Case study MTPL market entry. ERGO Slovenia and ERGO Croatia
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1 Case study MTPL market entry ERGO Slovenia and ERGO Croatia TECHNICAL WORKSHOP German Insurance Association and Experts of the Western Balkan Primary Insurance ERGO Austria Group Group Profile 1
2 Facts & figures One of the major insurance groups in Germany and Europe TOTAL PREMIUMS 18.2 billion INVESTMENTS 128 billion BENEFITS TO CUSTOMERS 17.9 billion CONSOLIDATED GROUP RESULT 620 million A broad line-up across business segments Travel 0.4 billion (2 %) Health 4.8 billion (27 %) Direct sales 1.1 billion (6 %) Life Germany 4.4 billion (24 %) International 4.2 billion (23 %) Non-Life Germany 3.2 billion (18 %) Total premium income in EUR billion (rounded figures) as at 31 Dec
3 Key facts ERGO Insurance Group ERGO belongs to Munich Re group Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and close client proximity Munich Re One of the world s leading risk carriers Far over one century of international experience Listed on the share indices DAX 30 / EURO STOXX 50 Reinsurance International health market Primary insurance Asset management Manager of Group investments amounting to 219 bn * Funds for private and institutional investors *As of 31 Dec
4 Our guiding principles To insure is to understand Our motto: To insure people is a wonderful thing We realise that: Insurance is not a tangible product. It does not generate direct emotions in the way that buying material things does. People don t exactly like sorting out insurance. This is because they take insurance out as protection against unexpected risks in the hope that they won t actually need it. Or because as in the case of life insurance it promises benefits in the future, which no one can really foresee. But we know: Taking out insurance gives people a sense of financial security. It protects against risks that would cause them major financial problems if they were uninsured. Or ensures they will have the money they need to maintain their standard of living later in life. Or provides financial security for their family from the moment the contract is signed. This makes it a great task: Being able to go a long way towards giving people this sense of security by offering advice and products. Tangibly delivering on these promises for our customers should they need to make a claim. Protecting people in situations that threaten their livelihood. Making security palpable. Our challenge: Thinking in terms of what customers need at their stage in life and offering tailored solutions. Listening to our sales partners and customers to understand their insurance needs better. Reacting to social changes in good time and offering new solutions. 4
5 ERGO in Austria A new insurance group with traditional roots and longstanding business partners in Austria ERGO Austria International AG is a holding company and part of the international operating ERGO Insurance Group based in Dusseldorf. ERGO Versicherung AG is the operational acting insurance company in Austria with branch offices in Slovenia and Hungary. The operational acting company offers insurance products for private precaution and occupational pension scheme. ERGO Austria has some subsidiaries in CEE countries. The main sales and cooperation partners of ERGO Austria are Bank Austria / UniCredit Group, Volksbanken, our field organization as well as agencies and Austrian brokers. D.A.S. Rechtsschutz Versicherung is a member of ERGO Insurance Group and they are also represented in Austria as well as a branch of ERGO Versicherung AG Germany. 5
6 ERGO in Austria ERGO Austria under a common roof 6
7 Key Facts ERGO Austria Key facts ERGO Austria International AG Key Facts ERGO Austria International 2014* TOTAL PREMIUMS Total: 745 million Austria: 675 million International: 70 million EMPLOYEES*** Total: 1050 Austria: 730 International: 320 INSURANCE CONTRACTS Austria** ERGO Versicherung: Life insurance: 893,000 Non-life insurance: 503,000 NET PROFIT Austria ERGO Versicherung: 20.3 million INVESTMENTS - Austria ERGO Versicherung: 6.4 billion BUSINESS SEGMENTS Austria** 91 % Life insurance 9 % Non-life insurance * As of 31 Dec ***Including employees on maternity leave **Including branch offices in Slovenia and Hungary 7
8 ERGO Austria in CEE Partnership with UniCredit Group and local partnership with Sberbank in branches abroad ERGO Austria has subsidiaries in Hungary, the Czech Republic, Slovakia, Slovenia, Croatia and Romania and branches in Slovenia and Hungary. ERGO Austria subsidiaries The Czech Republic Slovakia Hungary Slovenia Croatia since 2000 since 2000 since 2001 since 2007 since 2008 Romania since
