Gore Mutual announces ambitious new strategic direction
“In response to fast-changing customer expectations and technology,” Gore Mutual has announced an “ambitious new strategy to grow into a purpose driven, digitally led national insurer.” As a first step, the company is making key changes to its executive team including the creation of two new C-suite positions.
Gore Mutual’s new strategy includes four components:
Purpose driven: Gore Mutual will transform itself into a purpose driven company with a new brand that will differentiate it in a crowded insurance market.
Digitally led: The company will rethink its approach to technology, data, product and pricing to move away from complicated insurance systems and processes and create a new platform to grow.
National expansion: Gore Mutual will grow beyond its core markets of Ontario and British Columbia into a national insurer driven by strengthened commercial mid-market capability, simplified business operations, sophisticated pricing and broker relationships.
Insurance retailing: The company’s Insurance Store subsidiary will be used to partner with brokers to research and develop new ways of reaching customers by becoming a branded retailer with a fresh approach to customer experience.
“It is an exciting time at Gore Mutual as we announce changes that will unleash our potential as an agile mid-size insurer. Our franchise has never been stronger and now is the right time to take ambitious steps forward to transform our brand and grow our business.” – Heidi Sevcik, President and CEO at Gore Mutual.
As a result of this new strategy, the company is making changes to its executive team including the creation of two C-suite roles – Chief Underwriting Officer and Chief Technology and Data Officer.
The Chief Underwriting Officer will be responsible for transforming Gore Mutual’s ability to support ambitious growth across Canada with national and regional brokers in product, pricing, risk management, reinsurance and underwriting operations. The Chief Technology and Data Officer will be responsible for leading a new team to transform the company’s platforms, digital capability, data sophistication, automation and cognitive analytic expertise. Recruitment for both roles is underway with external candidates being considered.
As a result of these changes, Sean Christie, Chief Information Officer, and Jamie McDougall, Vice President of Business Intelligence and Analytics, have left Gore Mutual.
Further changes announced by the company include two new Vice President positions. Lyndsay Monk will become Gore Mutual’s Vice President of Finance and Deborah Upton will become Vice President of Pricing and Actuarial.
“As a mutual company, we have the autonomy to make long-term decisions about our future. This includes optimizing our strong balance sheet and exploring new and innovative ways of accessing and deploying capital to fuel our growth.” – Andy Taylor, Chief Financial Officer at Gore Mutual.
“As an agile, mid-size company producing consistent, dependable results, we have a terrific platform to efficiently scale up nationally with expanded capacity and strengthened technical capability underpinned by great relationships with brokers.” – Paul Jackson, Chief Marketing and Distribution Officer.
These changes are Phase One of Gore Mutual’s Next Horizon project with further announcements to come in early 2020.