Europa Insurance Group: the year of record sales

In 2013 Europa Insurance Group doubled sales compared to the previous year achieving a record level of nearly PLN 2.1 billion (as per IAS) and earned a profit of PLN 108 million. The driving force of the increased revenues was the specialized offer for the SME sector and insurances sold together with short-term banking products such as installment loans and cash loans both in the non-life and life insurance sector. The business success of Europa companies is based mainly and consistently on cooperation with banks.

Europa Group recorded a high increase in sales, which distinguishes it and sets it apart in the market that faces variable macro- and microeconomic conditions.

The non-life company collected nearly PLN 712 million of premium (according to IAS and PAS) and earned a profit of about PLN 41 million. Europa Life sold policies for nearly PLN 1.4 billion (according to IAS and for nearly PLN 1.8 billion according to PAS) and earned more than PLN 67 million. Altogether, both companies increased the total written premium (according to IAS) as much as two times compared to the previous year. 

“Our success is proved by a much higher rate of growth in written premiums compared to the entire insurance market. We are able to identify appearing product niches such as, e.g. insurance for small and medium business and thanks to short time to market of a new product offer we are becoming a provider of innovative insurance solutions” says Jacek Podoba, President of Europa Insurance Group. 

The volume of insurance sales to the SME sector increased 6 times in the non-life insurance company. Thus, the products for small and medium enterprises have become a leading business line in the Europa Non-Life structure of sales. Last year, the company launched innovative financial stability insurance for entrepreneurs, protecting the contractors of the entrepreneur in the case of sudden events, such as bankruptcy of the company, securing the payment of liabilities. This is the only product of that type on the SME market. Other original new products implemented by Europa and providing that segment with insurance coverage are lost profit insurance and borrower bankruptcy insurance. 

Also, the sales of insurance products offered by Europa Non-Life and Europa Life together with installment and cash loans are growing dynamically. The gross written premium in this line increased by 75% in the life insurance company and by nearly 50% in the non-life insurance company compared to the previous year. 

“A more open approach of banks to granting consumer loans, as a result of modified 'Recommendation T’ coming into force, revived this segment of the market. As a result, we were able to propose a competitive offer of insurance for clients taking out installment and cash loans” explains Jacek Podoba, president. 

In the life insurance company, the structured insurance products have a significant share in the volume of sales. Last year Europa Life launched 25 subscriptions of such type of products. Additionally, Europa clients have access to 120 insurance capital funds based on Polish and foreign investment funds. 

Last year Europa Group established cooperation with mobile network operators. Subscribers already benefit from travel insurance, loss of regular source of income and temporary inability to work insurance, while clients of one of the chains selling household appliances & audio/video devices from extended guarantees. 

2013 was a year of implementing the new business strategy for Europa Group. One of the priorities was to strengthen pro-consumer activities to improve the level of comfort for Europa clients. The company introduced, e.g. surveys enabling precise tailoring of the products to the client profile. Another step taken by Europa to improve quality and speed of contact with the company was providing an option to file complaints via Internet and implementing a tool to report claims on-line, which is very popular among clients. Nearly 1/3 of all notifications to the non-life company are received using this tool. The effect of the pro-consumer activities was the second place of Europa Non-Life in the Friendly Insurance Company 2013 contest. The main evaluation criterion was the quality of post-sales customer service.
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