The insurance market in 2024 is characterized by a combination of challenges and possibilities. Even though the market generally fights against the contemporary challenges, a couple of factors had an impact on its dynamics.

As Đukić states, a dynamic world in which we live brought about numerous positive changes in the industry . Advancement in technology, such as artificial intelligence and data analysis, offered insurers possibilities to improve efficiency, user experience, and develop new products. Increased awareness of various risks, including cyber threats and climate change, has led to an increased demand for certain types of insurance. Equally, the regulators’ initiatives aimed for customer protection and financial stability improvement contributed to a stronger and more stable insurance market. The dynamic growth of Serbia's economy, along with the improvement of the investment rating, which means we can expect a drop in interest rates, will further improve the business climate and enable new investments in the future.

One unavoidable factor is climate change, i.e. an increasing number of incidents and the severity of natural disasters which brought about additional challenges for the insurance companies in terms of risk assessment and price. Climate change intensively affects weather conditions all over the world which has led to frequent, heavy rains, storms, and other weather disasters which may cause catastrophic consequences and great damage to individuals and the economy, and to the entire infrastructure as well.

It is certain that the insurers that quickly adapt to volatile market conditions, invest in technology, and manage the risks efficiently will be in a better position to overcome the true challenges, concludes Nikola Đukić in the introductory part of the interview.

Client expectations

There is no doubt that the way of doing business has changed in the past years, and so have the client expectations. Our present clients are more familiar with our services and the company, as well as with the whole insurance industry, emphasizes the President of the Executive Board of UNIQA Insurance.

Nowadays clients have the need for speed and simplicity. They want fast service and simplified communication with the possibility of using different communication channels with the same user experience. If we also add that they expect a certain level of personalization through a digital experience and direct contact with the company whenever they want it, but also the possibility to serve themselves in certain segments, while additionally having the experience of purchase and service from other branches of the industry so they can make certain comparisons and set additional expectations, it is clear that insurance companies must keep this in mind when planning further business development , Đukić points out.

It is this variety in providing comprehensive services, through the so-called client journey from the moment of purchase of a policy through simple and transparent communication regarding policy requirements, prices, the method of submitting a claim for damage and other important information, to the moment of fast and efficient processing of claims through support throughout the process, that differentiates and gives the clients the opportunity to place their trust in a certain insurance company.

UNIQA Insurance’s determination

UNIQA Insurance strives to meet client’s expectations through the introduction of innovative ways of working and services. We work to show our clients that our service is accessible and transparent, in both digital and traditional format. We are focused on building the clients’ trust and we are here for them when they need us the most, emphasizes Nikola Đukić.

Besides that, by using an advanced platform for measuring the client’s satisfaction and expectations, we monitor and analyse the satisfaction with the service provided daily, in a simple way and in real time. Regardless of the fact that the average rating of satisfaction with our services is at a high level, we want to constantly have an insight into the current and future needs of our clients based on the information provided by our users, and to immediately take appropriate measures to improve and personalize our services.

Because, nowadays, simply being an insurance company is not enough. We have to and want to be more than that. Clients expect support every day and in every situation in order to be able to make the right life decisions.

As insurance company, we promise not only to prevent or mitigate the consequences of illness, damage, and loss, but also to improve the health and well-being of our clients. That’s why UNIQA is a lifelong companion that our clients can always rely on.

Digitalization of insurance

Digitalization creates new opportunities, but also turning points in business. Some time is certainly necessary for the insurance companies to adapt to certain tendencies in the society. However, contemporary circumstances, such as COVID-19, accelerated the digitization process and taught us to react faster, simplify processes, research trends, and try to predict the future needs of our clients in order to respond in a timely manner and provide adequate service on time.

Reporting damages is nowadays enabled via electronic means. UNIQA Insurance’s clients have at their disposal My Assessor service, an interactive platform thanks to which the insured can carry out the entire procedure of assessing damage to a vehicle or household independently, quickly and easy, from their home or from a parking lot, 24 hours a day, without going to subsidiaries and without presence of an insurance appraiser. Upon reporting damages, UNIQA electronically sends a link through which the client photographs the damage and the necessary documentation, which enables quick completion of the entire damage assessment process.

