We are here to…
- Educate you, your business peers, and potential members on the benefits and applicability of a Mutual for your industry.
- Provide a tailored approach to design and establish a Mutual expressly suited to meet all members’ needs.
- Successfully manage your Mutual, ensuring that all tasks are performed to allow it to deliver and prosper.
- Guide in ensuring your Mutual fully complies with government and regulatory requirements while keeping you up-to-date with best practices.
- Collect, analyze, and share relevant data with your membership to manage risk effectively.
About
And this translates to results:
- Cost-efficient Risk Transfer: Mutuals typically run along not-for-profit lines, providing cost-effective risk transfer rather than being created to generate profits. Where the corporate insurance model has a poor alignment of interests between customers and shareholders, these interests are perfectly aligned in the Mutual. Members share the risk.
- Ownership and Control: Ownership and control improve the alignment of interests, improved transparency, and retention of decision-making power across all activities.
- Reduction in the cost of claims and cover: The only sustainable way to reduce the cost of cover is to improve the quality of risk, which is influenced by the volatility and severity of claims. A Mutual creates a strong, vested interest in risk management and mitigation for its membership, driving down the costs of claims and cover.
- A self-serving solution: Since a Mutual operates for the benefit of its membership, it is always self-serving in its interests, enabling it to deliver products that benefit its purposes.
About Pye·M Systems Ltd.
Pye-M Systems Ltd. started as an offshoot of an established Mutual management consultancy Company, Scott Persson and Associates, founded and led by Ejide Sodipo in 2009.
Ejide’s work at Scott Persson and Associates provided consultancy, advisory, and technical support for shipowners and stakeholders in the Nigerian maritime and shipping Industry. She focused on supporting establishing a Nigerian Protection and Indemnity Mutual association and setting up the first technical committee.
Our robust claims and risk transfer structure is a remodeled approach to insurance.
We provide a more efficient and tailored approach to managing risk by designing, building, and managing Mutuals for risk pooling and retention.
Our focus on delivering benefits through the structure of a Mutual came about from:
- Shipowners’ concerns about paying rising costs without receiving proper benefits.
- Ejide’s deep understanding and experience with the discretionary Mutual model, which is generally considered the only economically viable way of setting up a Mutual in the current environment.
By allowing organizations to take control of their risk transparently, we enable them to generate and manage their surpluses.
Our one-stop-shop solution delivers at international best practice standards
Success in creating, launching, and operating a Mutual depends on comprehensive management by a team of seasoned professionals covering a wide range of necessary skills.
Underwriting
Wordings
Claims
Actuarial
Accounting
Marketing
Investment
Legal
Account Management
Risk Management
Business Analysis
Project Management
Product Design
IT/Systems
Contact Centre
HR
Compliance & Regulatory
Risk & Governance
Company Secretariat
Placement & Broking
Sales
Our Approach
Let’s work together to …
- Evaluate how a Mutual could be the right solution for your needs.
- Identify how to implement a Mutual that best serves you and your peers.
- Design, establish, and manage your Mutual.