PZU raises its ROE target for 2020 to over 22% and bets on the use of AI to improve profitability and services

Raising its ROE to over 22%, increasing its market share in the home market to 38% in non-life and 11% in life insurance and reducing administrative expenses to 6.5% are some of the main targets of the PZU Group's Updated Strategy and Implementation Plan for 2017-2020.

The recently published document shows ambitious plans for the Polish financial group which aims to become a long terms partner for its clients: ".Gradually, we will move the company's operating model from that of an insurer (pricing and transferring risk) to the model of a service company specializing in harnessing data (risk management consulting and services) as well as caring for the future of clients, retail and business, alike," said Pawel SUROWKA, President of the PZU SA Management Board.

Using on a large scale the artificial intelligence and improving its use of databases will allow the company to significantly improve services provided to customers. Thus, PZU intends to handle, in the near future, 75% of non-life insurance claims and 90% of life insurance claims during a single contact. Also, a large share of the claims settlement operations will be managed through an internet application, so that customers may be informed in real time about the stage of their claims settlement. On the other hand, PZU's target for 2020 is to achieve at least 5 million of customers using a personal account on the "moje.pzu.pl" portal.

The updated strategy also mentions the Group's intention to further expand its international footprint, especially in the CEE region, through the acquisition of relevant insurance companies that ranked within the Top 3 in their home market and showing a satisfactory financial performance.

PZU will continue to distribute at least 50% of its net profit in dividends, maintaining also an about 30% share to be spent for the achievement of the targets in the PZU Group's Strategy through mergers and acquisitions, while about 20% will cover, if necessary, additional needs stemming from growth in the business.

Share |

Related articles

Aon: changes in the leadership structure following restructure

Aon plc announced today that Andrew MARCELL has been appointed CEO of Reinsurance Solutions. Prior to the today change, Eric ANDERSEN, CEO of Aon Benfield, and Michael O'CONNOR, CEO of Aon Risk Solutions, have been appointed Co-Presidents on 15 May.

2018-05-31

ON THE MOVE

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

LIVE: BAKU: "Insurance in Azerbaijan: New perspectives" Conference

The annual and most important insurance event within the Caucasus region - "Insurance in Azerbaijan: New perspectives", started today, in Baku, organized by XPRIMM and Azerbaijan Insurers Association, with the official support of the Financial Market Supervisory Authority of Azerbaijan.

20.06.2018

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all