knowledge sharing in ageas istanbul , 3 october 2013

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Introduction to the world of ageas To Ageas’s Managers Forum by Frank Vandenborre – Investor Relations 16 June 2011 Knowledge sharing in Ageas Istanbul , 3 October 2013

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Knowledge sharing in Ageas Istanbul , 3 October 2013. Ageas: an international insurance Group in Europe and Asia. Bel 20 quoted company Top 20 insurer in Europe History of more than 180 years Gross inflow 2012 over EUR 21 billion ( Ageas’s part EUR 11 billion ) - PowerPoint PPT Presentation

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Page 1: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Knowledge sharing

in

Ageas

Istanbul , 3 October 2013

Page 2: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Ageas: an international insurance Group in Europe and Asia

Press Conference 27/09/2013

• Bel 20 quoted company

• Top 20 insurer in Europe

• History of more than 180 years

• Gross inflow 2012 over EUR 21 billion (Ageas’s part EUR 11 billion)

• Over 13,000 employees worldwide and another 15,000 in non-consolidated JVs

• Shareholders’ equity end 2012 at EUR 9.9 billion

Italy

Belgium

Luxembourg

Turkey

China

India

Malaysia

Hong Kong

Thailand

Page 3: Knowledge  sharing in Ageas Istanbul , 3  October  2013

3

We are active under many local brands with solid market positions

Belgium

Italy

UK

Portugal

Malaysia

China

# 7 in Life

2nd largest foreign investor

India

Belgium# 1 in Life

# 2 in Non-Life

United Kingdom

# 4 in # of cars insured

# 4 Personal lines intermediary

Portugal

# 1 in Life

Italy

Malaysia

# 2 overall

Market leader in new business, Takaful & Non-Life

Thailand

# 3 in Life, # 5 in Non-Life

Turkey

# 4 Non-Life

*

Par

tner

s

Dis

trib

utio

n co

mpa

nies

Page 4: Knowledge  sharing in Ageas Istanbul , 3  October  2013

4

Company profileA solid mid-sized international insurance group based in Europe

Company Inflows FY12

Allianz

Axa

Generali

Munich Re

Zurich

Aviva

CNP*

Prudential*

Talanx

BNP Paribas Cardif

Crédit Agricole

Ageas

Mapfre

ING

Achmea (Ex-Eureko)

Aegon

Swiss Life

Groupama

Covea

Fonsai

99

85

70

52

39.27

32

30

29

27

24

23

21

20.9

20

20

19

17

14

14

10

13

15

16

14

17

18

12

1

2

3

4

5

6

7

8

9

10

11

19

20Source: Company Data

Ageas

EUR bn

Page 5: Knowledge  sharing in Ageas Istanbul , 3  October  2013

5

Vision 2015

Our project to reshape Ageas started in 2009

In 2012, the work is not finished but foundations are strong to unlock the full potential of Ageas by 2015

Clear strategic choices

Increase relative proportion of capital invested

in high growth markets

Diversification in our

product & distribution mix

People make the difference

Organization built on local empowerment & knowledge transfer

Page 6: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Ageas vision towards 2015

6

Page 7: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Ageas vision towards 2015Five strategic choices

To have a diversified product offering

To capture growth in mature and emerging markets in

Europe and Asia

To commit to our partners and their customers

To be where our customers want us to be

To focus on our insurance capabilities

7

Page 8: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Ageas’s financial targets set for 2015

Press Conference 27/09/2013

Half Year 2013 at 67/33

Half Year 2013 at 97.8%

Half Year 2013 at 8.4%

Half Year 2013 at 14.8%

Page 9: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Ageas vision towards 2015 Six important values

9

Page 10: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Knowledge sharing within Ageas

10

Part of our strategy, targets and values Concept of partnerships deeply embedded in DNA partners provide distribution capabilities and local knowledge, in

return Ageas brings insurance knowledge, products and expertise via its people

Part of our governance Ageas retains a significant influence in the management and

governance of partnerships and it promotes extensive knowledge transfer between partnerships across all 12 markets (adequate committees, promotion of international mobility and expat missions…)

Page 11: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Critical succes factors to make it happen

11

• Ageas’ organisation is geared to facilitate & accelerate knowledge transfer to develop the full potential of its entities

• Strategy and business development at corporate level and in the business segments

• Focus is on in depth exchange between specialists and on dedicated areas

• Marketing & distribution; products; risk & support; IT & Ops…

Page 12: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Different ways leading to knowledge sharing…

