Desjardins Insurance is the insurance unit of Desjardins Group, the largest association of credit unions in Canada. Desjardins Insurance has two principal subsidiaries: Desjardins Financial Security (life, health and retirement insurance products) and Desjardins General Insurance inc. (auto, home and business insurance products).
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Cooperative model
One of the strengths of Desjardins Insurance is it's cooperative business model that has human values at its core. The company is well known for its engagement in the community, in the health of a family-work balance and in promoting formation and professional development. In 2017, they estimated at about 200 millions per year the money invested in the different communities of Quebec.
In 2016, Desjardins Insurance also proved proactive in the crisis that touched Fort McMurray; they directly contacted all their members to get an insight of what needed to be done, and promised that this incident wouldn't affect the premiums.
Their strategy based on the cooperative puts forward a client focused synergy, and consider all their subscribers as members. The digital turn recently initiated goes along with this train of thought: according to M. Dubois, the energy has now to be put into innovation and prevention to better help their members. It's in this context that Ajusto, which evaluates the driving habits to provide discounts on premiums, and Alert, a program to prevent water damages, were launched on their mobile app. Desjardins Insurance was the first one to widely offer UBI savings program in Ontario and Quebec, and is now a leading provider of this kind of products.
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History
The first subsidiary of Desjardins Group was created in 1944 under the name of "Société d'assurance des caisses populaires" (SACP). SACP is today known under the name of DGI, Desjardins General Insurance. In 1948, Desjardins Life Insurance (today known as Desjardins Financial Security) is also created. Both companies see their activities flourish quickly in a post-war and prosperity environment, and regroup under the common name of Desjardins Insurance.
In 2015, Desjardins Insurance bought StateFarm, which helped them become the second biggest P&C insurer in Canada, and first in Ontario. This acquisition almost doubled the premiums, going from 2 billions to 4 billions. 50% of their volume now comes from StateFarm, but other parts also come from Desjardin's group insurance (The Personal), from white labels activities with Scotia Bank, from brokerage with Western Financial and finally from activities related to the exclusive agents of Quebec.
Controversies
Its subsidiary Desjardins General Insurance initially refused to pay a disability claim for a UQAM professor with depression, but changed its find after a letter from the claimant went viral.
See also
- Lévis
- Desjardins Group
- Desjardins General Insurance
- Desjardins Financial Security
References
External links
- Desjardins Insurance website
- Desjardins Financial Security website
- Desjardins General Insurance website
Source of article : Wikipedia
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