PC Financial Insurance
PC Financial Insurance
(or “President’s Choice Financial Insurance“) is an insurance company that provides personal insurance. In French it is called Le choix du président. PC Financial Insurance offers auto insurance
and home insurance
in all Canadian provinces. It provides pet insurance
and travel insurance
in all the provinces apart from Quebec or New Brunswick. They are fairly new and aim to expand this insurance
President’s Choice Financial
President's Choice Financial is a joint venture between the supermarket Loblaw Group and CIBC. CIBC provides the standard banking products. It has the highest customer satisfaction of any mid sized bank in Canada. PC Financial Insurance is a member of the Loblaw group of companies, not a joint venture like President’s Choice Financial. In this way it is similar to President's Choice Bank, the credit card operation.
PC Financial Insurance Brand Extension
The President's Choice brand was originally from the Loblaw company’s premium food brand. It is a popular brand that offers organic food and groceries through most of Canada and in some parts of the northern United States. As well as the Loblaws name the supermarkets operated by Loblaws include Atlantic Superstore, Dominion Stores, Real Canadian Superstore, No Frills, T & T Supermarket and Maxi & Cie. The brands are regionally based.
President's Choice Financial and President's Choice Financial Insurance are pioneers in Canada
of a process known as “brand extension”. This is the process where a trusted brand is extended into otherwise non-related areas. This has been especially the case with retail brands entering the financial arena after the credit crunch.
PC Financial Insurance Low Cost Model
President's Choice Financial Insurance has no branches and carries out all its business from centralized call centres. Its marketing is mainly through cross selling to other Loblaw customers, particularly President's Choice Financial customers and through brand recognition of the grocery brand. These cost savings are meant to keep costs down, meaning that the insurance can be competitive on price.
PC Financial Insurance Home and Auto Insurance
PC Financial offers insurance underwritten by other providers. The car insurance and home insurance used to be underwritten by members companies of the French Aviva group, but this was discontinued in 2009. A new provider has now been found and auto and home insurance are now offered again.
PC Financial offers “PC points” to customers of President’s Choice bank who buy its insurance products. This is also available if the customer pays the premium with a President’s Choice credit card. The Loblaw group believes that PC Financial Insurance is filling a gap in the market by offering easy to understand insurance at a reasonable price. PC Finance uses welcome guides which are supposed to put all the important points up front. As well as the usual ways of paying there is also an installment plan which is subject to 3% financing charges. It is paid for by automatic bank transfer.
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