The management team at VIG Holding drew up the strategy programme for 2021-2025 in consultation with the Group company CEOs. This programme has now been launched, with three specific Group targets focusing on financial stability and profitability, customer proximity, sustainability and market growth.
“VIG 25” – a response to current trends
The Group targets and related new initiatives are based on an analysis of key trends and their effects on the insurance industry. “We are looking at an environment which will be characterised by disruptive developments in the coming years, that will not unfold their full potential immediately, but steadily over time. Our response to this environment is an evolutionary strategy that combines tried-and-tested with new elements, to ensure further dynamic development of the Group. Low interest rates, increased regulatory pressure and the growing importance of environmental issues have shaped the market facing insurers for many years now. Sales will increasingly become hybrid – which is underlined not least by our experience during the pandemic – with a mix of personal and digital contact. The frequency of contact with customers is falling, which means that visibility among customers is gaining in importance, and we also want to offer new customer experiences that go beyond providing coverage against risks. Despite ongoing digitalisation, the human element and the expertise of our employees clearly counts for a lot at VIG. And this will give us the opportunity to tap into additional growth potential by using new approaches to address customers,” explains Elisabeth Stadler, CEO of Vienna Insurance Group, referring to the factors underlying the new strategy programme.
Three Group targets
“The Vienna Insurance Group’s business model has more than proven itself in the extremely difficult conditions we faced during the pandemic. We don’t just want to consolidate our leading position in the CEE region, we want to expand it and create sustainable value for society, our customers and our employees. Basic human needs such as trust and security are becoming increasingly intertwined, and cultural and social aspects are playing a more and more important role in determining the significance of financial services as a result. This is why we consciously included a strong focus on social responsibility in the objectives we defined for the Group, alongside financial indicators, as it is a particular concern of ours to anchor this topic more strongly in the CEE markets,” Elisabeth Stadler notes.
The three Group targets are:
- Expansion of the Group’s leading position in CEE, with the goal of achieving at least a top-three position in each CEE market (except Slovenia), taking into account the corresponding country portfolio.
- Creation of sustainable value by earning the cost of equity.
- Achieving ESG-related goals in respect of the society, customers and employees.
Source and full press release: vig.com
Cover picture: vig.com
