so what does ‘mutuality’ mean?
Fundamentally, being a mutual organisation means we don’t have shareholders and we’re not part of a PLC.
Businesses with shareholders have to make profits for investors - for many the need to pay dividends is paramount. Not so for us – we have no shareholders to whom we have to pay dividends to and can focus totally on generating profits which can be used for the benefit of all our customers to plan for the long-term, making choices that will benefit you now and in the future.
We’ve put together this video to help explain mutuality without the confusion – take a look here.
what does it mean to you?
First and foremost, our status as a mutual means that we place the customer at the centre of everything we do. We will always listen to customers, do everything we can to respond to concerns and suggestions and seek feedback and input on major developments.
These are things you may expect as a customer of a mutual organisation, so in addition to this, our aim is to deliver additional benefits as part of your membership. We are currently working towards the introduction of a customers' support fund. This fund will be there to provide additional support if and when you really need it, emphasising the real essence of mutuality. If you are suffering financial hardship, perhaps as a result of sickness or unemployment, or even as a result of pursuing your education, we may be able to lend a hand. This fund will be introduced later in 2010 so keep an eye on our website for details.
your voice is important
Your opinions are always highly valued at every level.
Voting at our Annual General Meeting (AGM) is one way to get involved and influence the business – you can vote to elect the Directors that work for you, give your opinions on the way we are run and ask any questions you might have. Apart from the AGM, there are plenty of other ways to have your say and you can get involved as much or as little as you like.
You can join our customer panel which gives you a direct way of getting your views across by taking part in a variety of different activities from questionnaires to focus groups. This provides us with invaluable insights and useful information so that we can keep customers interests at the heart of what we do.
You can also give us your feedback online on a variety of different subjects from your thoughts on our products and services to your opinions on future developments, the charities Engage Mutual supports and much more.
Our news and views section of the website contains lots of interesting articles, videos and polls for you to read and take part in and we would love to hear from you.
as a mutual, we’ve got friends
Mutual businesses like to stick together – after all, we’re all run for the benefit of customers. That’s why Engage Mutual is a member of the trade body that represents mutual insurers, friendly societies and other financial mutuals in the UK. The Association of Financial Mutuals aims to develop and support a strong mutual insurance sector. To find out more go to www.financialmutuals.org
