The Picnic Process for
New Discretionary Mutuals

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The Picnic Process is applied to all new Discretionary Mutual inquiries.
Initial assessments on the right direction for any inquiry is to determine if they could join and existing Discretionary Mutual or, if there is a possibility to launch a new one.

Step 01: Build vs Join

The initial conversations with Picnic will identify if there is an existing Discretionary Mutual that is suitable and is open to new Members.

If it is not a Discretionary Mutual that is managed by Picnic, we can arrange an introduction.  

If initial high-level data, problem, or circumstance parameters indicate a new Discretionary Mutual is both suitable and viable, a consulting statement of work for the co-design phase will be issued. If an existing Discretionary Mutual is more suitable, this will be explained and an introduction made, if requested.

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The Picnic Process Co-Design phase is a series of workshops with the instigator of a new Discretionary Mutual to ensure the suitability of all products and the long-term viability of the Mutual.

Step 02: Validate

This detailed design process is undertaken through a series of co-design workshops to:
- Determine the suitability of a Discretionary Mutual.
- Define the right Approach.
- Define the Member profile, benefits, size & location.
- Map the product launch roadmap.
- Identify potential Board directors.
- Identify options for claims handling process/providers.
- Identify member risk management expectations and mitigation providers.
- Indicate the amount of Mutual Capital Instrument funding required to launch. (What is this?)

A draft business plan is delivered to enable the instigator to make a go/no-go decision.

Step 03: Build

This is an intensive period of work to:
- Create launch product wordings.
- Determine reinsurance structure + seek reinsurer support.
- Define brand, growth, product roadmap.
- Create MCI structures and associated documentation.
- Agree operational processes & management tasks.
- Formalise entities and structures
- Appoint the Board and establish governance framework, meetings and claims process
- Formalise contracts for management, reinsurance and other service providers
- Open bank accounts for the placement of MCI investments.

The instigator is engaged through this period to validate, support and agree next steps.

Step 04: Launch

This is an intensive period of work to:
- Formalise legal sign offs
- Obtain Board sign offs
- Finalise marketing & communication activities
- Testing of systems ahead of go-live.
- Onboard first Members.

The instigator is actively involved thoughout the launch stage of the process.

Step 05: Operate

The operating mode and management of the Mutual is determined in the Validate and Build phases and formalised via contracts in the Launch phase.

It may vary between each Mutual based upon the needs of the Community and the capabilities of the instigator.

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Picnic acknowledges the Traditional Custodians of the land on which we work, live, and gather as employees, and recognise their continuing connection to land, water and community. We pay respect to Elders past and present.
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