Mrs. Edita Rituper, CEO of Sava osiguranje speaks to PROFIT magazine.

1.Ms. Rituper, where were you born, where did you grow up and receive your education?

My childhood began in a small town – Murska Sobota, located in Prekmurje, known for beautiful nature, a lot of spas, and local cuisine. I finished elementary and high school in Murska Sobota, and I gladly go back there at least once a month because it is my town where I like to spend my free time with family and friends.

After high school, I enrolled at the Faculty of Economics in Maribor and graduated from the Department of International Trade.

2.How did your career develop before you came to Serbia and became the general manager of Sava osiguranje?

My professional career began in 1990 in the insurance industry.

Before joining the Sava Re Group, I had the good fortune to work on a variety of insurance deals, at multiple management positions, which allowed me to gain significant experience in various segments of the insurance business. Most of the work in my career was related to the non-life and life insurance, health insurance, marketing, organization and implementation of business processes, organization of sales networks, and more. I would especially like to point out that I took part in the introduction of the first ISO standard in Slovenia in 1997. This project was extremely useful for the advancement of my knowledge in the field of introduction and implementation of various processes.

I started working in the Sava Re Group on June 1, 2008, and from the beginning, I was outside Slovenia, i.e. in the Sava Re Group subsidiaries. In Montenegro, in Sava Montenegro osiguranje, I am still a member of the Board of Managers, and since 2012, my career has been expanded by a new position in Sava osiguranje in Belgrade, i.e. I was elected as an executive manager.

In July this year, I was appointed general manager of Sava osiguranje in Belgrade.

3.In 2007, Sava osiguranje a. d. o. Beograd was registered in Serbia, and that same year it became a part of the Sava Re Group. Can you tell us more about the development path since then until today?

More specifically, in 2006, the Sava Re Group bought a majority stake in the Polis osiguranje insurance company, and on January 11, 2007, the company began operating under the name Sava osiguranje. From the beginning until today, the company has recorded growth each year – increase in the number of policyholders as well as employees, increase in the technical reserves funds, opening of new business units on the Serbian market, etc. In general, we grow and develop as a company in accordance with plans and defined standards, with mandatory compliance with one of the principles of the Group – quality over quantity.

Besides Sava osiguranje, which belongs to a group of companies engaged in providing non-life insurance services, in 2008, Sava Re also founded, i.e. registered a company for life insurance under the name Sava životno osiguranje.

4.What results did Sava Re Group achieve in the first half of 2015, what is the amount of the consolidated gross premiums written compared to the last year’s period, and is the profit increasing?

During the first six months of 2015, the Sava Re Group recorded EUR 17.1 million net profit, which is 33.9 percent more than in the last year’s period and exceeds half of the annual plan. The consolidated gross premiums written amounted to EUR 276.7 million. Every year, the Sava Re Group increases profit, and last year it achieved the best result in the company's history. Two months ago, the credit rating agency Standard & Poor’s upgraded the Pozavarovalnica Sava’s long-term credit and financial strength rating to A (excellent) with a stable outlook.

5.How are you preparing for the amendment to the legislative Solvency II directive, which will enter into force on January 1, 2016?

The Sava Re Group is thoroughly preparing in accordance with the amendments and guidelines of the amended legislative Solvency II directive, which will enter into force on January 1 of next year.

The results of quantitative calculations of the corresponding own capital sources and required solvency capital on December 31 of last year showed that the Sava Re Group, as well as individual companies of the Sava Re Group within the European Union, are well capitalized and have adequate capital in accordance with the methodology of Solvency II.

Also, Sava osiguranje, as a member of the Sava Re Group, is preparing through continuing education on the Solvency II regime by attending various seminars. Cooperation with the parent company Sava Re in conducting stress tests and simulations of Solvency accounting II is proceeding according to the plan and observed needs.

6.In your opinion, what is the current situation on the insurance market of Serbia, what are the major shortcomings of the insurance companies, and what should be changed in order to achieve better results?

The development of the insurance sector in Serbia is on a much lower level compared to the average of the European Union member countries, but I am sure that this market has an extremely high potential for growth and development in the area of insurance. The best indicator for that is also the level of premium per capita, according to the data from 2014, in Serbia that amount is about EUR 80, while in the EU countries, it is much higher and amounts to EUR 1,124 per capita.

The new Insurance Law has introduced many improvements for all participants in the insurance market, because many positive experiences from the EU countries were implemented and harmonized with our laws. The improvements are largely related to the strengthening of the good business practice, establishing fair relationships with the clients, and continuous information and eduction for potential policyholders.

7.Education of the employees is crucial for an insurance company's business. What actions have you taken in that area?

Sava osiguranje is continuously organizing trainings and expert seminars for all of its employees, according to the needs of different business functions.

Above all, we are focused on the training of the newly employed insurance agents and raising the level of the knowledge and skills of the existing employees in the insurance sales.

Some seminars are organized in-house, while the conferences for certain topics and the new developments on the insurance market are organized by the Sava Re Group. Moreover, our employees regularly attend various conferences in the areas of insurance, accounting, communications, and other, organized in Serbia and the region.

