PZU raises its ROE target for 2020 to over 22% and bets on the use of AI to improve profitability and services
The recently published document shows ambitious plans for the Polish financial group which aims to become a long terms partner for its clients: ".Gradually, we will move the company's operating model from that of an insurer (pricing and transferring risk) to the model of a service company specializing in harnessing data (risk management consulting and services) as well as caring for the future of clients, retail and business, alike," said Pawel SUROWKA, President of the PZU SA Management Board.
Using on a large scale the artificial intelligence and improving its use of databases will allow the company to significantly improve services provided to customers. Thus, PZU intends to handle, in the near future, 75% of non-life insurance claims and 90% of life insurance claims during a single contact. Also, a large share of the claims settlement operations will be managed through an internet application, so that customers may be informed in real time about the stage of their claims settlement. On the other hand, PZU's target for 2020 is to achieve at least 5 million of customers using a personal account on the "moje.pzu.pl" portal.
The updated strategy also mentions the Group's intention to further expand its international footprint, especially in the CEE region, through the acquisition of relevant insurance companies that ranked within the Top 3 in their home market and showing a satisfactory financial performance.
PZU will continue to distribute at least 50% of its net profit in dividends, maintaining also an about 30% share to be spent for the achievement of the targets in the PZU Group's Strategy through mergers and acquisitions, while about 20% will cover, if necessary, additional needs stemming from growth in the business.