Geraldine O’Keeffe

Innovation in insurance sector – getting started with platform approach

COVID-19 has jumpstarted the digital transformation in the insurance sector. Insurance customers are embracing digital touchpoints across the entire customer lifecycle: 71% of US life insurance buyers researched their insurance products online, 74% of UK insurance buyers bought insurance online, 13% of Italian insurance buyers have interacted with their insurer via online chat, and the list goes on (Forrester, The State of Digital Insurance, 2021). Where insurance companies haven’t responded with better digital experiences, a number of insurtechs are prepared to take over. But digital technologies are changing more than just sales and service, and this is starting to affect the entire insurance value chain. Insurers are now facing three key challenges: how to increase customer satisfaction and retention, reduce operational cost and utilise legacy core insurance technology.

Elisabeth Stadler

We will further strengthen green investments and digital offerings

It has been shown that people particularly appreciate protection and security in crisis situations. Our business model therefore proves its worth especially in such situations. People appreciate being well protected at such times, which is why we were confronted with almost no cancellations of insurance policies and we registered an increased interest in health insurance. What has also proven successful is that we have been pushing the digital transformation within our group for years. The already extensive range of digital services and products has been a great benefit for us during the pandemic. We have also consciously continued to strengthen digital offerings and will continue to do so. Another factor is our strategic orientation with a high level of diversity. It has been confirmed that our business model, with its broad diversity across countries, brands, distribution channels and products, is proving successful even in difficult times. We therefore did not have to, and do not have to, rethink our strategic goals.

Matjaz Rakovec, President of the managing board, Zavarovalnica Triglav

With IFC on board, Slovenia’s Triglav ready to step up expansion in SEE

The net profit of Triglav Group, active on seven markets across Southeast Europe as well as in the Czech Republic, rose 78% to 47.5 million euro in 2011. Return on equity at both Triglav Group and its parent company, Zavarovalnica Triglav, improved dramatically, moving closer to 12% − the target value for 2015. The combined ratio in 2011 was 90.1% at the group level. Last year saw the beginning of talks on the entry of a strategic partner, the International Finance Corporation, into the Triglav Group through the company Triglav INT, a process that was formally finalised this year.