9 ERGO Austria in Central and Eastern Europe CEE-region as growth market Central and Eastern Europe continues to be an important business area for ERGO and its partners Growth potential GDP-growth actual 2014 and forecast 2015,2016* : Eurozone: ,9 %, ,2 % ,7% I Austria: ,3 %, ,9 %, ,7 % Slovakia: ,4 %, ,5 % ,9% I Czech Re.: ,0 %, ,4 %, ,4 % Romania: ,9 %, ,0 % ,8% I Croatia: ,4 %, ,0 %, ,4 % Slovenia: ,6 %, ,3%, ,5% Motor insurance density and insurance penetration in CEE CEE** Region/country Population 2013 GDP 2013 Decrease of premium in insurance business despite economic crisis lower in CEE-states during the economic crisis than the EU-average Non-Life-business (hedge of value) as future growth driver in CEE region * Source : UniCredit Research ** Source: Statistics N 50: European Insurance in Figures dataset (2013) GWP Motor 2013 Motor insurance penetration 2013 Motor insurance density 2013 EURO Eurozone 332 mil bn mil 0,94% 270 SK Slovakia 5 mil 72 bn 521 mil 0,72% 96 RO Romania 20 mil 142 bn 945 mil 0,66% 47 SI Slovenia 2 mil 35 bn 464 mil 1,32% 225 AT Austria 8 mil 313 bn mil 0,96% 356 CZ Czech republic 10 mil 149 bn mil 0,87% 123 HR Croatia 4 mil 43 bn 477 mil 1,10% 112 9
10 Take off project in Slovenia and Croatia Strategic rationale for entering SEE region Starting position ERGO Austria and business in CEE countries mainly oriented on life insurance which is acquired predominantely via banka (Unicredit bank and Volksbanken today Sberbank) Strategic rationale SEE region is attractive due to the following reasons: Comparably low insurance penetration (except of Slovenia) and consequently expected real non-life premium growth Un-segmented markets enable extra profit margins by appropriate risk and market segmentation Similar development and state of insurance markets, strong business and economic relations, similar languages The HUB strategy offers lean development by using economies of scale and synergies (e.g. existing management resources, share ERGO IS service support and ERGO non-life activities in Austria) Project idea Extension of P&C business and build up of agency via non-life HUB solution by using existing risk carriers in Slovenia and Croatia. Starting project in Slovenia as first phase by using external experience through Mr. Kocic former CEO of Triglav Ins. Co., the biggest insurance company in the SEE region. 10
11 Motor business in SEE countries Slovenia, Croatia, Serbia and BiH motor business overview Slovenia - Motor business overview Key points/trends: Croatia - Motor business overview Key points/trends: Serbia - Motor business overview MTPL - Over the last few years, declining accident frequency has made MTPL the main source of profit in the Slovenian market. More competition contributed to a 29% reduction in average premiums over five years. Because of declining premium adequacy, the loss ratio rose from 55% to 60% 70% in Casco - The casco account has suffered from a reduction in new car sales and intense competition over premiums. Key points/trends: 22% 21% 70% Bosnia and herzegovina MTPL profitability deacreasing due to liberalisation of MTPL tariffs.the Long term decline in the MTPL loss ratio is mainly the result of declining accident frequency; the particularly sharp drop in 2013 reflects a significant reserve release. Casco - The reduction in motor new business has combined with intense rating competition to reduce casco premium volumes by 42.6% over six years. - Motor business overview Key points/trends: MTPL - Average premiums per vehicle started to decline in Because the average premium is too high MTPL business is highly profitable, with the result that insurers have both the incentive and the surplus cash to "buy in" additional business. Casco - The appearance of foreignowned leasing companies led to a rapid expansion of the individual casco market in 2007 and Leasing finance dried up with the onset of the credit crunch, however, resulting in a 17.8% reduction in casco premium volumes MTPL & Casco: The reduction in new car sales since the global financial crisis has intensified competition in the motor casco market to an even greater degree than for MTPL, resulting in a 7% reduction in premium volumes over five years. Casco business is now seriously loss-making 11
