Co-op Insurance NZ and Provident Insurance Corporation Limited (Provident) today announced the launch of an exciting venture for Provident to white label and distribute Co-op Insurance NZ’s comprehensive motor vehicle insurance through Provident’s national network of registered motor vehicle traders.
Henry Lynch, Chief Executive of Co-op Insurance NZ, says that the partnership is a valuable strategic alliance that allows Co-op Insurance NZ to leverage its established infrastructure and insurance base in the credit union sector to diversify into new markets with a strong distribution partner.
Steve Owens, Provident Chief Executive, agrees it was a natural move for them as well to complement their existing suite of consumer credit and mechanical breakdown insurance products with Co-op Insurance NZ’s strength in motor vehicle insurance. “One of Co-op Insurance NZ’s strengths has been their agility and ability to work with us and respond to our unique customer needs.”
“Co-op Insurance NZ is 100% New Zealand owned and operated offering insurance to credit union members all around the country, and was one of the first insurers in New Zealand to be licenced by the Reserve Bank of New Zealand when licencing was introduced back in 2013” said Mr Lynch. “As a kiwi owned co-operative organisation, it was a natural fit to join up with another local kiwi owned organisation like Provident.”
Under the arrangement Co-op Insurance NZ will underwrite a Provident branded motor vehicle insurance policy that Provident’s dealer network will be able to quote and sell to their customers. The user-friendly system to allow dealers to quote and bind motor insurance policies at the point-of-sale to their customers and is fully integrated into Provident’s existing IT system for ease of use. Feedback on the new system has been overwhelmingly positive from dealers.
Provident are currently rolling out the new product to their dealer network throughout the country, with full implementation expected to be complete by the end of April.