WRIN.tv spoke with NAMIC President and CEO Chuck Chamness during the Annual Convention of the National Association Mutual Insurance Companies in Vancouver.

Mr. Chamness sees the creep of international regulation and technology among the issues facing mutual, and all insurers today. Technologies, he says, can provide ways for Mutuals to stay in touch with the customers…to help policyholders feel part of the community with Mutuals. He also points out that NAMIC has been at the forefront of FAA regulations related to drone technology, which are becoming an integral part of insurers’ claims efforts and an insurable risk for drone owners.

Mr. Chamness took issue with some of the findings in a recent Swiss Re report that suggested mutual insurers may be challenged by new risk-based capital requirements and evolving corporate governance standards. He says Mutuals as a segment are generally better capitalized than other insurers. He also points out the Mutuals have been dealing successfully with risk-based capital since 1992.

With the industry needing to fill some 400,000 positions in the insurance industry. He believes the Mutual insurance sector can attract Millennials to the industry with “stability” and innovative workplaces. He admits recruiting young people is still a challenge.

Looking ahead, Mr. Chamness see opportunities in the sector due to its very nature…as a Mutual, the benefits of alignment with policyholder and no shareholder consideration. He sees technology as enabling the sector to reach out to the next generation of policyholders as well.

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