The Vienna Insurance Group’s business model is primarily aligned to the retail business. A strong, committed sales force that actively approaches customers in the field and offers professional advice and information on insurance products is a requirement for success in the retail customer business. In order to offer its products to the greatest number of people possible, the Vienna Insurance Group relies on proven multi-channel distribution using a combination of different distribution channels. Depending on the market circumstances in a particular country, these include – in addition to our own sales employees – brokers, agents, multi-level marketing, direct marketing and, with increasing importance, banks. This diversification ensures the Vienna Insurance Group optimal access to customers and decreases its dependence on individual distribution channels.
The Vienna Insurance Group also takes the great importance of sales into account when making acquisitions. High-performance, sustained sales power is always the main criterion used when acquiring a new company. The systematic development and expansion of distribution channels in the course of the Vienna Insurance Group’s expansion is responsible for the excellent position of the Group in Austria and the CEE region. Excellent distribution channels also enable the business potential of the future to be exploited and therefore represent an essential factor in achieving the objectives of the Vienna Insurance Group.
Cooperation with the Erste Group
Further development of our sales strength was the main factor behind the acquisition of the insurance activities of the Erste Group. This acquisition and the many years of mutual cooperation between the two groups allowed the Vienna Insurance Group to realise a unique opportunity to further implement its strategy of sustained growth. Sales of each other’s products represents an important element and guarantee of the success of the cooperation: employees of the Erste Group sell Vienna Insurance Group products and the field sales force of the Vienna Insurance Group offers Erste Group banking products. This sales arrangement with the Erste Group has enabled the Vienna Insurance Group to secure an additional exclusive distribution channel that plays an important role in the sale of life insurance products in particular, and will contribute in this way to the Vienna Insurance Group’s long-term growth.
