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Cooperator Insurance company - Case Study Example

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Summary
CGL’s membership represents an assortment of sectors, such as finance, agriculture, labor, health, service and consumer/retail, and regions across Canada. CGL has an operational experience of 66 years as a co-operative and the quality of its services cannot be overemphasized…
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Cooperator Insurance company
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Cooperators Group Limited Cooperators Group Limited (CGL) New business models Key Value Proposition CGL’s membership represents an assortment of sectors, such as finance, agriculture, labor, health, service and consumer/retail, and regions across Canada. CGL has an operational experience of 66 years as a co-operative and the quality of its services cannot be overemphasized. The focus of the company goes beyond the mundane increasing profits to a keen concern in ensuring that the needs of the clients are met, besides ensuring that the needs of the member-owners, staff members and the community are satisfied (The Cooperators Group Limited, 2013). In essence, CGL values people to a greater degree and makes business decisions that are long-term in nature to strike a balance between the profit objective of business and the corporate social responsibility (CSR) objective.
2. Key Sales Channels
The products and services of CGL are sold through a variety of channels. There are over 2,570 licensed insurance representatives across Canada whose responsible is to sell the products and services of CGL. Moreover, CGL uses its website and contact and call centers to sell its services to clients satisfied (The Cooperators Group Limited, 2013). The variety of sales channels of CGL enables the company to reach an ample population of prospective clients.
3. Method of Selling
CGL employs several methods of selling. Considering the insurance and financial services are provided to both individuals and corporations, both direct and Business-to-Business method of selling are used. Besides, the complex insurance services of the CGL are sold through insurance brokers (Cooperators Group Limited, 2015).
Growth Recommendations
Recommendation 1
CGL is currently operating in Canada only. However, there remains an untapped market outside Canada, which is an opportunity of growth for the company.
It is recommended that CGL should expands its operations to others countries, such as the United States of America. Insurance and financial services are universal and are required everywhere.
All the same, CGL should pay close attention to the differences that exist in the U.S. market relative to the Canadian market, where CGL is familiar.
Recommendation 2
CGL encounters stiff competition from other companies operating in the insurance industry. Despite the fact that CGL has diversified to offering financial services over and above insurance services, it is still recommended that CGL should diversify its operation to other lines of business to spread business risk.
Diversification ensures sustainable advantage. However, a balanced product portfolio needs to be upheld in the sense that no single line of business dominates the other.
Recommendation 3
It is recommended that CGL should capitalize on acquiring and collaborating with other players in the industry in order to fortify its market share in the industry. In fact, through acquisition and collaborating with other insurance and financial services providers, CGL will worry less about competition and instead focus the resources and energy in its core operations.
Sec 1
Key Partners (The Cooperators Group Limited, 2013)
Comments
Marks
1.1
Who are our Key Partners?
Addenda Capital Inc. and CUMIS Group Limited emerge as the key partners of Co-operators Group Limited.
1.2
Who are our key Suppliers?
CGL is an insurance and financial services company. Given this, the suppliers of the company have to do with the members of the company and the major ones include Ontario Federation of Agriculture, UFA Co-operative Limited and Arctic Co-operatives Limited.
1.3
Which Key Resources are we acquiring from partners?
Addenda Capital Inc. provides investment advisory services whereas CUMIS Group Limited provides financial security for the company.
1.4
Which Key Activities do partners perform?
CUMIS offers business, liability and property insurance to CGL and its subsidiary companies. Besides, financial planning tools and education sessions are provided by CUMIS in order to help CGL to manage its wealth effectively.
Addenda Capital Inc. manages the investment portfolios of CGL and its subsidiary companies.
Sec 2
Key Activities (Cooperators Group Limited, 2015)
2.1
What Key Activities do our Value Propositions require?
The Value Propositions of CGL requires the services offered to the customers have to be a great quality and tailored to their specific needs. In addition, it is required that the staff members ought to be treated with ultimate respect besides ensuring that their interest are considered. Finally, the Value Propositions require that the operations of CGL should be designed in such a manner that the negative impact they have on the environment and the community is minimized.
2.2
Who are our Distribution Channels and who do they sell to?
The Distribution Channels of CGL include the dedicated financial advisor network consisting of almost 3,000 licensed Insurance representatives who sell the products and services of CGL to both individuals and corporations. The CGL website is also a distribution channel of the services.
2.3
What Customer Relationships do we have?
The reputation and trust of Co-operators General is based on the good customer relationship developed with clients. Community Advisory Panels (CAPs) serve to provide a forum for the members of the community to offer advice, make recommendations and even comment on any issue regarding to the products and services offered by the company. In essence, CAPs promote honest and open feedback from clients and the members of the community, in general. In fact, Co-operative General emerges as the only insurance company in Canada to invite its clients and the local community into decision-making.
2.4
What are our Revenue Streams?
CGL derives its revenue from various sources. The company is involved in multi-product insurance as well as financial services in its operations. The revenue of the insurance operations comes from property and casualty (P&C) Insurance and Life insurance. On the other hand, the revenue from financial services comes from the provision of asset and investment management services to both individual and corporate clients.
References
Cooperators Group Limited. (2015). The Cooperators Website. Retrieved from
http://www.cooperators.ca/
The Cooperators Group Limited. (2013). 2013 Annual Report. Guelph, ON: The Cooperators. Read More
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