POLAND: PZU made public its new development strategy until 2014, PZU 2.0

Customer centricity, efficiency, innovativity are the main coordinates of the PZU's development new strategy for 2012-2014, called PZU 2.0. According to a recent press release of the Polish group, PZU 2.0. means a new vision for the insurer, which, thanks to strong customer orientation and high operational efficiency has become the largest and most profitable insurance company in Central and Eastern Europe. By implementing the strategy, PZU targets a PLN 2 billion organic growth in GWP by the end 2014.

So far, PZU has focused, in its strategy, on the strongly cooperating companies and business lines based on the products. The new business philosophy stresses the unity of the PZU Group as an organization, functioning according to customer segments and actively manage the relationship with them. Operational sign of this change is to implement multi-channel model of integrated sales and service, striving for full automation. "In recent years, the PZU Group's done a great job. We leave behind the archaic procedures, paper flow of documents. New PZU is the vision of a strong consumer oriented brand, using modern technologies in the service of the customer", said Andrzej Klesyk, CEO of PZU SA.

The confirmation of the strategy of PZU 2.0 are the four pillars, based on fundamental customer segmentation. In the category of mass customer PZU goal is to maintain position and profitability in the insurance segment and property, and the use of in-depth knowledge of customer behavior.

The PZU Group will build its image and position in the savings and investment, creating a strong and recognizable submark? PZU Investment reflects the powers and position of an expert in asset management. The expanded product range will also be in the field of investment, with particular emphasis on long term savings schemes.

The customer segment of the PZU Group intends to maintain its market share in the group life insurance while maintaining high profitability. A key tool for achieving this would offer the Club PZU Life Help, which provides a unique competitive advantage of PZU and allows you to develop personal relationships with customers.

PZU Group's ambition is to become the pioneer and creator of the health insurance market. In the next few years, the PZU Group plans to build a strong leadership position in the market, so as to make PZU was also associated with the health care market. PZU will improve ambulatory products and introduce new insurance products anxiety.

In the corporate client's ambition is to build a position PZU business partner, providing not only insurance products, but also advise customers in the management of risk, particularly to define their insurance needs.

One factor that will support the implementation of business strategy is to be new service model that provides easy access to the Client and increased satisfaction while optimizing costs.

The PZU Group has the potential to allocate PLN 6-7 billion to build a substantial international business by working with a financial investor and the appointment of the company PZU International. Its task is to lead to the PZU Group's acquisition activities and managing foreign operations of the PZU Group in order to increase their value.

Implementing the Strategy for the years 2012-2014 will contribute to achieving ambitious financial goals. PZU plans to increase gross written premium of PZU Group 2 billion PLN (counted from the end of 2011 to the end of 2014, without taking into account the effects of PZU International and increasing premiums of health insurance if they allowed private operators to manage public health premiums). Also plans to keep 30% of ROE (ROE calculated for 250% capital requirement by. Solvency I).

Related articles

Michael KRUPINSKI, head of PZU, awarded "Insurance Manager of the Year 2016" in Poland

Michael KRUPINSKI, head of the Polish insurance leading group, PZU, has been awarded "Insurance Manager of the year 2016" by the national financial journal "Gazeta Bankowa", while the company won the "Most friendly insurance company" award in the category of motor insurance. The awards have been granted in recognition of PZU's impressing financial evolution last year, as well as of its customer centric culture.


STATISTICS: Poland 3Q2016: Motor insurance still unprofitable despite the increasing premiums

The descendant trend established during the previous quarters in the Polish insurance market continued in Q3, with GWP falling by another 2%, to EUR 9.44 billion. While the absolute driver of the falling trend was again the life insurance segment, it is worth noting also that given the slightly weaker domestic currency has also a saying in the matter. Denominated in Polish Zloty, the GWP figure only shows a stagnant trend.


Crop insurance seminar in Torun, Poland

Between June 27th and 29th, 2016, Polish Reinsurance Company (POLISH Re) together with CONCORDIA Insurance organized an underwriting and claims handling seminar dedicated to crop insurance, which took place in Torun, the city in the northern part of Poland. The seminar gathered more than 50 people, representatives of 10 insurance markets, such as: China, Azerbaijan, Turkey, Ukraine, Moldova, Hungary, Slovenia, Croatia, Germany and Poland.


STATISTICS: POLAND, 1Q2016: maintained profitability in life insurance despite the decreasing GWP volume

The downsize trend of the Polish insurance market continued in Q1, driven by the strongly negative change recorded on the life insurance segment. Thus, total GWP amounted to EUR 3.14 billion, 10.76% less y-o-y, while the GWP decrease in life insurance GWP was of 23.37% y-o-y, to EUR 1.34 billion. The Polish zloti depreciation against euro had also a say in the significant market decrease.



JLT Re appoints Jeremy FOX as Asia-Pacific CEO

Global reinsurance broker JLT Re announced the appointment of Jeremy FOX to the position of Chief Executive Officer (CEO) of JLT Re's Asia-Pacific unit (APAC). He will also become a member of the Reinsurance Global Executive Committee.

SAVA Re adds new member of the management board

Slovenian re/insurer SAVA Re annoucend that the appointment of Polona Pirs ZUPANCIC as member of the management board has got the Insurance Supervision Agency's (ISA) approval. She started her term of office on 14 January 2018.


"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.



"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.



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.



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!


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".


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.


See all