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PZU Kindlustus insurance company to insure the property of Coop’s associations

Coop Kindlustusmaakler, an insurance broker which is a subsidiary of Coop Pank, carried out a joint procurement to insure the assets of Coop’s associations and bank. As the result, the tender by PZU Kindlustus was proclaimed successful.

A total of 19 consumer associations and Coop Pank with the total assets exceeding 0.5 billion euros took part in the joint procurement organised by Coop Kindlustusmaakler. The procurement also included the insurance of approximately 170 vehicles. The procurement was meant to find the provider of Casco insurance, travel insurance, property insurance and liability insurance as well as the insurance cover of buildings, facilities, equipment, inventory, goods, investments, cash and interruption of business for one year.

Raivo Piibor, the head of Coop Kindlustusmaakler, says the consumer associations organised such a joint procurement for the first time, and insurers displayed great interest in insuring Coop’s assets: tenders were submitted by 8 insurers. The tender by PZU was selected as the best one, its price and conditions the deemed by the procuring party as the most favourable.

Alo Ivask, the chairman of the board of Coop Eesti Keskühistu, says the consumer associations which took part in the joint procurement managed to achieve an approximate 12% reduction in the price of the same insurance coverage compared to the past. “Taking the number of the participating associations and the amount of assets into account, this is a substantial sum of money to be saved. Procuring such services jointly also represents the idea of cooperation, which is the basis of the operating model of consumer associations in general,” Ivask noted.

Raivo Piibor, the head of Coop Kindlustusmaakler, pointed out that the jointly organised procurement also puts the procuring party in a better position for reaching an agreement with the insurance company about the insurance terms, for instance, various exemptions and restrictions, so that they are the most beneficial for the business of the procuring party. “The insurance broker will also be helping the procuring party in handling insured events,” Piibor added.

“PZU managed to make the best consolidated offer and having won an intense competition for the next period became the insurance partner for the associations and the bank belonging to Coop. The joint procurement was structured and carried out in a very professional manner. I am looking forward to a pleasant long-term cooperation,” added Andres Hellerma, the head of corporate sales at PZU Kindlustus.

Coop Kindlustusmaakler AS is a subsidiary of Coop Pank established last year and specialising in the brokerage of insurance quotes to the bank’s clients and the general public. In the brokerage environment on the web page of Coop Pank, you can request and compare quotes for all the most common insurance products, for example, motor TPL insurance, Casco, travel and home insurance, property insurance for small-scale and medium-sized companies, and also the insurance of construction machinery and other equipment. Coop Kindlustusmaakler AS cooperates with the local and international insurance companies operating in Estonia, for example, Salva, Seesam, BTA, PZU, Ergo, If Kindlustus, Compensa and Gjensidige.