SIGNAL IDUNA ASIGURARE REASIGURARE to report 27% increase in the volume of gross written premiums for 2020

The insurance company SIGNAL IDUNA ASIGURARE REASIGURARE ended the year 2020 with a 27% increase in the volume of gross written premiums compared to the previous year, thus exceeding the value of 120 million lei. The company remains the leader in the health insurance market, according to the latest report issued by the Financial Supervisory Authority.

The number of insurance contracts in force at the end of 2020 increased by 9% compared to 2019, which corresponds to a total of over 190,000 policyholders. The constant evolution and the positive results obtained, given the specific context generated by the pandemic, are mainly due to the chosen strategy and decisions taken quickly and at key times throughout the year, but also to the expertise of the 12 years of presence on the health insurance market. The digital solutions that the company already offered before the pandemic and the intensification of activities in this area, have significantly contributed to simplifying the process of accessing the services included in the insurance policies.

“The year 2020 has accelerated the risk awareness and the need for security. More and more people have understood the importance of real support when an unforeseen situation arises, both in terms of the benefits in terms of access to a dedicated medical consultant and the release of pressure on the personal budget. At the same time, we noticed an increased interest for related services, such as remote medical consultations and second medical opinion, but also for products that provide protection in case of certain specific diseases, such as oncology”, says Tiberiu Maier, CEO SIGNAL IDUNA ASIGURARE REASIGURARE.

By offering multiple possibilities for using the insurance, such as direct settlement in over 1,200 partner clinics and private hospitals, reimbursement or use of the Easy Pay bank card, an innovative system that allows direct payment in any clinic in Romania, SIGNAL IDUNA has managed to increase the degree of addressability of the products, accessing new market segments.

At the end of last year, SIGNAL IDUNA launched a telemedicine service, which offers access to consultations by telephone or video call for many medical specialties. “Being a new service in the company’s portfolio, we considered it important to find out the customers’ opinion on the degree of use and its usefulness. Thus, following a survey conducted at the level of our policyholders who accessed telemedicine between December 15, 2020 – January 15, 2021, 92% of respondents said they would use this service again, and 88% said that the information received from the doctors responded to their medical needs“, adds Tiberiu Maier.

Although a type of insurance launched only two years ago, the individual health insurances are growing significantly. This trend is observed in the current attitude and behavior of consumption, people being increasingly concerned about covering the risk of disease and the solutions that can meet this need. At the same time, in line with general trends in online shopping, this behavior is becoming increasingly relevant in terms of insurance distribution. It was noted that more and more customers are moving towards a digital acquisition, a flow that the company had already implemented, being the first player in the local market to launch individual private health insurance products such as e-commerce.

“An essential role in the evolution of consumer behavior, especially during this period, was played by our distribution partners. At SIGNAL IDUNA we are proud of solid partnerships that enhance our success and I want to thank everyone for the results we have achieved together over time“, mentions Tiberiu Maier.

SIGNAL IDUNA INSURANCE REINSURANCE aims for the next period an increase generated by the conclusion of new partnerships and the development of the portfolio. The company recently launched 101 Invest, which is a life insurance policy with investment component, a 100% digital product. At the same time, in accordance with the objective of permanently improving the customer experience, the insurer is working to modernize the solutions through which it interacts with customers, and will launch a new version of Signal Care Assistant, which will offer new and unique features on the Romanian market.