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With members’ direction and support, Co-op is back in the life insurance market, having launched a new term life product, with the promise of more new life products to come.
Creating Co-op Life Cover has been a genuinely collaborative process that has involved working with members at every stage to identify their needs and preferences and build a product with these very much in mind.
Before we started working on the life product, we’d had conversations with members last summer, inviting them to Join In and share with us their insurance frustrations , and identify areas of the insurance market where they felt Co-op could offer a real difference.
Life insurance emerged as one area that members found complex, confusing and in need of a Co-op alternative, so it seemed like a good place to focus our activity. We went back to members, asking them to help us understand what they were looking for in a life product, before asking them to Join In again to help us prioritise a list of features and benefits that we had developed on the back of previous conversations. From this we were able to understand how members viewed incentives, product features and aspects of the buying process.
We also invited members to suggest other things that they’d value – things that we’d perhaps missed, or not included in the ideas we presented to them. Here, we heard a repeated call to ensure that clarity and transparency characterised the new product and how it was communicated, and this became central to our approach.
Responding to members’ needs
We’ve built a product in which simplicity is key – it’s easy to understand, and you only need to answer eight simple questions to apply. Our Policy wording has been given the ‘Fairer Finance’ clear and simple mark. And we’re offering a payment holiday feature which really sets our policy apart from others in the market. If you’ve paid into the policy for 12 months or more, you have the option to take 2 payment holidays of up to six months during the lifetime of the cover, if you can no longer keep up the payments. On traditional life products if you miss a payment the policy stops.
There are three types of cover on offer – Level Cover, Decreasing Cover or Monthly Income Benefit, and there is also the option to add Serious Illness Cover (which comes with Child’s Benefit ) to the policy. Co-op Members will also benefit from a 5% discount for the life of the policy* and £50 worth of Co-op Food Vouchers to spend in store. Ts and Cs apply**
I can’t stress just how invaluable our members have been in the development of this new life product and the development of the other life products we have in the pipeline. They’ve provided us with some fantastic guidelines, have challenged many of our assumptions and shown to us that we don’t always have the answers. We’ve tried to give our members something that addresses their needs, and I hope we’ve achieved that.
If you want to find out more about our new life product, visit co-opinsurance.co.uk
And if you’re a member who would like to join in to shape something else at your Co-op, click here to Join In.
Head of Products
Read more on how members shape our Co-op;
- Co-op Members help us shape new digital channels for offers
- Members join in live to have a say in our business
- Our first ever pizza created by members, revealed
*Excludes Serious Illness Cover
**£50 Co-op Food vouchers available to new customers who buy a life insurance policy directly from Co-op Insurance Services from 22/01/19 to 31/12/19. Your policy must be in force for a minimum of 4 months. Policies from cashback sites and price comparison sites are excluded. Vouchers will arrive within 180 days (6 months) of your policy start date. Vouchers accepted in Co-op Group Food stores and participating independent co-operatives. For full Ts and Cs visit coop.co.uk/bagsmorelife. Promoter: Co-op Insurance Services, registered office: Miller Street, Manchester, M60 0AL.
Co-op Life Cover from Co-op Insurance Services is provided, underwritten and administered by The Royal London Group. Co-op Insurance Services is a trading name of Co-op Insurance Services Limited; registered in England and Wales with registration number 4390. Registered office: CIS Building, Miller Street, Manchester M60 0AL. Co-op Insurance Services Limited is authorised and regulated by the Financial Conduct Authority under register number 779364.