Euroins Romania Asigurare-Reasigurare SA, the most important player on the Romanian insurance market, announces new positive results in regarding the time needed for processing the claims for compensation and speed of the effective payment of damage files in which no human victims are registered (car crashes). In Q4 2021, Euroins Romania officially reported to ASF, that it paid claims on average in less that 7 days (average of 6,8 days). In comparison, in Q2 2021, the average time for payment for the car damage claims was 38 days, while in the third quarter of last year, the average dropped to 29 days.
“We have managed to register these major improvements in the internal procedures to pay faster directly to client and in extended and improved relationships with most of the car services. The fact that repairs are paid for in less than a week is a prove that we take seriously the mission to bring better experience to the ones, that are already traumatized because of the accidents. In the next period we will focus to even more improvements and follow a strategy of growth of other important insurance products offered to protect Romanians in these unstable times, such as health, accident, property, travel and CASCO. I don’t think there is a level in which there have been no changes, improvements, upgrades. But any change takes time, and the results are beginning to be seen today. For today’s results I have to specially thank each and every member of the team of Euroins, that work hard every day to improve.”, stated Tanja Blatnik, CEO of Euroins Romania.
The fact that Euroins managed to pay the compensation claims in Q4 2021 in average in less than 7 days also reduced the number of customer complaints against the company. Compared to the monthly average, in October 2021 the number of complaints decreased by 85 percent and in January 2022 the numper of complaints decreased by 200 percent – only 197 complaints registered, out of over 14.000 paid claims. This comes as a result of many internal process changes started in 2021, together with the expansion of the team of experts, digitalize the company and improve customer experience.
In 2021, the highest compensation paid by Euroins Romania was 1.1 million euros (5.5 million lei). This compensation comes as a result of a road accident made in France by the driver of a truck registered in Romania who crashed into a car driven by a French citizen. The compensation was determined by the court as a result of the 237 days of medical care required following the accident, the days of hospitalization and therapy, especially since the doctors had to amputate one of the victim’s legs.
“We are really proud of Euroins Romanias development. Last year, the company has undergone a multitude of changes, from the appointment of a new CEO to the change of internal procedures, the steps we take for the analysis of damage files, and improved relationship with clients, brokers and work shops. We supported the development with major investments last couple of years, summing together more than 500 million lei, including support from EBRD. Today, Euroins Romania is a highly capitalized company, market leader and innovator in the non-MTPL area. We feel we have a positive internal energy, but are constantly overlooking to the changes and actions of the government. Only the ones that would be aimed on prevention of accidents and support to fully regulated technical calculation of insurance pricing, can help us maintain stability, everything else can sadly just “repeat the recent history of the Romanian insurance industry”, stated Kiril Boshov, CEO of Euroins Insurance Group, the mother company of Euroins Romania.
The involvement of the European Bank for Reconstruction and Development in the shareholding of the parent company is an unprecedent message of trust and development opportunity of the Romanian insurance market while confirming also that Euroins is a benchmark on the Romanian insurance market.
As members of UNSAR and BAAR, Euroins believes that today, more than ever, the insurance industry needs stability and predictability. Romania is the “champion” in terms of the frequency and severity of road accidents, with increasing damage from traffic incidents. According to the latest ASF data, for every 100 lei received from MTPL, insurers must contribute an additional 30 lei. Measures such as capping the MTPL price cannot be a medium or long-term solution. Euroins believes that it is imperative that these solutions start from well-founded technical analysis for customer protection, so as not to affect the ability of insurance companies to play their most important role: timely payment of compensation to road accident victims.