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So You Want to be an OMIA Director A guide from the Ontario Mutual Insurance Association

If you re reading this you re an employee or director of one of Ontario s proud farm mutuals and might be looking for a chance to get more involved with other mutuals and the mutual community Let s take a look at what being an OMIA director is all about

History of OMIA We go back way back Ontario s farm mutuals are old in a good way meaning well established resilient and values driven Some mutuals have been around since before Confederation The Ontario Mutual Insurance Association has also been around a long time dating from 1882 In those early days one mutual leader described the core purpose of the Association as helping mutuals to overcome strife encourage friendly intercompany spirit and discuss matters of relative benefit Over the years Ontario s mutuals have become deeply interconnected What began as a way to exchange information became a place to solve tricky problems and create a better environment for mutual insurance OMIA formerly the Mutual Fire Underwriters Association banquet 1941

What exactly does OMIA do In two short phrases this is it Mission To serve and strengthen our mutual insurance community Vision Grassroots insurance at the core of thriving communities At a practical level there s a bit more to it The development and delivery of education programs to provide technical skills and professional development to mutual employees and directors This includes in house education live online distance education and online on demand web based training Research development and creation of insurance products wordings and guidelines Working in cooperation with Farm Mutual Re OMIA maintains an extensive suite of insurance wordings and develops products to meet emerging needs such as overland water coverage unmanned aerial vehicles etc Employee benefits and pension are an important part of maintaining a healthy and engaged workforce in the mutuals OMIA administers and manages mutual group

plans for health and medical expense and disability and life insurance OMIA also administers a Defined Benefit and a Defined Contribution pension plan for the benefit of mutual employees This plan has over 200 million under management Information and data make the insurance world go round OMIA acts as the collector and aggregator of core insurance data from each of our member companies This data plays a critical role in regulatory compliance product and pricing development and reinsurance analysis and acquisition OMIA also helps promote mutuality in a way that s unique to each mutual OMIA manages the Ontario Mutuals umbrella brand and with member companies maintains a high profile for mutuality at trade show events across the province including farm shows OMIA also acts as a key sponsor with groups such as 4 H Ontario Our marketing department provides creativity and expertise in helping mutuals develop their own marketing program As a mutual you are part of the province s financial services sector The government plays a big role in how you do business and interact with your customers OMIA takes a lead role with policymakers at Queen s Park in making sure insurance regulation makes sense for mutual policyholders OMIA also plays a leading role with the Financial Services Regulatory Authority FSRA which is responsible for making sure mutuals are solvent and operating with the consumer in mind OMIA spends a lot of time talking to our regulators and elected officials

With regulation goes compliance Over the last 10 years mutuals have been increasingly tasked with ensuring compliance and proof of compliance with many complex regulations OMIA provides resources and research to help mutuals meet their compliance requirements OMIA also organizes two big mutual events each year the March Convention and the October Presidents and Managers Meeting P M These are prime opportunities for the exchange of information education and professional development and most importantly networking among mutuals and the general insurance community An organization built on collaboration

Role of the Board Now that you know what OMIA does what role does the board play The board s primary role is to provide oversight and develop strategy to allow OMIA to deliver on its mission and vision and to provide an environment where mutuals work productively together Included in that oversight is an extensive committee system Each of OMIA s core activities has a committee made up of member companies and at least one director from the OMIA board that provides input and direction on how to implement important objectives in each of OMIA s core activities OMIA directors chair these committees and develop skills in creating collaborative environments and responsible decision making With the board providing strategic oversight and with committees providing guidance and input OMIA staff implement and execute Each board meeting includes an overview of the Association s financial performance a review of ongoing developments among the mutuals and committee reports on core activities at OMIA As a member of the board you ll play a key role as an ambassador for OMIA and mutuality and you ll also become involved in working with the boards of our other key partners including Farm Mutual Re and CAMIC

How do I do a good job as an OMIA Director Some of the important personal competencies you ll have as a director include Being open to and listening to member companies as they provide input and feedback to the Association on the Association s work and developments in the mutual community Participating actively at board meetings with eight fellow directors These meetings are collegial in nature but tackle important decisions each month that require diligence and insight Coming to meetings prepared Continuing to develop your understanding of the insurance industry and important governance skills like strategy risk management and decision making Developing an ability to weigh the needs of the Association and individual member companies or groups of member companies In your role as a director your primary responsibility is to ensure the well being of the mutual community and the Association There s a very high likelihood that after about eight years on the board you will act as OMIA Chair for a year and become a mutual ambassador to meetings and events across the province across the country and in the United States Another important role for the director will be recruiting and helping in the selection of new directors and providing mentorship and guidance as individuals join the board

When you come onto the board we ll expect you to bring your own unique talents and skills Some of these should include Financial Literacy Strategic Planning Risk Management Governance Industry and Association Specific Knowledge Communications and Public Relations Government Relations Board and CEO Performance Organizational Development Nobody brings all of these skills to the table but over the course of your time on the board there will be development opportunities to increase your skill in each of these areas

How much time is involved The time commitment may vary a little but for the most part we can tell you this There are ten in person board meetings per year We don t meet in January or one of either July or August The March and October meetings take place at the Convention and P M but the others take place in Cambridge In either July or August we have a two day meeting off site usually near the chair s home company You can expect to spend about two to three hours getting ready for each meeting Your board material is provided four to five days in advance of the meeting on a secure website In addition to the board meetings there are also two board education or planning days per year These are usually scheduled to be immediately preceding an existing board meeting to reduce the travel commitment You ll sit on one to three committees Committees meet both in person and by conference call depending on committee needs Committee work can be four to eight days per year but for the first few years on the board it will likely be closer to four days a year You will be expected to attend the OMIA Convention and the Presidents Managers Meeting You may also take part in a few special events throughout the year such as open houses anniversaries charity events with neighboring mutuals etc but this can vary For board meetings and official board events you will be eligible for a per diem Your travel and accommodation costs will also be covered by the Association

What s the best thing about being an OMIA Director Being a director of the trade association does involve a lot of work and may require you to step out of your comfort zone but based on talking to previous board members the rewards far outweigh the costs E xpect to develop many long term friendships and positive business relationships with fellow directors OMIA staff and members of the mutual community You ll develop a greater understanding of the insurance industry and the important role that mutuals play in the insurance business and in local communities You ll have the benefit of working for a nonprofit trade association whose sole goal is the betterment of mutuals and mutual policyholders You ll have the satisfaction of making a contribution that s a little different than the important contribution you make every day at your own mutual You ll get a chance to understand and meet other important communities that intersect with insurance such as the agricultural community and the cooperative business community You ll develop your own leadership skills and get to join a long list of individuals who have made great contributions to mutuality for almost 140 years In Closing We encourage you to think about it There s a lot required but there s much to be gained This could be just the opportunity you re looking for

350 Pinebush Road Cambridge ON N1T 1Z6 www omia com