Safeguarding and expanding our strong market position
In Austria we are striving to safeguard and expand our strong market position, particularly in the area of health insurance, and to strengthen profitability in property and casualty insurance. We are undertaking a major effort to reduce costs and increase efficiency at the same time (see also the chapter “Fit for the future”). This creates the basis for us to continue to offer our customers the highest quality in the insurance market at competitive prices. It also at the same time supports our overriding objective of positioning ourselves as the best service provider and most attractive employer in the industry. This is ensured by the efforts to streamline our organisation, extensive process simplifications and a strictly customer-focused market approach, as well as simplification and standardisation of our product portfolio.
- In terms of customer segments, we are striving to achieve further growth in exclusive sales and distribution in our domestic market in the Retail segment, which comprises around 2.6 million customers. Regular customer earnings ratings help us to design our services even more around target groups and at the same time support our efforts to increase profitability.
We would like to address different types of customers on a more individual basis going forward, focusing on the areas of mobility, housing, pension provision and health. The UNIQA Customer Platform (UCP) ensures comprehensive support with a 360-degree perspective, while digital offers such as myUNIQA or our myUNIQAplus and myUNIQAplus Youth customer loyalty programmes complement the range of services available and respond in particular to the increased demand for digital services.
- In the Corporate segment we want to position ourselves more intensively as a local corporate insurer. We are developing special affinity solutions for individual sectors in order to be able to offer our customers tailor-made solutions for their individual needs; additional services such as healthcare services are also planned in the medium term. We also rely on automation and digitalisation in our standard business with corporate clients with the support of the Corporate Business Navigator, our Group-wide IT platform for underwriting, sales and risk management.
- In the Banking segment, we are expediting the sale of unit-linked products in view of the low interest rate environment. This way we are supporting sustainable long-term pension provisions. We want to grow in business lines that are linked to the Bank’s financing business, e.g. term life or home insurance. These products will be mapped directly in the regional digital bank (via “Mein ELBA” app and “Smart Beratung” solution of the Raiffeisen bank) in order to provide optimum support for this growth.
- In terms of business lines, we want to increase our market share in Austria in property and casualty insurance through a modular, standardised product architecture, while in life insurance we are striving for a balanced distribution of risks by expediting unit-linked products with a bullet guarantee, in view of the low interest rate environment. Further sustainable fund products will follow here in future. Lastly, in health insurance, we plan to develop our inpatient services while maintaining high levels of profitability. Simultaneously, we are also working intensively on the development of automation-supported health checks.
- We are working intensively in Austria to improve our production for the sake of our customers. This includes increasing the cross-policy rate in claims settlement as well as optimising manual activities, e.g. by reducing service elements that are required for operations, consistent process simplification and further automation. This will also be clearly felt by the customers through service improvements.