3 July 2018 07:00
The Co-operators has taken several caps in 2017. One of them is to count more than one million household customers.
Why the Co-operators calculates its customer base in terms of households ? “As an insurer, multi-line, we provide a comprehensive range of insurance products and investment. We measure our client base in different ways. This includes that we measure individually and by household, because the decisions relating to insurance and investment are often the result of a joint decision in a household, ” said Leonard Sharman, a spokesman for the cooperative, the Journal of insurance.
The insurer has also revealed in its annual report that it provides 843, 000 houses, 1.3 million vehicles, 39 000 agricultural holdings, 290, 000 businesses, 220 000 employees through a group insurance plan, as well as the life of 692,000 people. The Co-operators account 597 000 customers credit insurance.
The cooperative has also paid benefits of $ 1.97 billion ($G$) in 2017, the majority in damage insurance. It has achieved a net profit of 162.8 million ($M) in 2017, an amount almost identical to that of 2016.
Robert Wesseling, president and chief executive officer of the insurer, said that his company has obstacles to overcome. “We rely on continuous improvement to get even better results. Many of the important challenges we face require us to act more quickly and refine our processes and our products, if we want to follow the pace of changes and trends anticipated. In this world of volatility, we need to stay abreast of trends and emerging issues. “
250 000 insured against flooding
Other statistics revealed by the Co-operators in its annual report, the cooperative has 250 297 insured covered by the rider against the floods in Ontario and Alberta. It is 105 000 more than in 2016, and nearly 220 000 more than in 2015. It aims to have 330 000 by the end of 2019. The insurer has recently extended this protection to its clients in Nova Scotia and British Columbia.
He wants to expand across the country by the end of the year, said spokesman Leonard Sharman. “Although it is offered as an option, this protection has an excellent adoption rate. “
The Co-operators has also launched a new mobile application called multifunctional for its customers. More than 7 500 people have downloaded it. The insurer wishes to that there are 50 000, which have done by the end of 2018.
Side customer acquisition, Co-operators, account for 51% of its new customers who have purchased more than one product with it. This proportion was 67% in 2016. The acquisition of a brokerage firm resulted in a drop in this proportion, ” says the insurer. The purpose of this is to reduce this ratio to 60 %.
The insurer also stated in its annual report that 63 % of its new customers were from the generation Y. This proportion was 60 % in 2016 and 57 percent in 2015. The Co-operators aims to maintain this proportion beyond the threshold of 50 %.