The Co-operators’ corporate philosophy puts fairness first. The brand’s reputation is based on this philosophy.
The Co-operative Life Insurance Company was founded by farmers from Saskatchewan, Quebec, Ontario and the Atlantic provinces in 1945. The company’s founders were disillusioned by big business after surviving the Great Depression. The hardships they experienced motivated them to found a new kind of insurance company, one based on a co-operative model. Headquartered in Guelph, Ont., The Co-operators is fully Canadian-owned.
The Co-operators’ auto insurance business structure differs from a for-profit insurance company in a few key ways. Policyholders are co-op members and can vote on the company’s direction at its annual general meeting, among other privileges. “Every member has an equal voice,” is a company motto.
Most importantly, when a profit is made, it’s distributed to the co-op’s members. The Member Loyalty Program pays members out in a way that’s proportionate to the amount of business they do with them. For example, for someone who has a home and auto insurance policy with The Co-operators, the payout could come in the form of fees being waived.
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