The Way We Work
We’ve been listening since the day we started.
It’s what our business is built on. Each client and community has their own requirements and challenges that they need to meet. Jointly, with care, we unpack these challenges so that we can build a blueprint for a mutual that can evolve and keep meeting the needs of its members.
The mutuals we manage all have their own unique features, and are designed to accommodate risks that conventional insurance products are often unable to meet or can only meet at a high cost. To support our mutuals we work closely with brokers to find solutions that work for brokers and their clients.
What Is A Mutual?
Mutuals operate as businesses just as other companies do. What makes mutuals stand out are their values and member focus and it is these values that make them more trusted by those who use them.
Mutuals are owned by their members – their customers – who take on as much control of their risk as they want, with insurance covering the remainder. The typical models are the fully discretionary mutual and the hybrid discretionary mutual, both of which provide an advantageous tax position within a well-established financial structure.
Regis offers a fully integrated and comprehensive service to clients from creating mutuals to day to day management. We also have a public services department dedicated to developing mutuals in the public sector.
Each Mutual has a designated Mutual Manager appointed from the Regis team. The Mutual Manager provides the link between the Mutual and each of the functions we carry out for the Mutual. The Manager ensures that each function has the information necessary to carry out its tasks and that the tasks are performed to allow the Mutual to flourish.
Our team will review the required lines of business and design a mutual that meets all the members’ needs. We will also look at schemes and whether a mutual would be a better solution.
Finance and Accounts
Regis has a highly experienced financial team that handles this work to support the Mutuals’ Boards of Directors. Disciplined financial management and controls are supported by regular reporting to each Mutual’s Board.
Regis places the required insurance and reinsurance programmes ensuring efficiencies from collective buying and that the right partner is chosen with the specific understanding of mutuality.
Systems and Service
At Regis, we have state of the art IT solutions for the Mutuals we manage. Our systems enable us to not only provide the Mutuals with tailor-made products but also to give Members friendly, efficient and professional service.
Regis has a communications and marketing department that can help you to reach potential members and explain the benefits of products and services. We provide a fully outsourced solution or support a client’s existing communications and links.
All claims are handled at Regis, we do not outsource claims. We have claims handling guidelines to ensure compliance with all relevant legislation and procedures. Claims handling is monitored through open and closed file audits and during the payment stage process. Our compliance team and our lawyers ensure up to date legislation and procedural awareness.
Governance and Compliance
Our regulatory team will make sure your Mutual is fully compliant with corporate and regulatory requirements; update you with best practice guidelines, and giving you all the necessary training and support.
The Mutuals we manage are transparent about information on claims, so we can collect, analyse and then share it with your mutual membership. With the support of Regis, this insight enables the mutual to put in place effective risk management programmes.
Working With Regis
Activities Industry Mutual Case Study
The Activities Industry Mutual was born out of the insurance market’s perception that outdoor activity centres were dangerous places; as a result, the centres were finding it difficult to purchase cover at the right price due to the insurance industry’s attitude to risk.
AIM now has nearly 700 members and it is growing all the time. However, the Mutual does not accept everybody, it has high standards of entry to ensure high standards of risk management.
AIM provides more than just risk protection. In fact its Members often describe the Mutual as feeling like being a ‘member in a club’ that provides protection, support and advice.
Tricia Rawlingson-Plant, AIM Director, describes the Mutual as ‘being prepared to go above and beyond for Members. Working with Regis, the Activities Industry Mutual provides additional help like running workshops where Members can meet and network. I have recommended the Mutual to other outdoor centre owners. More and more people are realising that it’s very good thing to belong to a mutual. It’s very different’.