12 Motor business in SEE countries Montenegro and Macedonia motor business overview Montenegro - Motor business overview Macedonia - Motor business overview 70% 22% 70% 21% Montenegro - Summary and trends MTPL is sufficiently profitable for insurers to pay up to 35% agency commission, well above the 10% allowed for in the tariff. Casco: Lower car sales contributing to a 47.3% reduction in casco premiums over five years. Casco business is now seriously lossmaking for all insurers. Trends: Accident frequency is falling because of a police campaign against dangerous driving. Claim severity is on the rise. Macedonia - Summary and trends MTPL income in 2013 was MKD 3.38bn (USD 72.85mn); the class made up 52.3% of the non-life market and had grown by 3.15% on 2012 volumes. The paid loss ratio was 45.9%. Casco income in 2013 was MKD mn (USD 15.56mn) and accounted for 11.2% of the non-life market, being a contraction by 5.24% on 2012 volumes. The paid loss ratio was 60.3%. 12
13 Take off project in Slovenia and Croatia Implementation of project idea in Slovenia March 2011 April June 2011 July 2011 April 2012 May 2013 January 2014 June 2013 April 2014 Approval of the NL Business case for Slovenia by MR Preparation of project Implementation of the project (legal, product development, processes, IT, staffing, building up sales channel) Go live : MTPL, Casco, Household insurance, Individual accident SME product Approval of the NL Business case Croatia Go-live Croatia (similar concept and extend as Slovenia) 13
14 Strategies and goals Strategy - distribution in Slovenia Diversified distribution channels Tied agents; base that enables long term growth, expensive at least initially Agencies; large initial potential, more sensitive and volatile source Car check points: important traditional distribution channel for motor Brokers: mainly for SME Commissioning Competitive commission that enables desired growth of sales potential and growth to derive at adequate economy of scale in planned time horizon. Sales process Policy issued immediately on the point of sale (unless specif UW decision and consideration needed) Regional presence Enabled by the on line portal application for all products offered (pricing, printing of policy and other documents) Reqional presence adapted so size of the business; currently 4 regional offices 14
15 Strategy by segments Products/market segments in Slovenia Target market segment: physical persons and small/medium enterprises (SME) Product strategy: complete pallete of products and coverages needed for the target segments. Motor MTPL: basic product, premium driver, realatively profitable and stable Casco: indespensable part of motor, more volatile and price sensitive Household: comprehensive packages covering broad spectra of risks; fire, Nat Cat, machinery, liability, assistence Accident: comprehensive packages covering broad spectra of accidental risks; death, disability, accidental annuity, dayly indemnity, fracture of bones, assistance,.. SME: comprehensive packages covering broad spectra of risks adapted to needs of different branches (business premises, shops, services,..). Main segments of coverages: property, machinery, business interruption, liability, group accident. Underwriting strategy: Focus on profitable/overpriced risks in the market within the target market segments Introduction of new rating factors that enable positive price differentiation for the desired risks Understandable/clear and compact terms and conditions Main UW criteria embedded in the sales/pricing application > enabels immediate response to clients and requirements for additional documentation. 15
16 Take off project in Slovenia and Croatia Expansion of business activities on new sales channels and product lines in Croatia Starting Position ERGO is present on Croatia with two insurance companies (Life % Non-Life) since 2008 Existing ERGO non-life company in Croatia was highly dependent on Sberbank (former Volksbank International) as the only distribution channel After the formal process of ratification by all members of EU Croatia joined the EU on July 1 st, 2013, which triggered further liberalization of MTPL market Right moment for business extension since EU membership opened an window of opportunities and since structural changes of insurance market as well as further market share movements are to be expected Strategic Rationale Extension of established non-life business model from Slovenia to Croatia by realization of significant synergies in respect of products, sales and IT Competitive IT Platform with very flexible product design tailored to client needs Development of internal and external sales network as well direct sales channel Leverage of synergies with life insurance company Business case realisation Successful go-live of new business activities on Sales started with competitive Motor, HH and Accident insurance products SME product developed beginning of 2015 Go-live was supported by extensive marketing and brand promoting activities On going development of new products and business modules 1) Deviation vs. BC due to tax effects 2) BC: Business Case ERGO Austria ) Plan: Original Business Case P&C in Slovenia from
