STATISTICS:

VIG launches the Genesis digitalisation project in Poland, making the Polish market its centre of innovation

Polish insurer COMPENSA has launched the most comprehensive digitalisation project to be implemented within the VIG Group, Genesis, with the goal of using its results also for other Group companies.

The total investment amount is around EUR 25 million and Vienna Insurance Group (VIG) will contribute with a part. Genesis contains the full range of innovative topics related to digitalisation, and will also devise specific measures. These topics include process automation using artificial intelligence and robotic technology; claims processing and direct conclusion of contracts via apps; integrating insurance into customers' digital lives (e.g. the internet of things); and the use of blockchain technology.

Vienna Insurance Group wants to use the knowledge gained from the widely deployed digital transformation project for the other Group companies. "Poland is the biggest CEE market, and our third-largest country in terms of premiums, after Austria and the Czech Republic. We will capitalise on the expertise of the highly qualified employees at our Polish companies to build an innovation centre for the Group. This will enable other Group companies to benefit from examples of best practice", explained Elisabeth STADLER, CEO of the Vienna Insurance Group.

VIG's focus on Poland is not only a reflection of the country's strong market potential and the Group's target of achieving a market share of at least ten percent there in the medium term. "There is strong competition on the Polish market, and significant interest in forward-looking ideas. Our local companies can be seen as trendsetters within the Group as far as innovative products and services are concerned. For example, last year the possibility to complete the simplest motor insurance policy within a few minutes, via app or using ATM's, was introduced. We expect our investment in the digitalisation project to set new benchmarks for the Group", commented Vienna Insurance Group Managing Board member Franz FUCHS, who is responsible for the Polish market.

Innovation and digitalisation are part of the new "Agenda 2020" management programme, which is designed to safeguard VIG's ability to meet future challenges. "By means of measures developed in conjunction with local management teams, the clear aim of this programme is to enhance cost effectiveness and increase earnings. Thereby we can further improve the Group's financial strength overall. Our Polish colleagues have played a pioneering role in the projects aimed at combating fraud and improving claims processing which have already been implemented under ,Agenda 2020'. The Genesis project takes this role a step further", Elisabeth STADLER added.

COMPENSA is the largest VIG subsidiary in Poland. In 2016, it ranked 6th on the Polish non-life insurance market, with GWP of EUR 270 million and a market share of 3.7%.

Related articles

Slovenian SAVA Re's 3Q2017 net profit down by 7.5% y-o-y

Slovenian re/insurer SAVA Re said its consolidated 3Q2017 net profit decreased by 7.5% y-o-y to EUR 20.9 million euro. At the same time, the aggregate GWP was EUR 409.2 million, up by 4.8% y-o-y, while gross claims paid amounted to EUR 218.6 million, up from EUR 195.3 million a year before.

2017-11-21

EIG to buy 49% stake in Russian insurer RSO EUROINS

The Bulgarian financial holding EUROHOLD announced its insurance arm - EUROINS Insurance Group (EIG) will acquire a 49% stake in Russian non-life insurer RSO EUROINS. "The deal has been signed on November 16, 2017 and is expected to be finalised after obtaining regulatory approvals".

2017-11-21

Slovenia's TRIGLAV Group 3Q2017 net profit down by 2.4% y-o-y

The Slovenian TRIGLAV Group ended the first nine months of this year with a net profit of EUR 52.3 million, down by 2.4% compared to January-September 2016 (EUR 53.6 million), while the profit before tax totaled EUR 64.5 million (vs. EUR 67.5 million).

2017-11-21

VIG to merge Wiener Staedtische and s Versicherung in Austria

Vienna Insurance Group announced it will merge its two Austrian subsidiaries Wiener Staedtische and Sparkassen Versicherung (s Versicherung)‍​. The merger is expected to become effective in 2018‍​ and it is subject to approval by the boards of the Group companies and the authorities.

2017-11-14

The third largest Slovenian insurer is for sale

Slovenian financial holding KD Group announced, in a statement posted on Ljubljana Stock Exchange's website, that its management board reviewed the group's strategic guidelines, choosing LAZARD as a financial consultant to find a strategic investor for a majority stake in its fully owned insurer ADRIATIC SLOVENICA.

2017-11-14

ON THE MOVE

TOP EVENT

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

23.10.2017

See all