Working in partnership with the Association of Financial Mutuals (AFM) and industry partners, Whitecap Consulting is to conduct an analysis of the strategic landscape for financial mutual organisations in the UK, which will culminate in a report to be published in September 2021 in time for the AFM annual conference.

The UK’s Financial Services landscape is a complex and dynamic marketplace, and this project seeks to analyse and understand the degree to which external market forces will materially impact organisations in the sector over the next 2-3 years. Specifically, the analysis will focus on how smaller mutual insurers, friendly societies and other financial mutuals can deliver relevance and differentiation, develop competitive and sustainable strategies, and achieve digital acceleration and technology enhancements to meet customer needs.

The outcomes will help the AFM and its members to develop business strategies over this planning period to respond to market forces, as well as supporting the AFM develop collective initiatives to support members. The project is being conducted in partnership with the AFM with support from industry sponsors.

Martin Shaw, CEO at the Association of Financial Mutuals:

Mutuals are customer-owned businesses and have made a virtue for decades of better understanding the needs of their customers. Whilst the financial services marketplace was already evolving prior to Covid, we’re starting to see significant shifts in customer needs and expectations now, and it is vital that our sector embraces those and explores how best to deliver outstanding products and services for decades to come. I’m delighted to be working with Whitecap, to help inform our sector on where we go to next.

Richard Coates, Managing Director of Whitecap Consulting:

The AFM represents a fascinating and diverse range of mutual organisations and friendly societies demonstrating a broad range of scale, products, distribution strategies and business models. We are looking forward to working with Martin and AFM members and supporters, analysing this sector and helping to develop practical commercial strategies.” 

The AFM is the trade body representing 43 mutual and not-for-profit insurers, friendly societies and other financial mutuals across the UK. Between them, mutual and not-for-profit insurers manage the savings, pensions, protection and healthcare needs of over 30 million people in the UK and Ireland, with annual premium income of £19.6 billion, and nearly 30,000 employees.

Whitecap has worked with numerous mutual and membership-based organisations over recent years, supporting the analysis, development and implementation of commercial strategies. In addition, Whitecap is currently completing a similar analysis of the Building Society sector and has also published market sector reports on topics including FinTech, Legal Tech, and Innovation ecosystems.

If you are interested in taking part in the research and/or supporting as a sponsorship partner, please contact us via [email protected]