ALLIANZ - TIRIAC ASIGURARI S.A.

  |  17.11.2017

The market begins to mature

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Q: How was the general economic growth of 5-6 percent translated into the insurance business?

 

VS: As the market results reveal at the first half of the year, the insurance market has registered a growth of 8%.

The PC segment is relatively flat, but the main driver of the overall results is the Life segment.

The drivers of the Life market growth are:

1: banc-assurance, as the loans market is growing

2: increased disposable income, wages have increased and this provides investment space in Life & Health insurance products

 

But, as you well know, the insurance market dynamics are not connected in real time with real economy development. In particular, the insurance industry follows the trends with an approximately 1 year delay of real economic growth so we will expect to see a greater impact in the insurance business next year.

 

Q: For the third year in a row, we have witnessed double digit annual wages growth. How much of this consistent growth was seen in new products and services of the insurance companies?

 

 

VS: As I have underlined previously, we see a positive impact in Life & Health segment. An important dilemma still remains in the customer’s mind: to use disposable income on short term needs or long term protection. And here we play an active role helping them take an educated decision.

 

Q: Probably the highest visible crisis in Romania NOW is related to the workforce scarcity, that adds to a high competition between companies. How does this manifest in the insurance sector?

 

VS: It is a war for talented people and this is probably happing not only in the insurance sector but in all other business sectors as well. Yes, is a great challenge to attract talented people. There are specific roles in our organization for which it is still difficult to find suitable candidates.

 

On the other hand, the digitization of the flows and processes are likely to release some amount of this pressure on the work force.

 

In given labor market context, retention of good people will become key – and for that it will become critical to set up a highly productive working environment, because good people are attracted by high productivity in order to better manage work-life balance.

 

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