Covéa Insurance announces launch of direct channel in 2016

17th December

Covéa Insurance is at an advanced stage of readiness for the launch of its direct motor insurance proposition with go-live planned for early 2016.

The company has been talking openly about its intentions to launch a direct operation since the creation of Covéa Insurance in 2012 and has chosen to utilise one of its in-house brands - Provident Insurance - to market the proposition.

Speaking of the brand decision, Retail Distribution Director, Carol Geldard, explained:

“We carried out extensive independent customer research to test all our in-house brands and the results were very clear cut. The Provident Insurance brand performed not only as our most recognisable brand with consumers, but also tested very strongly against a range of well-established insurer brands. Given we already own the name, selecting Provident Insurance as our direct brand was an easy decision for us.”

The company’s direct offering has been built on Covéa Insurance’s proven expertise in underwriting, claims and service excellence and the company has recruited 50 new employees at its Halifax offices to support the new proposition. Commenting on the fit with Covéa Insurance’s existing business she added:

“The launch of direct in no way changes our continued commitment to the intermediated market. Our investment in creating a direct business is about ensuring that we maintain our position as a successful underwriter, delivering sustainable, profitable returns. Most of our brokers have been aware of our plans for some time and generally recognise that this development, which will materially add to our access to data and insight, will ultimately enhance our overall motor proposition across all channels.”

 

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About Covéa Insurance

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 16.9 billion Euros in premiums in 2018.  

Covéa Insurance looks after the insurance needs of over 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa.  It has Gold Investors in People accreditation and has been named one of the top 75 employers in West Yorkshire & the Humber.

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels. Employing over 1800 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and is signatory to the HM Treasury Women In Finance Charter. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

In 2018, Covéa Insurance were recipients of the Personal Lines Insurer of the Year award at both the British Insurance Awards and the Insurance Times Awards and was the top rated insurer in the Insurance Times Broker Service Survey for both Personal and Commercial Lines.

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