Fit for the future with the “VIG 25” strategic programme
Together with the CEOs of the Group companies, the management of VIG Holding has developed the “VIG 25” strategic programme for the period 2021 to 2025. Based on trends in the insurance industry, the VIG is setting goals and measures that focus on financial stability and profitability, customer proximity, sustainability and market growth. Building on the successful Agenda 2020 work programme, it helps to achieve the strategic objectives:
Sharpened country portfolios
Vienna Insurance Group has divided the region in which it operates into:
- Core market Central and Eastern Europe (CEE), which comprises 20 countries including Austria.
- Special markets (Germany, Liechtenstein, Italy, Turkey, Georgia, Belarus, Nordics and France), each with a specific objective.
Strategic objectives:
- At least top 3 in every CEE market (excluding Slovenia)
- Growth above market growth - both by organic "hyper growth" and non-organic growth by strategic acquisitions in CEE
- Redefinition: core market "CEE" and special markets
- VIG's solvency ratio between 150% and 200%
- Profitability in property/casualty business
- Introduction the key figure “Operating RoE”
- Focus on investments in renewable energy
- Withdrawal from coal sector
- Promotion of affordable and sustainable housing
“VIG 25” as a response to current trends
To continue the success story of the Group, Vienna Insurance Group has intensively analysed the trends and developments in the insurance industry. The analysis revealed a number of basic requirements that the Group must satisfy in order to successfully achieve sustainable development.
- Strengthening sustainability as an integral part of the business model
- Further increase efficiency and productivity of business operations thereby continuing and intensifying the digital transformation
- Developing new ways to approach and retain customers in order to respond to changing consumer expectations and behaviours
- Promoting consumer understanding of the importance of risk provisions
Strategic focus in three horizons
In response to the trends and requirements, the VIG will optimise, enhance and expand its business model through targeted activities in three strategic focus areas and thereby ensuring more efficiency, more customer proximity and more value added.
Optimise the business model by increasing productivity and efficiency
- Process simplification and automation
- Exchange and implement best practice examples
- Further optimise underwriting and pricing
Enhance the business model with new ways to approach customers and by enriching the product range with services that provide additional value for customers
- Increase brand visibility and the attractiveness of products
- Use of a hybrid distribution approach that combines personal and digital contact
Expand the business model and value chain beyond the insurance business
- Focus on asset management and the pension fund business
- Establish ecosystems
- Promote awareness of precaution and risk protection
