Co-operators achieved several milestones in 2017. For one, it surpassed one million client households.
Why does Co-operators calculate its clientele in terms of households? “As a multi-line insurer that provides a comprehensive suite of insurance and investment products, we measure our client base in a number of ways. This includes individually as well as by household, because insurance and investment decisions are often made at the household or family level,” Co-operators spokesperson Leonard Sharman told The Insurance and Investment Journal.
The insurer also affirms in its annual report that it insures 843,000 homes, 1.3 million vehicles, 39,000 farms, 290,000 businesses, 220,000 employees through group benefit plans and 692,000 lives. Co-operators also has 597 000 creditor life insurance clients.
The co-operative paid total benefits of $1.97 billion in 2017, mostly in P&C insurance. It reported net earnings of $162.8 million in 2017, an amount virtually identical to that of 2016.
President and Chief Executive Officer Robert Wesseling admits that his company has obstacles to overcome. “We are focused on continuous improvement to achieve even greater results.” Key challenges include “a need to move faster and innovate processes and products to match the pace of change and anticipate future trends. In a world of volatility, we must stay closely attuned to emerging issues and trends,” he explains.
Another statistic that Co-operators provides in its annual report: the Cooperative has 250,297 insured covered by its comprehensive water rider in Ontario and Alberta. This is 105,000 more than in 2016 and nearly 220,000 more than in 2015. It is aiming for 330,000 by the end of 2019.
“This shows our commitment towards making comprehensive flood coverage available to all Canadians, regardless of their level of risk,” the insurer’s annual report reads. The insurer recently extended this protection to its clients in Nova Scotia and British Columbia.
The insurer wants to offer water coverage Canada-wide by the end of the year. “While it is an optional endorsement, the pick-up rate has been excellent,” Sharman adds.
Co-operators also launched a new mobile multifunctional app for its clients. More than 7,500 people have downloaded it. The insurer is aiming for 50,000 users by the end of 2018. (HR)