Covéa Insurance strengthens its home insurance proposition with Profile re-launch

10th May

Sue CoffeyCovéa Insurance is pleased to announce it has upgraded its Home Profile product to strengthen its competitive position in the personal lines home insurance market. The upgrade includes a range of policy cover enhancements which have been wrapped up in newly designed policy documentation, applying the principles of behavioural economics, making the cover simpler to understand and more ‘digestible’ to customers.

The company is making the changes to build on the product’s existing strong foundations with the intention of making it even more attractive, both to brokers and customers. New policy covers have been added and include fatal accident, loss of keys (on Buildings Cover), and loss of or damage to plants in the garden. Cover limits for alternative accommodation, money away from the home, and theft from outbuildings have also all been increased.

Profile is the latest Covéa Insurance product to be revamped as part of a companywide initiative to enhance the customer experience. The insurer’s Private Car product has also recently been re-launched, using the principles of behavioural economics, ensuring its policy presentation and documents are focussed on customer need.

Sue Coffey, Director of Intermediated Distribution, Personal Lines commented:

“We have listened to our brokers and customers in making these improvements to the cover, and the look and feel, of our home policy wording. We believe the way forward is to communicate with customers in a way that’s relevant and meaningful to them; to help them make informed decisions about their insurance. With this in mind, the newly designed Profile product is clear and concise, easy to navigate and simple to understand, as well as being competitively positioned in the market.”

 

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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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