarity; creating high-quality jobs; strengthening social; economic and regional cohesion; and generating social capital.
Australian Unity is a national healthcare, financial services and independent and assisted living organisation with over 6,000 employees providing services to nearly a million Australians including some 300,000 members nationwide. Australian Unity’s retirement communities assist over 3,000 older Australians to continue to live as independently as possible in communities with friends and supports. Australian Unity’s history as an independent mutual dates back 175 years.
Year established: 1840
Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect business clients operating in an uncertain world. We give our clients a greater understanding of their business risks and through our risk consulting and insurance broking, give them the tools to manage risk and pursue their business goals.
Year established: 2020
Industry: Insurance & Risk Protection