HUNGARY: UNIQA Biztosito expects EUR 100,000 extra earnings from CHERRISK in 2019

The high interest in digitalization of the Hungarian branch of UNIQA paid off, making UNIQA an innovation "trendsetter" in the local market with its recently launched projects, like UNIQA HomeGuard and UNIQA CHERRISK.

UNIQA HomeGuard is an online home insurance service, with paper-free contracting, instant funding and online damage reporting. UNIQA stated that in 2018 about 50% of home insurance claims were made online, while 100% of payments were honored within 3 days by the company.

UNIQA CHERRISK was launched in September 2018, with the help of UNIQA Group, which invested over EUR 4 million in the establishment of CherryHub Kft. UNIQA said that up until now, CHERRISK app brought more than 10,000 new contracts and over 20,000 registered customers. CHERRISK is rewarding its users by offering them "cherries", which the user can collect and later use to get insurance fee discounts and other benefits.

Kurtisz KRISZTIAN, CEO of UNIQA Biztosito Zrt., commented on 2018 activity:

"I am proud that the high-level services offered to our clients have achieved the expected outcome, as in 2018 nearly 100,000 customers rated our services at 4.7 on a scale of 1 to 5. (...) I am convinced that through the continued development of our processes, services and employees and additional innovations, UNIQA Biztosito Zrt. will make further definitive moves in 2019 in order to maintain its trendsetting position as the insurance company providing the best user experience on the insurance market."

By the end of 2018, UNIQA Hungary profit after tax increased by 60.5% y-o-y, reaching HUF 1.27 billion (~EUR 3.95 million*), in the context of a 15.8% increase in non-life business GWP and a decrease of 9.3% in life insurance business. UNIQA has also reduced its product selection in the past two years, from over 200 products offered in 2016 to 39 marketable products in 2018.

* for an exchange rate of 1 EUR = 321.51 HUF (December 31st, 2018)

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