32 C
Bucharest
August 17, 2022
BUSINESSBUSINESSCOMPANIESECONOMYFINANCE&BANKING

Positive results for Euroins Romania: Massive decrease in complaints, radical improvement in processing claims leading to faster payments and important increases in the non-MTPL segment

  • The number of complaints registered by Euroins has dropped dramatically by more than 85 percent in the last month, showing significant improvement in processing the claims.
  • Improvement in speed of claims handling lead to the higher number of claims paid daily by 20 percent. While at the same time ASF report is showing that Romania is facing more severe accidents: comparing this year with 2020, the average claim paid for bodily injury increased by 40 percent, from 45.000 lei to over 67.000 lei.
  • Euroins Non-MTPL products are being more and more recognized by clients as value added services. In comparison with the first nine months of 2020, Euroins MTPL segment increased by only 5 percent in number of policies. The number of CASCO insurances sold increased by 10 times, Euroins has five times more clients that own a health and travel products, while the number of home insurance policies doubled.
  • The involvement of the European Bank for Reconstruction and Development in the shareholding of the parent company is an unprecedented message of trust and development opportunity of the Romanian insurance market while confirming also that Euroins is on a good path to become a benchmark on the Romanian insurance market.

Euroins Romania Asigurare-Reasigurare SA, an important player on the Romanian insurance market, member of one of the most important insurance groups in Europe, has announced  positive results in relation to the times for processing the claims for compensation and the shortening of the time in which the actual payments are made. This dramatic improvement in compensation times comes as a result of many internal process changes started this year, together with the appointment of a new CEO and the mobilization of financial resources to expand the team of experts, digitize the company, re-evaluate internal processes and improve customer experience.

In 2021 up until September, Euroins paid 750 million lei for more than 90.000 claims, while in October and the first week of November Euroins paid more than 350 million lei for more than 30.000 claims processed. Improvement in speed of processing claims lead to a 20 percent increase in the number of claims paid daily, while Romania is facing more severe accidents. According to ASF report in 2020 the average claim on the market for bodily injures caused in accidents was 45.657 lei, while in 2021 it increased to 67.566 lei.

The improvement of internal proceedings has also led to a dramatic drop in the number of complaints lodged against Euroins. Compared to the monthly average, in October 2021 the number of complaints decreased by 85 percent.

In the last 12 months, Euroins Romania has benefited from no less than four capital increases, with a total value of over 300 million lei, showing continuous shareholder support. All this additional capital helped Euroins to offer better services, bring added value and increase customers satisfaction.

Euroins Romania has also invested in the development of online services for opening claims files and file management. Today, more than 70 percent of claims files are opened online, easing the process for the clients and allowing Euroins specialists to process an increased volume of requests.

In line with the strategy of reducing exposure in the MTPL sector, as well as diversifying the portfolio, in order to achieve a healthy and sustainable growth on the Romanian insurers market, Euroins recorded a diversification of customers and insurance products purchased by them. Compared to the last year results, the first nine month of 2021 show that interest in CASCO insurances increased by 10 times, the number of health  and travel insurances sold increased five times and  home insurance segment doubled. In comparison, the MTPL segment increased by only 5 percent in number of policies: from 4 million to 4,2 million. This results show that Euroins is recognized also as important Non-MTPL player on the Romanian market.

Euroins is stronger than ever and the whole team is investing all its energy so that the transformations will last. We might see first results today, but we are just at the beginning of our journey, still a lot of work ahead of us. The process of change is never easy, and it takes extra strength, a lot of patience and most of all – trust of all parties involved, Here I mean clients, repair shops, brokers, and most of all the team of Euroins. We continue to strengthen our team, improve, and digitalize our processes. We continue to listen to the market, to listen to partners, we aim to have constructive dialogue with the authorities, and we are thankful also to have enormous support of all shareholders, also our new one in the family – EBRD“, said Tanja Blatnik, General Manager of Euroins Romania.

The involvement of the European Bank for Reconstruction and Development in the shareholding of the parent company is an unprecedent message of trust and development opportunity of the Romanian insurance market while confirming also that Euroins is on a good path to become a benchmark on the Romanian insurance market.

 

 

Related posts

Exports peak to EUR 17 bn in Q1

Nine O' Clock

In four months, EximBank granted to companies running European projects twice as many incentives as in 2010

Nine O' Clock

The Embassy of China in Bucharest reacts to the U.S. Ambassador statements on Chinese 5G technology: He spoke bad without any reason at all. We strongly oppose this

NINE O'CLOCK