XPRIMM: How do you comment the results achieved by your market in 2014 in terms of development and profitability?
Zoran NARASANOV: In the past year 2014, the insurance market in Macedonia marked a rapid growth in the segment of life insurance, while in the segment of non-life insurance it remained stable. Although automobile insurance and property insurance experienced growth of almost 5% each, the common evaluation of all stakeholders is that there is still plenty of room for development. Mandatory insurances are still the dominant portion of the market structure, while the evaluations of non-mandatory insurances have remained stable. We continuously work to educate and change the awareness of the citizens, so they could begin to see insurance as an investment rather than an expense. Winner - Vienna Insurance Group, as a company, has continued the long-term trend of a continuous steady growth, and we believe that, with the development of the market of non-mandatory insurance, our market share will increase even further, considering that all those who are aware of the necessity for high-quality insurance, would choose Winner as their partner.

XPRIMM: What was the performance of your company in 2014 compared with the general market trend?
Z.N.: At the end of 2014, Winner completed 6 years of dynamic market growth and remains at the very top of the market, as the leader in the most significant business parameters. In the past 6 years, we have managed to increase the premiums by as much as 3 times, all while preserving continuous profitability. All parameters show that we are a true and amazing success story on the market. Taking this into consideration, it is evident that the satisfaction of the team with the achievements in the past year is great, indeed. Even more important is that we are enjoying our work, relishing the good results, while a growing number of experienced business people express their desire to be a part of our story. That is one of the principal reasons why Vienna Insurance Group is the convincing market leader with 22% market share, ahead of Triglav that has a 15% market share.

XPRIMM: Which are the most challenging aspects of the insurers' activities in terms of further improvement? What are the expected measures in this respect?
Z.N.: As I've already mentioned, Winner is the leader precisely in those segments of the business that we could call - the most challenging ones. Here, I would like to point out several key issues. Firstly, the superior resolution of damages, the segment where we are the undisputable leader with the fewest number of unresolved damages, with multifold lower number than the competition. Secondly, the lowest administrative costs through which we manage to pass on the entire value of these savings to the clients, as higher-quality insurance conditions, more satisfactory prices and numerous services and promotions. Thirdly, the superior insurance that has been rated A+ according to S&P standards, which is the most essential guarantee of security for Winner clients. Finally, we have the superior customer service, which enables them to get the most optimal customer experience in every point of sale with our brand and to feel being part of the great family of Winner - Vienna Insurance Group.

XPRIMM: Which are, in your view, the most "promising" business lines in your market and how does your company intend to take advantage of the opportunities offered by these lines?
Z.N.: When it comes to the most promising business lines in our market, we must view them in the context of the already mentioned business segments to which Winner pays the most attention. They are the very source of our high competitiveness on the market. Summarized in a single sentence: Put the client in the center of all business processes in the company. The success of Winner arises precisely from our ability to optimize the business processes in a manner that generates the greatest added value for the client. Naturally, the most profitable market segment is always the most promising business line, so motor vehicle insurance remains indisputably the most attractive segment of the Macedonian insurance market.

XPRIMM: The motor insurance segment was affected, in the entire CEE region, by a highly competitive environment, leading to an aggressive price war and scarce profitability of the segment. What is the current situation in your market in this respect?
Z.N.: In that regard, there are good and bad news on our market. The good news is that the market has not yet begun the process of liberalization in the segment of automobile liability, so we have been lucky not to face such price war. The bad news is that the market has not yet begun the process of liberalization in the segment of automobile liability, so our competitive advantages and our business expertise cannot be fully expressed and leave a more dominant mark. However, even the current situation is challenging enough, since we are facing a market with no room to maneuver, so every new insurance is actually taking over someone's market. At the same time, the condition that is most valued in markets such as ours is the price, which is the same price as the other insurers. Therefore, there is still room for what we know best - offering the highest value to our clients for their money and, from that aspect, we can confirm that this type of insurance is profitable for our company.

XPRIMM: Property insurance has still a low penetration across the CEE region, although the frequency and intensity of weather-related events are significantly increasing. Please comment on the current situation in your market.
Z.N.: In the past years, this part of Europe has been facing the consequences caused by natural disasters that have truly been evident. However, it is even more frightening that we have not been learning the lessons from the events that have been repeating year after year. In our market, we have not yet realized that insurance is not a luxury, but a necessity. There is still lack of awareness that the things that we have been building for years and in which we have invested great efforts and resources, must not be left unprotected. We still need to be reminded that insurance companies are the only solution for damages of any shape or form, not the state. Those are some remnants of the past that are hard to let go.

It is sad that the awareness rises only after such events. It is even sadder that the public awareness is at a high level only in the first days following any major harmful event, and then everything is back to status quo.

This does not release us, as insurance companies together with all stakeholders in the business, from the responsibility to raise the awareness about this issue. However, our previous maximum engagement with a wide range of measures which brought only a small effect, point to a deeper problem in the society, much larger than the sphere of insurance.

XPRIMM: How do you assess the 2015 perspectives? Do you expect some significant changes in the market/legislation etc.? What are the strategic development targets for your company in the next years?
Z.N.: Winner is a company that grew, developed and was built under conditions of crisis. Our success is not an accident, it was planned and carried out. From that aspect, we have learned to develop our expectations around the readiness of our team to respond to any circumstances and adjust to any changes, and alleviate unexpected external conditions. Naturally, we are closely monitoring all developments on the market, but also in economic trends in general, and our consistent growth is the indicator of our competence to anticipate the conditions and adjust accordingly. Nevertheless, the nature of our market does not suggest any radical changes in the upcoming period, so we are left to work on strengthening our team and improving our offer. Our financial power and the stability of the company will also allow us to focus more in the upcoming period on innovations in the business processes, and that is something that we expect to bring us even higher competitive advantages with each future dynamic development of the market. In any case, we continue to operate honorably, committedly and professionally and we remain synonymous with highest-quality insurance and superior customer service.