Desjardins Insurance

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 (auto, home and business insurance products).

Desjardins Insurance
Private
IndustryInsurance
PredecessorState Farm Insurance of Canada
Founded1944 (1944) in Lévis, Canada
Headquarters
Lévis
,
Canada
Area served
Most of Canada
Services
Websitedesjardinsinsurance.com
Desjardins Insurance in Markham, ON

Cooperative model

One of the strengths of Desjardins Insurance is its cooperative business model that has human values at its core.[1] 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.[1] In 2017, they estimated at about 200 million per year the money invested in the different communities of Quebec.[2]

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.[3]

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.[4] It's in this context that Ajusto, which evaluates the driving habits to provide discounts on premiums,[5] and Alert, a program to prevent water damages,[6] 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 product.[7]

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) was also created. Both companies saw their activities flourish quickly in a post-war and prosperity environment, and regrouped under the common name of Desjardins Insurance.

In 2015, Desjardins Insurance acquired the Canadian operations of U.S.-based insurer State Farm,[8] which helped Desjardins become the second biggest property and casualty insurer in Canada, and first in Ontario.[9] This acquisition almost doubled the premiums, going from 2 billion to 4 billion.[10] 50% of their volume now comes from State Farm, 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.[11] In 2018, State Farm Canada was officially rebranded to Desjardins Insurance through Desjardins Insurance Agents. The whole transition is to be completed by December 31, 2019.[12]

See also

References
  1. "Desjardins Assurances séduit grâce aux valeurs de la coopération". www.lesaffaires.com (in French). Retrieved 2018-07-05.
  2. "Le Mouvement Desjardins veut rester un leader au Québec". TVA Nouvelles (in French). Retrieved 2018-07-05.
  3. ICI.Radio-Canada.ca, Zone Économie -. "Fort McMurray : Desjardins Assurances prévoit verser 50 M$ à des sinistrés". Radio-Canada.ca (in French). Retrieved 2018-07-05.
  4. "Desjardins amorce son vaste déploiement numérique par l'assurance des entreprises | Journal de l'assurance". journal-assurance.ca (in French). 2017-08-17. Retrieved 2018-07-05.
  5. "L'assurance auto qui vous suit à la trace - La Presse+". La Presse+ (in French). 2013-05-19. Retrieved 2018-07-05.
  6. "Desjardins lance un programme de prévention pour les dégâts d'eau". TVA Nouvelles (in French). Retrieved 2018-07-05.
  7. "Ajusto customers improving driving behaviours and saving money: Desjardins - Telematics in Insurance - Insurance-Canada.ca". archive.insurance-canada.ca. Retrieved 2018-07-09.
  8. "State Farm's brand name to disappear in Canada". Canadian Underwriter. 2017-11-21. Retrieved 2018-06-20.
  9. "Desjardins profitera du savoir-faire de State Farm | Journal de l'assurance". journal-assurance.ca (in French). 2014-01-28. Retrieved 2018-07-05.
  10. "Acquisition de State Farm Canada: le grand coup de Desjardins". Le Soleil (in French). 2015-10-03. Retrieved 2018-07-05.
  11. "Près de 50 % du volume de Desjardins Assurances provient de ses agents exclusifs | Journal de l'assurance". journal-assurance.ca (in French). 2015-05-19. Retrieved 2018-07-05.
  12. "Desjardins outlines 18-month plan to re-brand State Farm". Canadian Underwriter. 2017-11-22. Retrieved 2018-10-19.
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