VIG merges units to boost bancassurance
Vienna Insurance Group (VIG) is merging two of its Czech group companies and units in Croatia following similar steps in Hungary, Slovakia and Austria.
VIG plans to merge its Czech subsidiary Pojišťovna České spořitelny (PČS) with its group company Kooperativa pojišťovna with effect from Jan.1, 2019.
The decision to merge the two group companies in its second-largest market represents the next step in VIG’s strategy of bundling competences with a view to strengthening the bancassurance business.
“Thanks to the excellent, long-standing strategic partnership of our group companies Kooperativa and Pojišťovna České spořitelny with Erste Group subsidiary Česká spořitelna, we play a significant role in the Czech bancassurance market. We aim to enhance our position by further expanding the non-life business,” explained VIG CEO Elisabeth Stadler.
Česká spořitelna customers will benefit from an extended product offer, notably in non-life insurance, according to the company Dec. 14 statement. The move is also in line with the aim of enhancing customer service in this segment, and streamlining administrative processes.
In a similar move, VIG is merging its Croatian group companies in order to boost the bancassurance distribution. Croatian bancassurer Erste osiguranje is due to merge with Wiener osiguranje at the end of April 2018, subject to the approval by local authorities.
VIG is looking to capitalise on the strengths of its two Croatian brands by combining them in a single company, with a view to expanding the bancassurance business.
“Bundling the companies’ resources and competences will generate the maximum benefit for customers, the bank and the insurer,” Stadler said. “The bancassurance brand will also remain in place for customers of the Erste Group subsidiary in Croatia”.
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