SIGNAL IDUNA: shaping the local insurance landscape

2024 presents both challenges and opportunities for the Romanian insurance industry, requiring companies to remain agile, customer-focused, and responsive to the evolving economic and regulatory environment. Tiberiu Maier, the CEO of SIGNAL IDUNA, talked to us about the company’s strategy and its positive impact on the local insurance market.

By Anda Sebesi

SIGNAL IDUNA celebrates 15 years of operations on the Romanian market this year. What does this mean for the business itself?

Our 15 years of operations in Romania have been marked by robust expansion and exceptional annual results. The success we’ve achieved showcases our adaptability to change. Committed to shaping success in the insurance landscape, SIGNAL IDUNA emphasises the critical role of commitment and quality for long-term industry success. Throughout our journey, we’ve consistently prioritised digitalization and innovation, emerging as a leader on the Romanian health insurance market. Our diverse range of products and services is crafted to address the evolving policyholder needs, providing tailored solutions for the challenges of the years to come.

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What were the most important projects the company carried out in 2023?

In 2023, SIGNAL IDUNA completed the strategic acquisition of ERGO companies, which repositioned it as a provider of complete solutions for Romanians’ needs. Throughout the year, we focused on team alignment and business processes integration, prioritising personalized insurance solutions across all customer segments. Recognising the importance of simplicity, we aimed to make insurance easily understandable for customers through targeted communication.

What were the biggest challenges Signal Iduna faced as a business in 2023?

This year, SIGNAL IDUNA faced several business challenges, primarily centred around adapting to dynamic market conditions, meeting evolving customer expectations, and staying ahead of industry trends. Navigating uncertainties and effectively addressing the diverse needs of stakeholders were key focal points for the company. We focus on providing an enhanced customer experience, emphasising solutions that are accessible anywhere, anytime. This customer-centric focus extends to the efficiency of our services, with a strong emphasis on digital processes for improved transparency.

What’s the current state of the Romanian insurance industry and what changes should we expect to see in the coming years?

The Romanian insurance sector is undergoing a significant transformation process, marked by resilience. One significant aspect is the industry’s increasing focus on digital transformation, where technological advancements are becoming integral to streamlining processes and enhancing customer experience. This emphasis on digitalization is not only optimising operational efficiency but also fostering innovation in product offerings. A significant trend which is set to influence the industry is the increasing significance of ESG factors. Plus, the coming years are likely to bring a shift in the distribution channels of insurance products.

How important are ESG and sustainability criteria for SIGNAL IDUNA?

We understand that what we do today can greatly affect the larger social and environmental picture. That’s why we view ESG and sustainability not just as things we must do, but as proactive steps towards building a more inclusive, diverse, and sustainable future. To demonstrate this commitment, we’ve launched initiatives like the virtual Easy Pay card in 2023 and we actively promote diversity and inclusivity among our employees. This dedication is guiding our strategic decisions and highlighting our role as a responsible company dedicated to making a positive impact on the community.

What were 2023’s main challenges from a management point of view?

The uncertainties in the global economic landscape and technological advancements pose challenges that require careful consideration and proactive decision-making. Additionally, we are focused on optimising operational efficiency, fostering innovation, and ensuring a resilient business model in the face of potential disruptions. Balancing short-term goals with long-term sustainability objectives remains a priority, requiring strategic agility and a forward-thinking approach from the management team.

What is the outlook for the Romanian insurance industry in 2024?

I believe the industry will continue its trajectory of adaptation to evolving consumer needs and technological advancements. I foresee an increased use of digital tools, personalised products, and innovative ways to connect with customers. I anticipate significant developments in health, home, and liability insurance, driven by the increased concern for personal and family well-being.