ICMIF member Folksam and Coop, one of Sweden’s largest grocery chains, have recently signed an agreement that aims to contribute to increased security through insurance offerings for people in Sweden in combination with reducing food costs. The agreement means that Folksam will eventually be part of Coop’s membership programme, where members will be offered an attractive and affordable insurance product.

These two strong Swedish brands not only have reciprocity and long history as a common denominator, they also share a common set of values based on social responsibility and sustainability. Together, the companies have more than five million customers, which means that they have good opportunities to make a difference. Today, for example, 1.5 million children do not have an individual child insurance – a figure Coop and Folksam hope to reduce in the long term with the help of a favourable offer.

“We are pleased with the collaboration with Coop, as a customer-owned company we share many values and a strong focus on sustainability, with our joint size we have the opportunity to make a big difference. The fact that we will soon be able to create additional added value for our customers and members therefore feels particularly good,” says Jens Wikström, Head of Business Area General at Folksam.

“Our mission is to constantly increase the value of our membership in Coop. We do this, among other things, by enabling the earning of bonuses [for members] – which leads to lower food costs. A membership offer on insurance has been in demand for several years. The fact that we will now be able to offer this together with Folksam feels extra fun and natural given our shared values and view of social responsibility,” says Anton Nyman, Head of Member and Partner at Coop Sweden.

The two companies say the offer will be launched in the spring and will initially include insurance for children, cars, homes and animals.

Coop is one of Sweden’s largest grocery chains and has been recognised with awards several times for its sustainability profile. Coop has around 800 stores across Sweden and an online store where people can shop in bulk without it costing more. Coop’s stores are owned by their 3.9 million members and are run by 26 consumer associations.