Subsidiary of Coop Pank becomes an insurance broker

  • 2019-11-27
  • TBT Staff

In August this year Coop Pank established a subsidiary, Coop Kindlustusmaakler AS, which will offer insurance products to customers.

On Monday, the Financial Supervision Authority decided to include Coop Kindlustusmaakler AS on the list of insurance brokers. The company will offer the most common property insurance products, such as road insurance, comprehensive insurance (casco), as well as home and travel insurance.

Coop Kindlustusmaakler AS intends to cooperate with most local and international insurance companies operating in Estonia: negotiations are ongoing with Salva, Seesam, BTA, PZU, Ergo, Compensa и Gjensidige.

Chairman of the management board of Coop Pank Margus Rink said that the bank has no plans to independently enter the market of life and property insurance, and that the establishment of an insurance broker is a part of the strategy to offer Coop Pank customers banking-related services on the platforms of its various partners. “Along with car leasing, housing loans and credit cards, we want to offer our customers the necessary risk protection,” said Rink.

The head of Coop Kindlustusmaakler is Raivo Piibor, a long-time expert in the field of insurance and banking, who from 2005 to 2019 managed similar insurance brokerage firms in other universal banks. “First of all, we plan to offer road insurance and comprehensive insurance to Coop Liising customers, and later travel and home insurance will also be added to the product portfolio,” said Piibor.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. It has 15 branch offices and 28 banking points all over the country. The number of clients using Coop Pank for their daily banking reached 58,300. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 330 stores with ca. 600,000 loyal customers.