OREANDA-NEWS. In this A.M.BestTV episode, attendees at the National Association of Mutual Insurance Companies’ (NAMIC) annual convention in Vancouver, British Columbia, said mutual insurance companies are pressing to stay ahead of technology startups, struggling with the burden of increasing layers of regulation while trying to position themselves as attractive employment opportunities to millennials.

Nearly 1,900 mutual insurance executives from all over North America are at the NAMIC convention, networking and discussing the challenges facing their industry.

“Mutuals have a long history of strength and durability. Many have been around for decades,” said Neil Alldredge, senior vice president, state and policy affairs, NAMIC. “So going forward, I think, the challenge will be for mutuals to figure out how to capitalize on their strengths.”

Keith Wolfe, vice president, Swiss Reinsurance Corporation, said attracting the right talent in the next 30-40 years remains a challenge for mutual insurers. He noted that many mutual companies are not domiciled in urban locations, which makes it a challenge for them to appeal to millennials.

“Millennials want to live in an urban market area. This makes it very difficult for mutual companies to convince these millennials that they are so important and such a unique employer that moving out to these remote locations is justified,” said Wolfe.