Insurance products get member treatment

610 words approx. 3 minutes to read.

Members have been working with Co-op Insurance throughout the year to innovate, shape and test a range of new products.

They’ve been sharing their thoughts on ideas that we’ve been developing, telling us their experiences of obtaining similar insurance products from other providers and even testing out new technologies, all to ensure that the products we develop are best able to meet their needs.

Motor insurance has been a key area for member-led product development. We’ve been looking at the insurance needs of, shall we say, ‘more experienced’ drivers, van owners, motorhome and caravan owners and those customers who don’t clock up long distances.

In all of these conversations we’ve gained so many valuable insights from members, and changed or shifted many of our preconceived ideas about what we thought people would be looking for when we set about developing these products.

We’re still actively working away on bringing these products to market, armed with a wealth of information from members, but here’s a bit of a round up of what we heard and where we’re up to.

Experienced driver insurance

We heard from members over the age of 65 about their experiences of taking out insurance and asked them about their satisfaction with their existing provider. 13% said they were not happy with their insurance provider, but were not able to find more affordable insurance. A further 46% said that whilst they were happy with their existing insurer, they had concerns about the future. We’re now looking at what we can do to provide a range of insurance and services to better meet their needs at an affordable price. At the Co-op we want to help our members and customers to keep mobile for as long as possible and give them the confidence that they are in safe hands.

Van insurance

Van owners joined in to tell us what they were looking for in an insurance policy. Perhaps not surprisingly, price was one of the biggest issues and, when asked what would make their policy better, lower pricing was the most common response. Members did share with us some great ideas about how their cover could be improved and many were amenable to the idea of introducing additional technology into their vans for the promise of lower premiums, and enhancing their cover to make sure they can use their vans at weekends for social activities including biking and watersports. These are all ideas that we’re actively pursuing and will take into the next round of development.

Caravan and motorhome insurance

Hundreds of members joined in to help our thinking around the development of a policy for caravans and motorhomes. By helping us understand where the shortfalls and gaps were in their existing insurance policies, we now have a much better understanding of where we could bring a Co-operative difference to the market.

Pay per mile insurance

About 100 members have been trialing in-car technology to help us to understand more about how a ‘pay-per-mile’ insurance product could work. The trial is nearing its conclusion and the initial response from members has been very positive. Their feedback is now helping to shape a more detailed Beta trial of the product we’re developing and our thoughts about any eventual full roll-out.

My colleagues and I have found it a rewarding experience to be working together with members as our business looks to bring new products to the market. Keep an eye out over the coming months as we seek to launch new products.

In the meantime, if you’re a member, why not log into your member account and get involved in the discussions that are shaping your Co-op?

Louisa Robinson
Customer Experience Practitioner, Co-op Insurance

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