RENOMIA has been present in Romania since 2015, through RENOMIA SRBA Insurance Broker. What is the balance sheet of the four years of presence on the Romanian market?
At the time of the 2015 transaction, we had an intermediate premium volume of RON 59 million, a turnover of RON 10 million and a retail-oriented portfolio structure. After 4 years, we close 2019 with an intermediate premium volume of about 120 million Ron, a turnover of 20 million Ron and with a predominantly corporate client portfolio. In other words, we are talking about doubling the business in a relatively short period and this is very good. In terms of human resources, we evolved from 23 to 35 employees and opened a new and powerful agency in Timisoara. I correlated this with the strong industrial development in the western area.
What strategy did RENOMIA bring to Romania in order to raise its portfolio of clients in a competitive field of activity?
There are a number of strategic actions that we have taken that have made these results possible. I could mention here:
– Use of the support and specialized services of risk management, very necessary in approaching the large corporate clients, offered by the Prague office;
– Specialized training at a very high level of professional training;
– Hiring very good specialists to develop business niches;
– Increasing our reputation in relation to international insurance brokerage markets, by extending the membership of the most important brokerage networks in the world
– Opening of new territorial units in their own name or by attracting local partners;
– Maintaining a corporate-retail ratio of 60-40.
What specific services does RENOMIA provide to its Romanian clients? What makes the difference in your company’s services offer?
The use of tools like Risk Management Heat Map for corporate clients and a DNT (Demand and Needs Test) analysis of type 360 * for retail clients, have proven to be extraordinarily useful in making them aware of the risks they are facing. the activity is exposed respectively the personal life. Followed by a specialized consultancy, they made the implementation of the proposed insurance products to be successful and we succeed in introducing large and very large clients into the portfolio. Permanent monitoring of the relationship with the client and the dynamics of the evolution of the risk as well as the assistance to damages make this process a permanent one adapted to his needs. We are very careful that the package of services offered to the clients is in full agreement with our professional and logistic capabilities and this makes the gap between the expectations of the clients and reality tend to zero. Another element worth mentioning is the permanent access to the external markets from where we bring to the market modern products such as Cyber Risk, Professional Indemnity or drone insurance.
How do you characterise the Romanian insurance services and risk management market from the standpoint of the opportunities offered by the relevant companies but also of the growth potential?
Insurance and brokerage markets are already mature and have finally come to enjoy the existence of a large number of good and experienced specialists. The density of insurance, however, of only ~ 130 EUR / capita shows us its huge potential, in the context where at European level, in the western states, it reaches values of even over 3,000 EUR / capita. In 2017, for example, the insurance penetration rate in GDP was 1.13% while in the Czech Republic it was 3%, Poland 3.2%, Austria 4.9%, Germany 8.1% and in France 12, 5%. The continuous professional training of those working in the field, the attention to the need for insurance obviously correlated with the increase of the clients’ incomes, we hope to take in time the consumer to the behavior of the one from the advanced states.
What are your expectations from 2020 now, at the end of almost 10 months that have passed in 2019?
Throughout the history of RENOMIA SRBA, we have managed to record double digit growth in our development process and I am sure that 2020 will not be an exception to this rule. We look closely at the purchasing opportunities of some brokerage portfolios, whose organizational culture matches that of RENOMIA GRUP, both in the area of corporate and retail portfolios. Of interest for the near future are digitalization, the development of online and mobile solutions.