David Neave to leave Co-op Insurance

Co-operative general insurance managing director David Neave (pictured) will leave the company in mid-2013 after seven years at the helm of the insurance business.

The Co-op said Neave had spent the past seven years commuting from Sussex to Manchester and had decided to leave to pursue wider industry roles.

He will remain part of Co-operative Banking Group chief executive Barry Tootell’s executive team until his departure in the first half of 2013.

The search for his successor will begin immediately.

During his time with The Co-operative, Neave has overseen the modernisation of the general insurance business, which has led to a 33% reduction in the total expense ratio.

A major part of the programme was the switch in distribution strategy that saw Co-operative Insurance move from its traditional home-service sales channel to a multi-distribution model, including direct and intermediary sales.

An entire re-focusing of the customer service offer has led to new and pioneering product development, especially in the area of telematics through The Co-operative’s acclaimed young driver product. The business has also won a number of industry awards for its all-round level of customer service and satisfaction.

Neave said: “I have thoroughly enjoyed my time at The Co-operative and take a lot of satisfaction in how we’ve transformed Co-operative Insurance into a contemporary and highly respected general insurance business. After seven years of working away from home, however, I have decided it is time to ensure I have the right work life balance and hence I will be looking to step into non-exec roles.”

Tootell added: “I want to thank David for the significant contribution he has made in leading our general insurance business through a period of major change and transformation. He has overseen a root and branch review which has improved our efficiency and delivered products and services which our customers truly value and appreciate. We are very sorry to lose David and we wish him well with his future career goals.”