Covéa Insurance: Everything you need to know
Employees: Approximately 1,900
Policyholders: + 2 million
Headquarters: Reading, Berkshire
Locations: 8 (throughout the UK)
Covéa Insurance Plc and Covéa Life Limited are together known as Covéa UK and are UK incorporated insurers. As subsidiaries of the leading French mutual insurance group Covéa, Covéa UK is responsible for handling the insurance requirements of over two million policyholders. Covéa UK is authorised by the PRA and regulated by both the PRA and the FCA.
Though Covéa Insurance was officially launched in October 2012, the company is a result of a merger of Provident Insurance and MMA Insurance, and offers over 60 years of underwriting experience. By November 2012, the business had successfully in-sourced commercial claims and, by 2014, it had launched an in-sourced home claims service. In 2018 Covéa Insurance generated over £765 million in premiums.
Products by Covéa Insurance
Covéa UK prides itself on the broad variety of products it offers. From motor to household to life to pet to mid-and-high net-worth insurance, Covéa also has a growing range of commercial insurance products designed with small to medium-sized businesses in mind which it offers through an extensive network of distribution channels.
Covéa UK provides a number of end-to-end business processing services which are aimed specifically at retail brands and financial institutions and which can be customised to meet the unique business needs of each individual client.
Diversity and inclusion within Covéa UK
Covéa UK is one of the first 50 companies to sign the insurance Inclusivity Pledge which is designed “to change unevolved behaviours and create a more inclusive work environment across the sector.” The Pledge addresses all forms of discrimination on any grounds and establishes a clear framework for ideal behaviours from leaders and employees.
Covéa UK is committed to policies of diversity and inclusion across the board and to supporting the development of their employees in an open and inclusive environment. Covéa identifies diversity of thought, preference and skills as the key to generating new perspectives and outcomes, and for creating innovation within an organisation.
“We are committed to attracting, recruiting and retaining the best people from diverse talent pools,” said Covéa UK, and to ensuring that the high-performance culture of the business enables employees across every sector to have a fulfilling and rewarding career, where they are continually motivated to achieve their full potential.
Covéa UK’s gender diversity
As a company committed to addressing and helping to solve the gender imbalance issue, Covéa is a proud signatory to HM Treasury’s Women in Finance. Covéa UK has made a commitment of 35% female representation in its management roles by 2021 and has implemented a number of campaigns to highlight gender bias in the workplace. These include an employer brand campaign, family friendly policies and the launch of a dedicated women’s forum.
In the past year alone Covéa UK has seen an increase from 28% to 30% of women in senior positions and women made up 55% of Covéa’s workforce (as of mid-2019). Covéa UK’s mentoring programme, Accelerate, is now celebrating its second year supporting the development of the company’s internal talent. Flexible working has also been widely supported across the organisation, irrespective of gender, role or grade to support the work-life balance of all employees.
Covéa’s commitment to mental health
Covéa UK is emphasising the need to break the silence regarding mental health in the workplace. Covéa Minds is a programme implemented by Covéa UK as part of its work regarding diversity and inclusion, and aims to create a culture at work where people can be honest about the problems that are upsetting them and receive the support they require.
In 2018, Covéa UK also signed the Time to Change Employer Pledge, which is a commitment to changing how mental health is addressed at every organisational level.
Covéa UK’s Awards
Covéa Insurance has won many awards for its products, services, and its value as an employer. These include Insurance Company of the Year from The Bodyshop Awards and the Repairers Choice Motor Insurance Company Award. Covéa UK has been named one of the top 75 employers in West Yorkshire & the Humber
Locations served by Covéa UK
Covéa UK pledges that wherever you are in the UK, you will be close to one of its offices and it serves eight locations, with three main offices and five regional offices. These consist of:
Appointee has over 21 years of experience in the insurance industry
Ex-Jensten head to join the venture as executive director
He will take up the new role in Q1 2024
Participants were selected from over 150 applicants