Three Keys to Sustainable Growth and Achieving Success for Mutuals in 2024

As mutuals step into the landscape of 2024, leading with robust, creative, and strategic planning for long-term success is paramount. The NAMIC 2022 Mutual Factor Report recently highlighted the impressive growth of the mutual insurance industry, setting the stage for mutual carriers to seize opportunities and overcome challenges in the year ahead. In this article, we explore three strategic pillars that will empower mutual carriers to navigate the remainder of the year and set the foundations for growth in 2024.

The Outlook for Mutual Carriers

Mutual and mid-market carriers are facing a variety of disruptive trends and market challenges, with constant pressure to balance capital constraints and an urgent need to grow and transform their businesses. The NAMIC 2022 Mutual Factor Report found that the mutual insurance industry closed 2021 with a record surplus of more than 13% growth and hit a record $1.053 trillion in capital and surplus. These outcomes have positively impacted mutual carriers’ five-year compound average growth rate, elevating it to 7.4%. The report also determined that mutuals continued to return to pre-pandemic conditions and outcomes in 2022. Whether the success of the past few years stems from the return to business post-pandemic or simply effective strategies implemented by mutuals, these findings point to a promising future and indicate that mutuals are a thriving piece in the industry.

Even so, organizations are not immune to the challenges currently affecting the industry—hard market trends, regulations, talent and staffing, and differentiation, to name a few—which pose significant obstacles to sustainable growth. With the unpredictability of market changes, talent acquisition, and the competition’s success, the best way forward is to set goals, such as growth targets, and invest in areas that will contribute to reaching them. Unsure where to start? Here are the three pillars of mutual success that will be integral to focus on in the months ahead.

Optimizing with Technology

So much of the industry’s growth is fueled by technology and its ever-evolving capabilities. For mutuals, choosing the right tools and products is the investment an organization needs, not only to keep up with the industry but to set the standard. Leading technology can streamline processes and increase an organization’s bandwidth. It empowers the workforce, whether remote, hybrid, or in-office staff, and combats increasing claims severity and complexity, as well as prepares organizations for potential risks by providing diverse claims information. Harnessing the right technology and decision-support tools is a key differentiator in the marketplace for organizations, their employees, and their customers. If organizations expand their capabilities, either by leveraging artificial intelligence, partnering with a third-party administrator to use its products, or creating their own technology and systems, they have a better chance of staying ahead of the growing demands of the industry.

Technology creates buzz across the industry, drawing the attention of prospective customers, partners, and employees. Prioritizing innovation is perhaps the number one indicator of a forward-thinking organization, but more importantly, technology supports stable, goal-driven strategies, driving mutuals’ growth with data, insights, and the capability to deliver on their customers’ evolving and unique needs. By embracing emerging technologies, mutual carriers can enhance their operational efficiency, meet customer expectations, and position themselves as front-runners in the industry.

Elevating the Customer Experience

In an era where customer expectations continually evolve, delivering an exceptional customer experience is essential for mutual insurance companies to remain relevant and thrive in the marketplace. A seamless and personalized customer journey, supported by efficient communication, simplifies processes and effective claims handling, builds customer trust, and boosts overall customer satisfaction, leading to increased customer loyalty and positive word-of-mouth recommendations. After all, the promise to deliver on their expectations is what keeps them in the door and what piques prospective clients’ interest.

Investing in customer experience is not so much building or paying for a new product as it is a commitment to providing consistent and reliable service. To retain and attract business, mutuals need to prioritize customer satisfaction and create a “stable state” for their customers. They need to be the balance, or the constant, amid changing conditions, such as acquisitions and mergers, talent staffing challenges for both parties, and evolving needs. Customers should view the mutual insurance company as an extension of their team and a partner in achieving superior outcomes.

Achieving Growth

To thrive in 2024 and beyond, mutual carriers must forge a comprehensive growth strategy that sets them apart. The International Cooperative and Mutual Insurance Federation’s Key Statistics Report for 2023 highlights significant growth opportunities, reporting a 46.7% growth in premium volume since 2007, compared to the total insurance market’s growth of 36.1%. There are several areas of focus for mutuals to grow their business, with technology and customer experience being only two. What growth truly comes down to, however, is standing apart from the competition. In such a competitive industry, mutuals must focus on areas where they excel and consider how to best serve their customers. Whether this lies in being the best in a highly specialized line or fully serving their customers’ needs by offering multiple product lines, customers need to know they are supported and that their partner is capable of long-term collaborative growth. This only comes from careful strategic planning based on each organization’s unique growth targets and investing in the areas that matter most. Finding a partner that understands and supports this can be critical. To achieve sustainable growth, mutuals must prepare for today and, more importantly, for tomorrow.

To explore how these strategies can empower your growth in 2024 and beyond, reach out to Amy Cooper, Matt Schauer, Michael Stogsdill, and Bob Morris for more information.

Amy Cooper

VP Carrier Practice Sales

More Posts


How GB’s Award-Winning RMIS Platform Is Boosting Carrier Outcomes

In today’s carrier landscape, turning data into actionable strategies is crucial to staying ahead. Gallagher Bassett’s award-winning RMIS platform, Luminos, is leading the charge in reshaping risk management and harnessing data. Find out how Luminos is revolutionizing risk management practices and empowering carriers to achieve success.

Read more

Navigate Changing Customer Expectations by Accelerating the Claims Lifecycle

Navigating the dynamic carrier landscape requires a keen understanding of evolving customer expectations, the pursuit of service excellence, and staying across the latest technology trends. In our new whitepaper, “The Carrier Perspective: 2024 Claims Insights,” we delve into how carriers are adapting to meet these shifting demands while leveraging technology to drive innovation. As we move through 2024, the focus remains on accelerating the claims lifecycle and delivering superior customer service as a cornerstone of success.

Read more

Introducing the Carrier Perspective for Your 2024 Outlook

We are excited to launch “The Carrier Perspective: 2024 Claims Insights” whitepaper. Based on a global survey of 150 carriers, delve into the transformative shifts impacting carriers, from technology advancements to regulatory changes and global trends. The Carrier Perspective is a comprehensive exploration that offers invaluable insight into trends, challenges, and opportunities to drive success for carriers this year. Read on to stay ahead of the curve in 2024.

Read more
Group Of Businesswomen Collaborating In Meeting - Business Services

What Claims and Client Service Excellence Looks Like in 2024

In an insurance landscape shaped by shifting customer expectations, the key to success is understanding how to respond with quality service. With International Women’s Day approaching, we checked in with a few of the talented women in our claims and client services groups to explore what service excellence looks like. Amy Cooper, VP — Carrier Practice Sales, leads Gallagher Bassett experts Suzanne McCarthy, Margaret Viss, Vicky Kalasmiki, Jill Crane, and Kathy Doyle in a insightful roundtable discussion exploring explore what claims and client service excellence truly means.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.


Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!