On 9 January 2018 the PZU SA Management Board and Supervisory Board adopted the updated strategy up to 2020 thereby altering the operating model of the overall PZU Group, placing emphasis on new aspects and establishing new initiatives to make PZU one of the most innovative institutions in the financial industry in Europe.
The PZU Group’s new operating model
The new operating model brings together all of the PZU Group’s activities and integrates them in a client-focused manner: life insurance, non-life insurance, health insurance, investments, pensions, health care, banking and assistance services.
The Group defines itself as a company that helps clients care for their future. In this way it will endeavor to unleash the potential incumbent in the largest financial institution in the region.
“We would like to do something different from the classical client relation model insurers follow in which the only contact clients have with their insurer after buying a policy is when a claim occurs. We want to do considerably more and effectively help clients solve their problems in many areas and during every stage of life. PZU’s new approach to building client relations is at the heart of this change”, says Paweł Surówka, CEO of PZU SA.
New initiatives in technology
The New PZU will hone in on artificial intelligence and better utilization of databases.
To increase the number of client interactions, it will create a loyalty club and it will expand the moje.pzu.pl portal to integrate the PZU Group’s services in a single venue and enable clients, among other things, to track their insurance cover, buy new policies, handle claims, manage their health care, including their doctor appointments; it will also enable them to invest and take advantage of banking services.
“Defining PZU as a company that helps clients on an everyday basis calls for considerable investments in the overall Group’s growth. Our client relationships and our knowledge of our clients are becoming our main value, while our chief product is our acumen in addressing client needs to build a stable future. That is why we devote so much space in this strategy to initiatives that will enrich our client knowledge and assist us in reaching clients even more quickly. Above all, PZU will continue to be one of the most stable and profitable financial groups in the world. Stability defined as always keeping our Solvency II ratio above 200%, our profitability above 22% and our promise of sharing profits that are not needed to finance our rapid growth taken together constitute our set of values ensuring that PZU commitment embodied by this statement will be applicable not just to our clients and business partners but also to our investors. You can rely on us”, emphasizes Paweł Surówka, CEO of PZU SA.
New ambitious objectives
“The new strategy contains very ambitious objectives. In relation to the most recently completed year, we are driven by our ambition to increase the Group’s ROE by more than 7 p.p. to more than 22% in 2020. We will generate one billion PLN in insurance premiums through our cooperation with banks. We will attract one million new clients for our banks. It is our wish to create a relationship that will be beneficial to both parties. We will materially grow our revenues in the health segment to one billion PLN in 2020. By consolidating the asset management market and growing our clients’ savings, we will more than double our portfolio, thereby reaching the watermark of 65 bn PLN in assets under management”, says Tomasz Kulik, CFO of the PZU Group.