The Bulgarian insurer Euroins is considering switching from the cross -border model to the structure of the branch in Poland, while planning investments in digitization, product development and adaptation of the strategy to strong competition and the maturity of the insurance market – the Biznes Kremen Pateva, executive director and member of the EUROINS Insurance Group announced PAP PAP.
“In the perspective of the next two years, the key goals of the Euroins group on the Polish market focus on sustainable growth, operational strengthening and a clear distinction from the competition,” said Kreena Pateva, a board member and executive director of Euroins Insurance Group.
These priorities are in line with the group's long-term strategy, assuming the construction of a stable and innovative presence in Central and Eastern Europe.
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“We are considering the transition from a freedom of service (Freedom of Services) to a structure based on the local ward. This step will ensure greater flexibility in the creation of products, regulatory compliance and customer service, while strengthening our long -term involvement on the Polish market,” said Pateva.
“We also invest in the digitization of both sales processes and damage liquidation to improve customer experience and operational efficiency. Key initiatives include, among others, mobile damage reports, automation of administrative facilities and advanced data analytics supporting risk assessment,” she added.
According to Pateva, price competition in Polish segments of OC and Autocasco traffic insurance is very strong and is one of the most intense in the entire region of Central and Eastern Europe.
“In all insurance markets of Eastern Europe, including Poland, high price sensitivity of consumers, rising costs of claims liquidation and the strong presence of both local and international insurers are visible. These factors lead to aggressive price strategies, especially in compulsory liability insurance, as well as growing expectations of customers,” she said.
Compared to other markets in the region – according to Pateva – in Poland, tariff changes occur more often, and the technical margins are narrower, which further burdens the profitability of underwriting and requires optimization of processes and flexible operational and business models.
“On the other hand, Poland has been perceived for years as a developed and not rising economy. In this context, the Polish insurance market should be considered highly developed – probably the most developed in Central and Eastern Europe – with strong regulatory supervision and great emphasis on digitization and quality of customer service,” she said.
Currently, Euroins operates in Poland as part of the model of cross -border services (FOS).
“Our goal is to strengthen local presence, which is why we actively analyze the possibility of creating the Euroins branch in Poland. This step would allow you to deepen relationships with clients and partners, better adapt to local needs and clearly confirm our long -term commitment on the Polish market,” she said.
“Poland plays a key role in the long-term development strategy of the Euroins group. As one of the largest and most dynamic insurance markets in Central and Eastern Europe, it offers significant growth potential-both in terms of market scale and regulatory maturity and consumer awareness,” she added.
According to a member of the management board, in the long run, Euroins intend to increase their participation in the Polish market through strategic investments in technologies, customer service and development of distribution channels, while maintaining a sustainable approach to underwriting.
“We are planning the development of products and services, including simplified, fully digital insurance solutions addressed to younger, technologically advanced groups of user. At the same time we will deepen cooperation in Affinity and Bancassurance channels, which will allow us to reach new segments of customers” – she added.
Euroins analyzes the development opportunities of the portfolio in insurance areas other than communication, in particular property, accident, health and tourist insurance.
Euroins is an insurance group based in Sofia, Bulgaria, operating on the market of Central and Eastern and South-Eastern Europe.
The company is included in EuroHold Bulgaria AD – listed on the Sofia (BSE) and Warsaw (WSE) investment holding stock exchange operating in insurance and energy sectors.
Euroins operate in over 10 EU and neighboring countries and serves over 4 million customers.
Gabriel Hanisch (PAP Biznes)
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