Insurance product launched

Provident and Co-op Insurance have released a multi-year insurance product to be being rolled out across Provident’s network of car dealers, financiers and brokers. It allows customers to lock in cover for up to three years in, which has benefits for customers and dealers, says Steve Owens, Provident’s chief executive. “Customers gets premium rates and accident-free discounts locked in until their next policy renewal date irrespective of whether they’ve made a claim,” he says. “It also means when a finance provider is involved, they know their clients and security are covered for a longer term than a 12-month renewable policy. “This will remove the chance of the financier’s potential loss when a vehicle is not insured at the time of an accident. It will also reduce time and effort chasing up insurance details to eliminate this risk with a financed vehicle.” If the customer takes out longer term policies, the total excess payable reduces by $100 on each 12-month anniversary. The two companies released an annual renewable product in April, which has been selling well throughout the country. “Our alliance with Provident means we can leverage our infrastructure and experience to diversify with a strong distribution partner,” says Henry Lynch, chief executive of Co-op Insurance NZ, which developed the back-end systems, and underwrites and supports Provident-branded motor vehicle insurance policies across its dealer network.