8.In your opinion, what is the level of awareness of an average citizen in Serbia on the importance of insurance, and how do you educate the public on the value of the services you provide?

If we go back to the previous questions and review the data related to the amount of premium per capita in Serbia, it is not difficult to conclude that there are many things yet to be done to raise the awareness of the average citizen on the importance of insurance. Unfortunately, the importance and the benefits of insurance are best seen in the event of a natural disaster, as it was the case with the last year’s floods in Serbia and in the region. Therefore, I think it is important for the people and other users of the insurance services to think about the purchase of insurance policies on time and to inform themselves thoroughly what each policy is covering, i.e. which natural disasters and other adverse events are covered.

It is important to point out here that in the last several years, there have been efforts to raise the awareness on the importance of insurance to a much higher level, both in the public institutions and the insurance companies themselves.

Sava osiguranje is making an effort to offer to all of its policyholders all necessary and important information related to our products and their benefits, as well as regarding the importance of the insurance in general. Our entire sales network is involved in that, as are all the employees in the Company, because our principal guideline is that the client is the most important and we all are in service of our clients. Taking into account the needs and requirements of our current and potential policyholders, we also contribute to the growth and development of the Company as a whole. To our great delight, we are on the right track – the best indicator for that is the daily increase in the number of new users of our insurance services, however, at the same time, we also have the obligation to continuously work on the improvement and development of new products, listening to the needs and requirements of both legal and natural persons, i.e. citizens.

9.Sava osiguranje is especially focused on the clients’ needs. Which news regarding the types of insurance can your policyholders expect in this year?

Like I said, the client always comes first. Each year, based on the requirements and needs of our clients, and also on the changes in the insurance market, we improve the existing products, and we also introduce new insurance products. By the end of this year, Sava osiguranje, in accordance with the adopted plan, will have introduced new insurance products: new package for the car casco insurance, all risk, roadside assistance insurance, solar power plant and mini hydro power plant insurance.

10.Your company is known for constant business innovations. What are the latest news and promotions in your company?

We initiated a joint promotion with Petrol d.o.o. Beograd in their petrol stations in Serbia a few months ago. Beside excellent promotional effects, this promotion also increased the number of policyholders. Nevertheless, we have to bear in mind that the clients who participated in this promotion benefited from excellent discounts for the insurance premium.

Beside this promotion, we have organized four more promotions in several cities where our subsidiaries are located.

I also have to mention that we activated the new website of Sava osiguranje a month ago, which, beside visual requirements also fulfills different requirements concerning functionality and the needs of our current and potential clients.

11.What are the long-term, primary, and strategic goals of the Group?

According to the plan of the Sava Re Group, 2015 should end with the premium of EUR 476.5 million. Yet, according to the trends of the premium from the beginning of the year, this amount will be exceeded. Long-term goals of the Group, above all, involve the strengthening of the position of all members – insurance companies on the insurance market in Slovenia and the region, and continued integration of all functions within the members of the Sava Re Group.

Furthermore, primary long-term goals of the Group in the insurance segment are growth through the increase of the market share and expansion into new markets in the region.

In the reinsurance segment, the primary long-term goals are profitable growth on foreign markets (Asia – new markets, Latin America, Africa) and development on the existing markets.

Long-term goals of the Group also include the search for possibilities of enhancing the activities to pension and health insurance.

12.The competition is tough on the Serbian insurance market. What kind of strategies does the Group use in order to position itself high on the market and gain new customers?

Primarily, we strive to build a partner relationship with our clients offering them high quality service, in the first place, and flexible approach to their requirements concerning different needs for insurance coverage. We endeavor to be proactive in the claims settlement segment, which is the last phase in completing the insurance service process.

In the majority of cases, current policyholders are the ones who recommend us to new clients.

We gain new policyholders and successfully deal with the tough competition using new and improved insurance products.

13.How do you see the insurance market in Serbia in the next 5 to 10 years?

According to the predictions and expectations of both international and local institutions, continuous growth is expected in several business activities. This will have a positive effect in the insurance segment.

It is not always advisable to make predictions for this still unstable market, such is the entire Balkan region, including the Serbian market as well, but I expect my colleagues from insurance companies and myself to take advantage of these planned positive trends on the national level in order to strengthen the insurance markets in Serbia.

14.How do you spend your free time in Belgrade?

You know that the Slovenians love Belgrade. Belgrade is a city with various and specific events in the segment of culture, history, sport, and a city of recognizable spirit and hospitality, in the first place.

Due to my business obligations, I sometimes find myself missing an hour or so to make a better use of my spare time.

15.How do you deal with the everyday stress at work?

Although I do not have much time for myself, I can afford physical activities two or three times a week because sport is the most efficient way to free yourself of stress and stay healthy. I usually go for long walks with my friends.

16.If you could, what would you change in your career, up until now?

Honestly – nothing. One of the best decisions I made in my life was to continue my insurance and Sava Re Group career in the companies – members of the Sava Re Group throughout former Yugoslavia. Beside new business knowledge and skills, working in regional insurance companies, in new work environment, different cultures, and historical heritages enabled me to broaden my experience in the insurance business, to meet a lot of people, and enrich my life with new friends, especially in business.