Cooperative Insurance

Cooperative Insurance Cup Interview


Cooperative Insurance The Company

Cooperative Insurance is both a company or society name and a concept that is broader in nature than an individual corporation. The Cooperative Insurance Company offers a variety of insurance products in the United Kingdom. Cooperative Insurance has been offering insurance in the UK since 1867. Originally they offered a single insurance product for fire to cooperative societies. They are housed in the second largest building in Manchester England which at one time was the tallest building in Europe. They currently offer life insurance as well as other general insurance products and they have branched into fund management to help the society members manage their retirement investments to protect their austerity when the government is no longer offering that protection.

Cooperative Insurance the Concept

The idea behind cooperative insurance is based on the same idea that the actuaries for insurance companies deal with every day. Instead of being a money making idea for an owner or group of public investors the members of the society are paid out percentage based on the amount of insurance coverage they are investing into the society.  The risk is spread out over a group and cooperative insurance takes the risk of having to buy a new house or settle and estate and spreads it over a large group over an extended amount of time.
In some places in the world cooperative insurance is being done to manage the lack of universal health care.  So groups of people commit to pay each others' health care bills every month.  So each month you are given a name of someone to send a payment to and they then have the funds to pay the doctor/hospital bill.  In some ways, this is a return to the most primitive form of cooperative insurance.