Massive drop in claims, faster claims payouts
• The number of complaints recorded by Euroins has dropped dramatically by over 85 percent in the last month, showing a significant improvement in the processing of claims files.
• Improving the speed of claims management has led to a 20 percent higher number of compensations paid out daily. At the same time, the ASF report shows that Romania is facing more serious accidents: comparing this year to 2020, the average claim paid for personal injuries increased by 40%, from 45,000 lei to over 67,000 lei
• Euroins Non-RCA products are increasingly valued by customers as value-added services. Compared to the first nine months of 2020, Euroins’ RCA segment grew by just 5 percent in policy numbers. The number of CASCO insurances sold has increased 10 times, Euroins has five times more customers owning health and travel products, while the number of home insurance policies issued has 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 opportunity for the development of the insurance market in Romania, confirming at the same time that Euroins is taking important steps to become a landmark on the insurance market in Romania.
Bucharest, November 12, 2021– Euroins România Asigurare-Reasigurare SA, an important player on the insurance market in Romania, member of one of the most important insurance groups in Europe, announces positive results regarding the processing times of compensation claims and the significant shortening of the time in which payments they are done. This considerable improvement in clearing times comes as a result of many internal changes initiated this year, together with the appointment of a new CEO and the mobilization of financial resources to expand the expert team, digitize the company, reevaluate internal processes and improve the customer experience.
This year, until September, Euroins paid 750 million lei for over 90,000 claims, while in October and the first week of November, Euroins paid over 350 million lei for over 30,000 claims damage. The number of compensations paid daily increased by 20 percent, while Romania faces increasingly serious accidents.. According to the same ASF report, in 2020, the average damage for bodily injuries caused by an accident was 45,657 lei , while in 2021 it increased to 67,566 lei.
The improvement of internal procedures has also led to a considerable decrease in the number of complaints filed 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 benefited from no less than four capital increases, totaling more than 300 million lei, which demonstrates the continuous support of the shareholders. All this additional capital has helped Euroins provide better service, add value and increase customer satisfaction.
Euroins Romania has also invested in the development of online services for opening claims files and managing them. Today, more than 70 percent of claims files are opened online, which allows Euroins specialists to process an increased volume of claims.
In accordance with the strategy of reducing exposure in the RCA sector as well as diversifying the portfolio, in order to achieve a healthy and sustainable growth on the Romanian insurance market, Euroins registered a diversification of clients and insurance products purchased by them. Compared to last year, in the first nine months of 2021 the CASCO Euroins segment grew 10 times, the number of health and travel insurances sold increased five times, and the number of home insurances issued doubled. In comparison, Euroins’ RCA segment grew by just 5 percent, from 4 million to 4.2 million policies. These results show that Euroins is also recognized as an important Non-RCA player on the Romanian market.
“Euroins is stronger than ever and the whole team is investing all their energy to make these transformations lasting. Today we see the first results, but we are only at the beginning of this transformation, we are aware that we still have a lot of work to do. The process of change is never easy and requires extra strength, a lot of patience and above all – trust from all parties involved. Here I mean customers, car services, brokers and especially the Euroins team. We continue to strengthen our team, improve and digitize internal procedures. We continue to listen to the market, we listen to our partners, we aim to have a constructive dialogue with the authorities and we are also grateful that we have enormous support from all shareholders,
The involvement of the European Bank for Reconstruction and Development in the shareholding of the parent company is an unprecedented message of confidence and opportunity for the development of the insurance market in Romania, confirming at the same time that Euroins is taking important steps to become a landmark on the local insurance market.
About Euroins Insurance Group (EIG) AD
Euroins Insurance Group (EIG) AD is one of the largest independent insurance groups operating in the EEC / EEA / FSU region. The company focuses on offering a wide range of general, health and life insurance products. The group is headquartered in Bulgaria and operates in 11 European countries and has insurance subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine, Belarus and Georgia. EIG also operates in Greece and Poland and has niche insurance operations in Spain and Italy. Currently, the insurance group has more than 4 million customers and more than 3,000 employees. EIG is a subsidiary of Eurohold Bulgaria, a leading independent group operating in the CEE / SEE / FSU region, listed on the Sofia and Warsaw stock exchanges. Eurohold Bulgaria is active in insurance, leasing, car sales,
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