The Co-operative Bank has announced that it is set to pay out annual rebates to customers.

This year $2.1 million of the Bank’s works to exemplifies the bank’s effort to see through their commitment of doing right by New Zealanders. David Cunningham, CEO of The Co-operative Bank, has stated that the rebates pay out and commitment to prioritising customer needs is the Banks’s way of adapting to customer needs. The remaining profit will be used to fund new product development.

Chatswood's Bank and direct price comparison survey has been updated and is available for purchase. Please contact me directly for more details of the changes since the last update was done in April 2017.

Co-op Bank has appointed a new CFO, who will also head up the insurance business, Bevan Miller. Formerly CFO of the NZX.

Here is a list of when the upgrade benefit come into effect for each insurer.

In an article titled "co-op cock-up" Alex McDonald, a barrister specialising in intellectual property disputes, examines the use of the term "co-op" by both a service business supporting credit unions and The Co-operative Bank. There are five concluding points useful for anyone contemplating a re-branding or the role of brand names in their business. The first point, to have the courage to stand out from the crowd, is the foundation. Without that you will fail to create something distinctive and interesting, limiting scope for both positive brand value contribution and effective defence of any value created. Read the whole article. 

Premium Comparison V82 has now been distributed to all subscribers, this version included the following changes:

• Updated OnePath Income Protection and Mortgage Protection rates effective 1/12/15
• Added OnePath LOE Ultra to Income Protection Indemnity tables
• Added Class 4 to Mortgage Protection for all companies
• Updated Co-op life and trauma rates effective 23/11/15
• Added Southern Cross Trauma (Standalone)

The Bancassurance Premium Comparison V11 has also been released and includes these changes:

• Added AA Life rates
• Updated Co-op life and trauma rates effective 23/11/15
• Added Southern Cross Trauma (Standalone)

Co-op Bank life insurance has revised life and Trauma rates. Life rates changes vary from nil (at age 35) to increases of up to 7% (older than 35). But they do vary across age, gender, and smoking status, so you need to check the revised premium comparison database version 8.2 or bancassurance premium comparison database version 1.1. Trauma rates (stand alone) have increased by 10% across the board and is included in both the databases above. 

Related articles

Bancassurers Market Share Near 40%