Coleta Chirita, member of the Euroins Board of Directors, tells Business Review about the way 2020 has impacted the company and how it has managed to surpass challenges and innovate in order to provide a better experience to clients.
By Anda Sebesi
How is Euroins currently positioned on the Romanian insurance market?
Euroins Romania, part of the independent European EIG insurance group present in Central and Eastern Europe, is amongst the top insurance companies, ranked third on the Romanian market, with a market share of 12.26 percent in Q1 2020. Euroins develops a strategy to strengthen its position through innovation and by adaptating to continuously changing market conditions
The increase in sales on a yearly basis shows the dedication of our customers to the available insurance products. Innovation, seen through through new products designed to meet the changing needs of customers, the company’s growing capitalisation, are all elements that complete the company’s vision of Euroins. Just a few days ago, we had a strong capital increase worth almost RON 100 million. It is important for everyone to know that 2020 is the year in which Euroins innovated, setting new examples of good practices for the Romanian insurance market, and showing everyone that despite the extremely complicated times in which we live, Euroins is a stable, constantly growing company.
It is important to stress, and I believe market stakeholders would agree, that 2020 is a year when Euroins accelerated on the innovation path, setting new examples of good practices for the Romanian insurance market. We have also showed resilience during these tough and complicated times and proved that Euroins is a robust, stable and growing company. And despite the fact that every year brings an increase in the number of customers, employees, and offices, Euroins has remained extremely flexible and we have been able to adapt easily. It also helps that we are part of a strong international group, as we can learn from our colleagues, but at the same time, we are the ones who have the opportunity to open up new paths..
What have been the biggest challenges this year for Euroins and what positive impact have they had on the company?
The coronavirus pandemic is, for every company, a crucial test of adapting to the new reality. From the beginning of restrictions, the company was among the promoters working from home, ensuring continuous presence in all departments. Constantly focused on meeting the needs of its customers, Euroins has developed a IT applications which have provided customers and victims the opportunity to digitally report information on damages related to their insurance policies.
What can you tell us about Euroins’s degree of innovation and how it is reflected in the company’s products?
Euroins anticipates market needs, and also responds to them in an effective matter.. Therefore, we are developing complex and competitive insurance products that meet both general and niche needs. As an example, this summer we launched a truly audacious travel insurance product: RON 25 to cover travel risks for the whole family and for an unlimited number of trips in Europe, for the entire summer season, until September 30, 2020.
Can you give us some examples of good practices on the Romanian insurance market which Euroins has generated?
Permanent customer orientation, transparency in communication, and the continuous development of internal processes and digitalization are just a few of the practices meant to increase the quality of our services. In this way, we can proactively respond to market needs. We believe that the future lies in digitalizing and streamlining interaction by automating processes, as we have already implemented a number of improvements of the claim management process, call center, scheduling, and online notification of MTPL claims. These actions are just the beginning of a long process of facilitating and continuously improving the interaction with our clients, both policyholders or claimants. The digitalization of interactions and relationships with customers is undoubtedly one of the main opportunities for development in the sector.
It is more important than ever for every client to know that they can rely on their insurance company, that they don’t need to do any extra travel, that you are not out of their way, that you do not mean more bureaucracy. Because there is still a misconception affecting the entire market, with people thinking the process is complicated, that there’s no point in having insurance if you’re not lucky enough to get in touch with insurance people who really want to help you.