Insurance Overview

All Co-operative Insurance products are covered by its customer-led Ethical Policy. In addition, the company offers the following green products/incentives: 

• Ecoinsurance
• Pay-As-You-Drive policy (rewarding low mileage drivers)
• The company includes ‘Repair over Replace’ policy in its motor insurance claims process.  This seeks to reduce the proportion of new parts used in repairs.

Co-operative Insurance’s ethical engagement policy evaluates the performance of companies it invests in against criteria such as:

Human rights and armaments

The company states that it will challenge organisations that:

• Undermine basic, universal human rights
• Support, or benefit from, governments that oppress human rights
• Manufacture or transfer armaments to oppressive regimes
• Manufacture torture equipment or other equipment that is used in the violation of human rights

Trade and labour rights

The company states that it will seek to:

• Protect workers from exploitation, e.g. oppose child labour
• Support poverty reduction, e.g. encourage the adoption of Fair Trade or ethical trading principles
• Advocate an end to trade which fuels conflict or undermines human rights, e.g. displaces people from their lands
• Encourage the promotion of co-operative enterprises

Consumer protection

The company states that it will promote:

• Responsible marketing practices e.g. with regard to marketing to children, the marketing of tobacco products and of breast-milk substitutes
• The health and safety and labelling of products e.g. genetically modified foods

 Social inclusion

The company states that it will promote greater access to:

• Health services and basic medicines
• Education
• Basic necessities e.g. water

Genetic modification

The company states that it will challenge businesses involved in the application of genetically modified organisms (GMOs) which:

• Damage the environment, e.g. through the uncontrolled release of GMOs
• Compromise human health, e.g. through a failure to account for significant risks

Environmental sustainability

The company states that it will encourage businesses to reduce pollution and their environmental impact, and, in particular to:

• Reduce reliance on fossil fuels – which contribute to climate change – and increase their use of renewable energies and energy efficiency
• End the production of chemicals that nature cannot easily break down and which build up and contaminate plants and animals
• End the exploitation of nature – which results in the loss of plants and animals and their surroundings – and consider more sustainable natural products and services

Animal welfare

The company states that it will encourage:

• A move away from intensive animal farming systems, e.g. battery cages
• An end to the reliance on animal testing for cosmetic or household products
• Support for the development of alternatives to animal testing
• An end to the trade in fur
• An end to blood sports, which involve the use of animals or birds to catch, fight or kill each other

Corporate governance

The company states that it will challenge companies to:

• Adopt and implement all appropriate codes of best practice, e.g. the Combined Code of Corporate Governance
• Avoid excessive pay to directors and rewards for failure
• Have strong safeguards against fraud, bribery and corruption

The Co-operative Insurance’s 'Legacy' home insurance products are attractive to older and less financially well-off customers. These products have a lower average premium than standard products and allow customers to pay by cash rather than credit or debit card, or via bank transaction.

Additionally, Co-operative Insurance does not have a standard entry requirement except in cases of high risk, for example, if a customer has been convicted of fraud or arson, or has been banned from driving or has a high level of prior claims.

According to the company’s figures it has a higher representation of customers from lower socio-economic groups than the market as a whole.

In terms of access provisions, the company offers a face-to-face service for customers living in rural communities, the elderly and disabled through its network of financial advisors.

Its call centre offers services in nine languages including Bengali, Kashmiri, Polish and Pashto and services are accessible via Minicom and Typetalk

Marketing materials are available in Braille, large print and audio formats and the company’s website complies with the World Wide Web Consortium guidelines on accessibility.

The company is not involved in any microinsurance programmes.

The company’s environment policy covers climate change/energy efficiency and waste management and shows a commitment to continued improvement of environmental performance and has targets for same. An Environmental Advisory Committee is in place.

The company has also been involved in lobbying the UK government with regard to carbon emission reduction targets and has worked with environment charities like Friends of the Earth to further the climate change cause.

Some 99% of the company’s electricity is sourced from renewable sources, such as wind and hydro-technologies.

Co-operative Insurance has gone ‘beyond’ carbon neutrality by repaying 10% off its outstanding carbon ‘debt’ in addition to its existing carbon neutrality.

The Co-operative’s ‘Diversity Strategy’ addresses the four key areas of gender, race, disability and sexuality.