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Insurers team up

Posted on 20 April, 2015
Insurers team up

Provident Insurance has linked up with Co-op Insurance NZ to sell comprehensive motor-vehicle insurance through Provident’s registered dealers.

The venture will see Co-op Insurance underwrite a Provident-branded insurance policy traders will be able to quote and sell to their customers at point of sale.

The system is fully integrated into Provident’s existing IT system for ease of use.

Steve Owens, chief executive of Provident, describes the deal as a natural move for the company, and as complementary to its existing consumer credit and mechanical breakdown insurance products.

“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,” says Owens.

Henry Lynch, CEO of Co-op Insurance NZ, says the “strategic alliance” allows his company to leverage its infrastructure and insurance base to diversify into new markets with a strong distribution partner.

“Co-op Insurance NZ is 100 per cent New Zealand-owned and offers insurance to credit union members all around the country. It was one of the first insurers to be licensed by the Reserve Bank in 2013. It was a natural fit to join with another Kiwi-owned organisation such as Provident.”

Provident is rolling out the new product to across its national dealer network with full implementation expected by the end of April.