For some compensation claims, the client communicates directly with UNIQA Insurance, which saves the client's time and speeds up the process of resolving the compensation claim. It is possible to pay for our services online, as well as to schedule an appointment within the health insurance. Of course, many of our products intended for the citizens are available via digital platforms and can be purchased in our web store.

UNIQA is ready to invest significant funds in order to additionally digitize and modernize the product offering, because the future of insurance lies in the creation of ecosystems that enable easier and faster provision of services and products to clients, says Đukić .

Solutions based on AI technologies, such as chat/voice-bot, virtual assistants etc., allow for a significant improvement in efficiency and speeding up different processes in insurance, which certainly has a positive impact on client satisfaction.

In the domain of claims, the topic of virtual inspection of damages to objects, vehicles, and the like is very current, within which, with the help of advanced AI technologies, a simple process of registering claims is enabled and the processing and liquidation (payment) of claims is significantly accelerated.

UNIQA on the Serbian market in 2024

UNIQA Serbia, as a part of UNIQA Insurance Group present in 17 countries and the fifth insurance company on the Central and Eastern European market, focused its plans in 2024 on further continuing the implementation of the growth program "UNIQA 3.0 - Seeding the Future" initiated at the end of 2021, in order to further strengthen its position in the region of Southeast Europe.

The focus of UNIQA Group is on the countries of the SEE Region, as one of the key markets which comprises of Bosnia and Herzegovina, Bulgaria, Croatia, Montenegro, Serbia and Romania and represents the third biggest group of companies within UNIQA Customer & Markets International, with a premium of 425 million euros in 2023 and close to 2,200 employees. SEE countries represent a big potential for growth and development with a total market of over 2.5 million clients, where UNIQA Serbia occupies an important place.

Private health insurance, the fastest developing product on our market, requires from us, as one of the largest insurers in this area, to further develop it with a continuous increase in service quality focused on speed and availability. Innovation which we introduced a few months ago is Telemedicine, which represents a completely free additional benefit for the new users of UNIQA private health insurance. Telemedicine service allows for an online consultations with the doctors from UNIQA network of health institutions, in terms chosen by the client and through video calls, telephone or chat. Online consultations with a doctor cover a wide range of health problems, and during the consultations, patients can receive advice, diagnosis, and recommendations for the treatment of various diseases.

In the past few years a big number of strong natural disasters caused severe material damage to the people and the economy. For this reason, household insurance is an increasingly popular product because it is quite affordable, yet it covers numerous risks, at least some of which are very likely to occur. This is why UNIQA introduced additional risks this year, by following the climate change that is very much our reality now. Following UNIQA's environmental management strategy and encouraging the use of alternative energy sources, we also introduced solar panel insurance, says Đukić.

ESG Standards – an integral part of UNIQA Insurance business

We are witnessing how quickly the world changes. Global transformation brought about the changes in the insurance industry as well. In an increasingly complex world full of challenges, trust and security are becoming more and more important for society and the economy, but also for each individual. This is exactly where UNIQA wants to play an important role with its social engagement.

Relying on the foundation laid down in 1811 and on the experience that is more than two centuries long, UNIQA strives to change the world today by first starting with itself. We expand corporate and individual well-being by creating a community for sustainability and a better life for generations to come. Because of that, UNIQA supports projects that can directly improve our environment, community and people that live there, all the while creating better conditions for everyone.

Guided by our slogan "living better together", our support for sports and culture is aimed at partners with whom we share the same values ​​and develop long-term cooperation.

Investing in young talents is at the very core of the Foundation's operations, which UNIQA has just established with the aim of providing support to young people who stand out with their abilities and talents in sports, culture, and sustainability. UNIQA SEE FUTURE Foundation will act in the territory of the SEE Region, and the first young sports talent that UNIQA will support is a tennis player from Serbia, Luna Vujović, winner of the European Junior Championship and Wimbledon winner for juniors under 14.

Environmental management, socially responsible business and sustainable development represent another postulate of UNIQA Insurance.

With an investment policy based on ESG criteria, i.e. taking into account aspects of environmental, social and corporate management, UNIQA makes an important contribution to sustainability and climate security. In 2020, UNIQA Group was the first insurance company in Austria to launch a "green" bond worth 200 million euros, and it will be invested in climate and environmental protection projects in Europe and OECD countries (Organisation for Economic Co-operation and Development ), concludes Nikola Đukić.