Georgian insurer Unison bets on speed and quality to build a portfolio of loyal customers

24 October 2019 — Daniela GHETU
Georgian insurer Unison ended 2018 with GWP worth GEL 44 million (EUR 14 million), 28% more y-o-y, holding an 8% market share. NEP after Q2 2019 amounted to GEL 21 million (EUR 6,6 million), 30% more y-o-y.

In 2018-2019, Unison's Development Strategy envisaged the expansion on both the individual and corporate insurance fields. Considering that a strategic expansion is planned in the retail direction, with the development of individual health and travel Insurance, the company's focus in product development has been oriented towards improving its retail offer. Yet, Unison also continues to build relationships with large, strategic, corporate clients, and find new partners.

The Georgian insurance market is expected to grow in 2020 benefiting from the introduction of the compulsory motor vehicle liability insurance, as well as of other mandatory insurance products. With the change in business strategy, Unison diversifies its portfolio in favor of small and medium-sized companies and retailers, the company's representatives told us.

We have asked the company's representatives to comment on the company's evolution and goals for the future. Here is what they have to say:

"Unison was established in 2011 and soon became one of the distinguished players on the Georgian Insurance Market. Management with years of experience in the industry, reliable international partners, and diversified products empower Unison to capture an essential share of the market and deserve customers' trust. The critical mission of Unison is to help its customers achieve a calm state of mind by ensuring their financial stability. Every single day we interact with different people and try to create the best insurance experience for each one of them.

The 21st century is an epitome of technological and individual development. Companies that are lucky enough to be active today are entitled to express themselves in an ethical way they deem fit. However, the primal features of the free market coerce us to be as clinical in our expression as possible. Therefore, Unison aims to stand on following strategic pillars:

  • Our credibility and image are based on the quality of our underwriting and the professionalism of our international partners.
  • Unison is a "lone-wolf." On the market, we are positioned as a standalone insurer that is not affiliated with any other non-insurance businesses.
  • Unison always monitors the market and customer needs, offering individually tailored solutions, supported by modern technologies.

Let us elaborate a bit:

We believe that our strongest supporting pillar that also serves as the greatest weapon in our arsenal is cooperation with others. Throughout the company history (which is small, yet rich) we partnered with many A-rated reinsurers and insurance brokers from east and west: we tailored specialty deals with the assistance of the London market, worked on several strategic energy projects with strong support from our colleagues in the east, managed many facultative agreements or treaties with professionals from central Europe, etc. Currently, we have dozens of active facultative deals covering major hotels, strategic objects, and liabilities of state importance (national aerospace liability, for example) as well as several robust treaties with high volumes that encompass both proportional and non-proportional reinsurance.

The resource that enables our stability on the international market is our team of underwriters. The team has both varied professional experiences as well as international qualifications under their belt. They base their underwriting approach on conservative principles of stable growth. The high standard of quality that each individual member of the U Team endorses leads to the high levels of trust from our international partners. The reinsurers and brokers enjoy easier processes and speedier communications from people who know what they are talking about.

Our second supporting pillar is our stubbornness to remain completely autonomic from any other financial institution. We shun the current practice of a "bank team-up," since such processes may lead to monopolization attempts that will lower the customer experience. In order not to lose competitive footing with such multifunctional conglomerates, we focus on large corporate clients who require coverage of highest standards, both locally and internationally. Therefore, our main scope of cover includes:

  • Major corporate properties;
  • Liabilities;
  • Specialty products;
  • Health.

We promise our clients in all of these lines high-quality service, tailored according to each specific client and reinsurance of A+ quality, and we always deliver on our promises.

Our third pillar of strength is the approach to modernization that Unison prides itself in. Corporate culture, employee interactions, and all levels of communication are based on cutting-edge standards of the international market. A significantly reduced bureaucratic routine in both internal communications and customer service creates a collaborative, friendly atmosphere where the motivation of the whole team is quite high, and productiveness increases quickly. We try to show genuine care for our customers, and this, in turn, generates strong levels of loyalty. Unison sells speed and quality - flexible service channels, minimized bureaucracy, swift claim analysis, and settlement are the small yet invaluable points that create our profit.

We were one of the pioneers in the local market when our online sales channels were developed. Subsequently, this helped us to chomp a large chunk of the market with lines that were present on our platform - Casco, Health, Property, Third Party Liability, and Travel Insurance. Our major projects are perpetually focused on digitalization, mobile application development, and virtual user personalization."

Unison was established in 2011, starting operations in the non-life insurance sector. In 2013, the company was also licensed for selling life insurance. The company headquartered in Tbilisi is fully owned by JSC Privat, which in turn is 90% owned by the ultimate shareholder Vasil Akhrakhadze.

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