Embracing mutualism for a member-driven future in insurance
This article was produced in partnership with Beneva.
In an era where corporate priorities can overshadow individual needs, Beneva stands out as a beacon of community-focused, member-driven service. Rooted in the principles of mutualism, Beneva is more than just an insurance provider; it's a testament to the power of collective action and shared responsibility.
The Beneva philosophy
Beneva puts people first, they are at the heart of its priorities. Unlike publicly traded companies, which often face intense pressure to deliver short-term returns, Beneva takes a different approach. The company dedicates itself to getting things right, focusing on long-term benefits for its members and the community. This freedom allows Beneva to focus on investment strategies that are most beneficial to their members in the long run.
One of the unique aspects of Beneva is its inclusive approach to membership. People covered by group insurance, as for most other products offered by Beneva, automatically become part of the mutual, even if another company manages their contract through a Third-Party Administrator (TPA) partnership. However, it's important to note that under the mutual’s bylaws, delegate designation and member recognition are prerogatives of the plan sponsor.
For those unfamiliar, a mutual is a collaborative enterprise where members, known as mutualists, unite to protect themselves against risks like accidents and illness. Mutualism is not just a business model; it's a philosophy that champions democracy, empowerment, and community spirit. It's a model that has found resonance globally, balancing business acumen with a commitment to the collective good. This becomes especially relevant in a time where environmental, social and governance (ESG) factors are revolutionizing industries worldwide.
Principles of mutualism
Being the largest insurance mutual in Canada, Beneva adheres to several key principles that define mutualism. These include voluntary and open membership, ensuring that the mutual is accessible to all individuals who need its services. It operates in a democratic fashion, with members designated as delegates having a say in governance through voting privileges. The mutual maintains autonomy and independence, guided by the principle of mutuality and governed by its members. A focus on education, training, and information ensures the growth and development of its members, leaders, and employees. Beneva also believes in cooperation between mutuals, working collaboratively at various levels for optimal service delivery and to share best practices. Lastly, its commitment to the community is evident in its engagement in social and philanthropic activities, with a focus on the well-being of Canadians through various anxiety management initiatives.
Recognized and respected by legislators and regulators, and established through a private interest bill, Beneva successfully merges business success with a strong commitment to its members and their collective welfare. Beneva is not just about insurance; it represents a community that genuinely cares.
