Choosing new insurance partners
Coop is Denmark's biggest food retail company. Last winter the company put most of its insurance arrangements out to tender.
With almost 1,200 stores, more than 40,000 employees and more than 45,000 article numbers on the shelves, there were certainly plenty of criteria in the tender material for a new insurance partner to satisfy. The choice fell on If. Ulrik Mester ran the process together with the insurance broker Marsh and was involved in most of the details of the process.
“In both words and actions, If lived up to what we in Coop believe will be a favourable partnership. We place emphasis on partnerships and on having a sparring partner who can help to boost and optimise Coop. That was the approach and the attitude we met throughout the entire process, and that was one of the most compelling reasons why we switched to If,” explains Ulrik Mester.
Coop adopts a serious approach to risk management and can produce a number of results in their setups to support the fact that they stand by their words. “The fact that If has an active risk management department and a number of risk engineers is a definite advantage for me and for Coop. We believe ourselves that we do a great deal, and we’re also recognised for that.
But we’re always open to the possibility that we might be able to do things better. There’s a significant difference between being advised in advance to optimise your loss prevention and having to appear as counterparties after a potential claim.
“I welcome any push from an insurance advisor. We know our internal needs and procedures, but we’re not up to date with what new kinds of cover there are or with other ways of doing things. It makes us stronger when we’re challenged by the demands we make of ourselves and the way we cover ourselves,” says Ulrik Mester. He views it as his task to channel that knowledge down into the organisation and to make sure that it is implemented.
Head of Information, Denmark, If
Published in Risk Consulting Magazine 2/2017