17 Sales network expanision Sales network expansion since go-live in Croatia Regional centers Čakovec Zagreb Osijek Rijeka Split Rijeka Zagreb Ivanić Grad Sjever i Jug Čazma Osijek Sales Dugave Offices Buzet Škurinje Preluk Đakovo Đakovo Čazma Čakovec Ivanić Grad Sjever Ivanić Grad Jug Škurinje Preluk Krk Buzet Zadar Krk Zadar Split 17
18 ERGO Croatia Launch campaign Objectives, channels, communication in Croatia Objectives: Introducing a new Brand on the Croatian market Positioning ERGO through corporate values: TRUST and TRANSPARENCY Introducing a new product MTPL Start building BA and differentiate ERGO brand from the rest of the market Communication Channels: TV, OOH, PRINT, WEB, RADIO Communication messages: The relationships based on trust do not have small print - TRUST The relationships based on trust should be simple and understandable - TRANSPARENCY Campaign phases: Teasing & Brand & Product TV commercials 2 Teasing TV animations 3 Brand TVC`s 1 Product TVC ERGO Croatia 18
19 Marketing activities Overview in Slovenia May 2012 Brandpositioning 1. Image An Insurance that doesn t make detours 2. Products (Car, Home, Accident) April Image ERGO is always there 2. Products (Car, Home, Accident) November 2013 May Brand 2. Product SME 19
20 Marketing activities - Fall 2014 Brand campaign We understand life October - December 2014 Brandpositioning 1. To live carefree is to experience more. We understand. October - December 2014 Brandpositioning 1. TV spot 20
21 ERGO Croatia Launch campaign Teasing, Brand, Product phase Billboards, TVC`s in Croatia Brand TVC: Pocket money Brand TVC: Runaway Brand TVC: How babies are made Product TVC: Car 21
22 Public relations in Croatia Major press Conference, WEB & Interviews Date & Place: April 16 th 2014, Esplanade hotel Zagreb More than 30 journalists attended the press conference. 3 TV broadcasts - RTL television Croatia - Nova TV News - Nova TV In magazine 2 radio reports aired 10 printed and 20 web articles Two interviews with Mr. Schoellkopf daily Vecernji list specialized insurance magazine Svijet osiguranja 22
23 Results after 3 years of experience in Slovenia Number of active contracts end of period by covers + GWP + LR + Market share Number of contracts Number of active contracts eop by covers Q Total MTPL Casco Other GWP GWP 'LCU Q Q Total MTPL Casco Other Loss ratio Loss ratio Q Total 83% 88% 67% 61% MTPL 82% 71% 59% 45% Casco 146% 106% 88% 86% Other 45% 80% 48% 41% Market share and NL growth Recent trends Insurance company GWP in EUR Non - life products Market share in % GWP growth % /15 # Total % -1,9% 1 Triglav ,5% -5,2% 2 Adriatic Slovenica ,6% 0,5% 3 Maribor ,5% -1,6% 15 Ergo branch office ,4% 18,3% 23
24 Results after 3 years of experience in Slovenia Distribution channels GWP by distribution channel MTPL GWP by distribution channels 'LCU Q Q MTPL Total Sberbank Agents Broker Other Agencies Hypo Number of agents/agencies by distribution channel Number of agents/agencies by distribution channels Q Total Agent/agencie Sberbank no. agents Agents no. agents Broker no. agents Other no. agents Agencies no. agencies Hypo no. agents
25 Results after 3 years of experience in Slovenia Distribution channels Central region and Gorenjska region 13 sales representatives Štajerska region 8 sales representatives Primorska region 3 sales representatives Dolenjska region 7 sales representatives Sales network Mgmt. Head of Sales Deputy head of Sales ERGO Sales network by partner contract (End of April 2015) Non-exclusive agencies 119 Banks 3 Vehicle inspection (car check points) 11 Car dealers 7 Leasing company 1 25
26 Results after 3 years of experience in Slovenia Details on technical results MTPL Average premium Claim frequency Average premium Q MTPL 224,08 209,81 162,96 145,33 Claim frequency Q MTPL 5,52% 6,06% 6,12% 3,77% Average claim Speed of claim settlement 90% settled Average claim (EUR) Q MTPL Speed of claim settlement (number of days) 50% of claims 75% of claims 90% of claims MTPL Casco
27 Slovenian experience MTPL market Slovenia 6 insurance companies offering motor insurance Fully liberalised tariff Bonus malus system not prescribed tough all companies use the same with minor modifications National wide database with MTPL claims and bunus/malus Costs/fees 8,5% premium insurance tax 8,5% premium paushal contribution for social health and pension system (in return for costs of injured persons) 1% fire tax for casco Over the last few years, declining accident frequency has made MTPL the main source of profit in the Slovenian market. More competition contributed to a 29% reduction in average premiums over five years. Because of declining premium adequacy, the loss ratio rose from 55% to 60% in
