VIG companies in the Czech Republic

VIG operates three insurance companies in the Czech Republic: Kooperativa, ČPP and PČS. In addition, the Group reinsurance company, VIG RE, began operations in Prague in the middle of 2008.

The Czech Republic contributes 20.8% of Group premiums, making it VIG’s largest CEE market. Vienna Insurance Group holds first place in the Czech insurance market, with a market share of 30.2%. VIG Group companies are also the leaders in the life insurance market, with a market share of 29.2%.

Major administrative areas were combined to form one central back office for Kooperativa and ČPP last year. In addition to working closely together, the two companies will soon also be working side-by-side. Preparations for the move to the shared headquarters at Main Point Karlín are already underway.

Kooperativa is the largest VIG company outside Austria. In addition to receiving many awards for its products, Kooperativa also received awards for social commitment in 2011. In the “Zlatá koruna“ and “Pojišťovna roku“ competitions, the company received a total of seven first prizes. In both cases, the company received awards for outstanding motor vehicle insurance products and solutions for business customers.

Kooperativa received a special award for its “Zaměstnanci pro lepší život” project, “Employees for a better life” in English. The “TOP Odpovědná firma” prize is awarded in a number of categories to companies that demonstrate particularly strong social responsibility. The project receiving the prize had two parts. In addition to a day dedicated to volunteer work, employees took part in a large-scale initiative to give Christmas presents to the needy.

ČPP is primarily known as an expert in motor vehicle insurance in the Czech insurance market. The company showed once again in 2011 that it deserved this reputation. The new “SERVIS” supplementary policy has been added to the “Autopojištění Combi Plus II” product line. “SERVIS” provides supplementary coverage for motor vehicle liability insurance and settles claims directly, which means that policyholders do not have to deal with the insurance company of the party at fault for the accident. ČPP will instead take care of repairs to the vehicle. This service is especially beneficial for drivers of older cars, as the company takes responsibility for all repairs, with no deductions for age or wear and tear.

ČPP also improved its internal processes in 2011. One project was specifically targeted at receivables management. The volume of receivables was reduced and the workload for everyone in collections decreased considerably.

One of the strategic objectives of PČS in 2011 was to reduce the number of early policy terminations and further optimise its insurance portfolio. In order to achieve this objective, the company worked on product modifications, technical solutions for risk classification and payment reminders.

PČS introduced “InSpiral”, which made it possible for customers with “FLEXI” life insurance to change over free of charge to the terms of the current FLEXI product. “InSpiral” is aimed at all policyholders who purchased their insurance during the period from 2000 to 2008.

PČS also introduced two online applications in 2011. The FLEXI product calculator offers a quick overview of the insurance terms that can be expected. “SERVIS24” not only gives customers detailed information on their policies, it also lets them immediately adjust their policies themselves.

VIG RE began operations as the internal Group reinsurance company in 2008. The company has a rating of A+ with a stable outlook from Standard & Poor’s, and focuses on the CEE market. VIG RE has expanded its activities continuously since it was established, and has in the meantime become a reliable partner for more than 100 clients. VIG RE was practically unaffected – from a global perspective – by the high volume of claims due to natural catastrophes in 2011. This is not least the result of prudent underwriting, diligent protection and careful reserving.