How a geographically rich company achieved long-term growth in the CEE

Overview

The Vienna Insurance Group (VIG), with its registered office in Vienna, is now one of the largest international insurance groups in Central and Eastern Europe with approximately 25,000 employees and a premium volume of around EUR 8.9 billion. With its focused and clear internationalization strategy in the CEE economic region, the insurance provider made the transition from a national insurance company to an international insurance group with about 50 insurance companies in 25 countries. The insurance companies of the Vienna Insurance Group offer high-quality insurance services in both the life insurance and non-life insurance areas.

Challenges

With competition at an all-time high and customers demanding high standards of service with easy access through their preferred contact channel and due to increasing competition in the insurance markets there was a tremendous pressure on VIG to seek for an advanced software solution that will be able to:

  • To quickly offer new customer-centric products and increase the reach to customer by speeding up their delivery channels
  • Help the company gain competitive advantage through fast launch of new insurance products to the market
  • Improve the company’s service level, while also driving down the operational associated costs
  • Minimize IT complexity and reduce management costs
  • Introduce operational flexibility in order to adapt to an ever fast changing and evolving insurance market.

Additionally, VIG looked for solutions that are compatible with their four business principles:

  1. Think globally – act locally
  2. Multi-brand policy
  3. Multi-channel distribution
  4. Conservative investment policy

 

Solution

INSIS was implemented on averagely within 12 months enabling VIG to launch new products into the markets in record time and to meet the demands for the exciting new product range. The leveraged INSIS functionality introduced efficiencies to insurance business processes; tight integration of the other information systems; automated and more effective business processes; increased productivity and control; full coverage of all aspects of the insurance business, both horizontally and vertically; valuable insights into best business practices; powerful actuarial calculations and reporting facilities, global application and functionality to support a global single instance; created support for the future growth.

Benefits

VIG has proven that with a winning combination of vision, plan, people and technology the seemingly impossible can be achieved. At the moments more than 50% of Group premiums already come from CEE. The Vienna Insurance Group is optimally positioned to participate in the increased need for insurance accompanying the rising standard of living in the countries of the CEE region. In 2011, the region accounted for more than 50% of group premiums. No other international insurance company generates such a high proportion of its premiums in Central and Eastern Europe. Hence, the VIG is exploiting the growth potential in the CEE region in an optimal manner.

“Thanks to INSIS we manage to lead the market by providing host of new products long before our competitors” – Mr. Ryszard Dyszkiewicz Head of Dpt, Group IT, VIG