28 Slovenian experience Ergo MTPL product Basic MTPL coverage Slovenia; minimal regulatory indemnity, currently 5 mio. EUR non-material, 1 mio EUR material damage Possibility to increase the sums insured up to: 10 mio. EUR non-material, 5 mio. EUR material Coverage abroad: EU members and green card countries: regulation and limits of country of occurence apply Other countries within EU area: indemnification according to Slovenian regulation Tariffs: personal vehicles, motorbikes, trucks, trailers, land vehicles, motorhomes, (special vehicles exceptionaly only) Inception: individual and flets (10+ vehicles) 28
29 Slovenian experience MTPL product Rating factors for personal vehicles Type vehicle (German Typklassen ) instead of KW (unique) Usage: private/company Bonus/malus 14 classes from 50% to 200% Claim: 3 classes up No claim: 1 class down Age driver Age vehicle Km driver pa: <8000, <25.000, unlimited Region (unique) Special usage and purpose: taxi, rent-a-car, test cars, Surcharges; any of other drivers younger then 25 years, short term insurance Additional discounts; single payment, permanent insurance, more vehicles, other insurance at Ergo, safety driving course, no claims previous year, super bonus (highest bonus + no claims last 3 years), family bonus (exisitng bonus for new car) 29
30 Slovenian experience MTPL product Rating factors for other tariffs More standard: KW, capacity, Riders offered Accident driver; same indemnification principle as for TPL; maximal sum insured EUR Accident passangers including driver; standard accidental coverages for death and permanent disability for passangers, two packages of sums insured offered Road assistance (repair, towel, courtesy car, assistance abroad,..): three packages, assistance provided by Coris assistance. Bonus protection: no loss of bonus for first claim Protection against regress (for company cars) Accident insurance for pats Several Casco riders 30
31 Slovenian experience Processes - motor Inception Agent enteres into the portal all necessary information Vehicle selected based on Eurotax catalog System checks necessity for expert UW. If no UW required (mainly for MTPL) policy can be issued at point of sale with immediate start of cover; green card issued if requested. Precondition: first UW required: offer submitted electronicaly to UW who brings decision > if/when offer approved policy can be issued by agent. Agent has to submitt all documentation (signed policy document,..) and pay collected premium in case paid by cash. Policy control Clerk checks if documentation complete and compliant with policy document and rules. Randomly and in predefined cases cross-checks are performed: consistency with bonus/malus as provided by national DB, checks at previous insurer, Renewal: for motor predominantely via physical contact/visit by agent, automatic possible 31
32 Slovenian experience Motor claims Main objectives; quality of service, settlement Claim reporting and inspections for material motor damage Several approaches combined: appointed car repair services usually most convenient for clients tighter control needed, regional offices, own loss adjusters and individual loss adjusters on contract Own staff predominantely focused on controls of inspections and settlement decisions. Evaluation of material damages: Eurotax standards and functionalities used to evaluate material damages; same standard used also by competitors Appointed car repair services use quick check to report and evaluate claims via a web based protocol. Bodily injuries in house specialists combined with appointed external experts Aim: modest/low ratio of court cases International claims Via correspondance partners of Ergo network. 32
33 Slovenian experience Fraud Fraud: motor business one of most exposed LoB s; bodily unjuries, intentional collission, multiple claims with re-used damaged parts, Newcomer and small company more exposed (no own database) Fraudulent activities also among partners; distribution, car repair services Special department for fraud established Own staff in cooperation with external specialists (detectives, specialists for reconstruction of collissions, forensics,..) Close cooperation with claim, UW department, distribution Stop list maintained 33
34 Slovenian experience Main challanges Steady growth of business Increase sales potential; own agents, car check points,.. Improve renewal rates Improved control at inception On-line data exchange with national motor insurance database (client past information) Integration of stop list and own client information in Portal Electronic claim files 34
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