The UNIQA Group offers a comprehensive range of classic and unit-linked life insurance products. Within the framework of the free movement of services, the unit-linked life insurance products are also offered in Germany and Slovenia in their respective, country-specific versions.
In Austria, the UNIQA Group was able to further strengthen its leadership in the area of unit- and index-linked life insurance in 2009. This can be attributed primarily to “FlexSolution” from UNIQA and “My flexible life insurance” from Raiffeisen Versicherung and the very successful index-linked life insurance products like “Inflation Protection RZB Guarantee”. The supplementary risk modules were further expanded in the area of “FlexSolution” in particular. The provision solutions of this nature available so far have enjoyed a positive reception among the customers, reaffirming UNIQA’s strategy of offering customers products that they can individually adapt to their current life circumstances.
The state-subsidised pension provisions were also adapted to the current requirements, although this involved legislative changes. With the new “life cycle model”, it will be possible to react to a specific stock market environment and optimally structure the stock ratio for the investor based on age. The goal is to offer customers greater yield prospects in their younger years on the basis of a higher stock ratio and to lower the share of stocks in stages toward the end of the term to avoid endangering the accumulated value. Building on this, two guarantee models are being offered for the first time in the form of the option model (1st guarantee date after 10 years) and the CPPI model (1st guarantee date after 15 or 20 years). The successful cooperation with Austria’s largest investment company is being continued in its proven form.
Despite the difficult conditions due to the low interest level, innovative solutions that stand out among competing products thanks to their attractive features should once again be brought onto the market in 2010 in the area of index-linked life insurance.
The concept of “security” has taken on a new significance for customers during the last few years. Against this background, both classic and the new capital-oriented life insurance products are enjoying great popularity. For this reason, UNIQA and Raiffeisen Versicherung will make good use of the possibilities of life insurance based on capital investment in 2010 and restructure their offerings in this area. In the area of classic life insurance, the main focus of the sales activities will be on the burial costs insurance successfully started in 2009 as well as on occupational disability insurance. While corresponding awareness-raising has already been successful in the sensitive area of burial costs insurance, work is still required in regards to occupational disability insurance. However, the UNIQA Group not only offers products for the aspects of savings and risk but also strives to stand beside its customers during difficult life phases with appropriate solutions.
The cooperation between UNIQA and the Raiffeisen bank group will be further intensified in the year 2010 in the establishment and expansion of the bank sales in Central and Eastern Europe. The “Preferred Partnership” with Raiffeisen already encompasses the markets of Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Romania, Bulgaria, Ukraine, Kosovo and, since October 2009, also Russia. The sometimes severe declines in the financing volumes have restricted the scope of business in combined banking and insurance products, but it was possible to partially compensate for the losses by introducing new product combinations and bundled offers. The sales activities are now focused more heavily on the sale of “stand-alone” insurance products, particularly capital-forming life insurance products. Over 10,000 new contracts for capital-forming life insurance policies were concluded in 2009 in a total of eight countries. The introduction of additional “stand-alone” products is planned.
Another focus lies on the development of synergies through shared use of the sales channels. Additional impulses, particularly in the area of life insurance, come from the cooperation with the Veneto Banca Gruppe in Italy. The cooperation agreement recently concluded at the end of 2009 lays out a long-term structure for this cooperation.
In the area of money laundering prevention, a precise spot check audit was implemented in 2009 based on an IT-supported, risk-oriented monitoring system in Austria. Since 2009, an internally developed guideline within the UNIQA Group has established international Group standards that should be successively implemented within the entire Group by the end of 2010. The standards encompass internal regulations, pertinent training modules, transaction and customer monitoring as well as intensified auditing and reporting. Other work planned for 2010 includes the creation of risk profiles for all companies of the UNIQA Group, risk-oriented categorisation of the customer base as well as increased use of joint IT solutions.
The cooperation between all Group companies should be further improved in 2010 with an international conference. Among other efforts, this should involve best practice examples that can help to improve synergy effects within the Group.