12

• Collaborate throughout communities gathering experts (eg claims community, HR community…)

• Share knowledge in workshops /conferences on specific topics (telematics, pricing)

• Transfer expertise trough expat missions (long and short term)

• (Project management) support in the local business in a specific area (health…

Page 13: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Knowledge sharing in practice…

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• Life Product Development • BluFamily XL & BluCasa • Ageing Population Conference • Regional Rollout Over 50s Product - DRTV Campaign at MTL • Telematics seminar

• Agency Channel Transformation • Bancassurance Channel • Pricing Programme • Agency Transformation at Etiqa • Agency Orphan Policy Programme at Tai Ping Life • Bancassurance optimization at MTL • SENLI Toolkit

• Preparation Motor de-tariffcation Etiqa • Towards a value adding partnership in Investment

Management • Actuarial and Pricing Support

Marketing & Distribution Risk & Support

Products• Workload Management Aksigorta • P&C Target Operating Model in Italy • Core General System implementation in Malaysia • Claims Community • LEAN Toolkit

IT & Operations

Page 14: Knowledge  sharing in Ageas Istanbul , 3  October  2013

IT & OPS : Claims community

The challenge

CE

• Different claims improvement initiatives in Opcos but no global approach nor structured sharing

• Contacts and sharing on ad hoc basis

• The “Master of Claims” transformation program at Aksigorta created the need for structural exchange and showed improvement areas when aiming for excellence in claims management

Page 15: Knowledge  sharing in Ageas Istanbul , 3  October  2013

IT & OPS : Claims community

The solution

• Different dynamics• Generic workshop Targeted workshops Bilateral & virtual discussions

Targeted initiatives• All Ageas Non-Life companies connected : PEOPLE ARE CONNECTED

CE

• Actions: a lot of actions taken and planned by the operating entities with the Claims Community as catalyser

• Enriching local initiatives, eg:• Transferring the «funnel» approach on Fraud detection from

ITALY to Aksigorta• Empowering Aksigorta in streamlining the repair shop network

based on UK experience• Triggering new actions, eg:

• Following the Fraud workshop, ITALY decided to expand the fraud detection programme to other LoB

• ITALY will copy the CFR tool from Mbcp Ageas / PORTUGAL

Page 16: Knowledge  sharing in Ageas Istanbul , 3  October  2013

OPS & IT : Claims community

The results : Measuring the local iniatives.

KPIs and achievements

Fraud: increased detection levels• Aks: over 3M TL (6.5 months)• UBIA: over 1M € (1,5 year)

Network management• Aks: from 1600 to 1000 repair shops• MbcpA: Increased usage of preferred network from

31.6% in 2011 to 38.3% in Nov 2012

Claims segmentation• Aks: Introduction of once and done MOD claims;

outsourcing small fire claims (expected gain of 120K TL)

• UBIA: Dedicated management of simple MTPL claims within Convention, 80% of volume)

Cost containment • Aks: average claims cost for MOD stable • UBIA: call center cost reduction (minus 500K in 2

years)

Process improvements

Fraud Detection • Implementation of a fraud detection

process in the claims handling areas of all CE opcos encompassing different lines of business

Closed File Review• Implementation of regular processes of

Closed File Review • Improvement of the current processes

(new tools, better reporting, new methods, etc.)

Streamlining claims organization• Creating critical mass by centralizing units

Redesign role of call center in all Opcos• Evolution towards paperless environment

CE

Page 17: Knowledge  sharing in Ageas Istanbul , 3  October  2013

PRODUCTS : Telematics seminar

The challenge

• Within the Ageas Leadership Programme (TALENT DEVELOPMENT PROGRAM) a study was dedicated to Telematics which was the basis for setting up an Ageas seminar on this topic.

• The seminar was co-organised by Ageas UK and CE :

• representatives from Ageas in Belgium,Italy, Portugal, Hong Kong and the UK.

• Several external speakers

UK CE

Page 18: Knowledge  sharing in Ageas Istanbul , 3  October  2013

PRODUCTS : Telematics seminar

The solution

• All Ageas representatives at the workshop explained the assessments they had made of the telematics opportunity in their local markets:

• AGEAS UK and their partners explained • The telematics proposition • The deployment of the technology into customer vehicles• The Data usage to manage the claim experience.

• ITALY : explained how they were addressing the new obligation on Italian insurers to provide a telematics based insurance product.

• External providers of telematics solutions shared some insight on the different possible approaches and services for launching a telematics solution (blackbox types, data ownership,...).

• Other Ageas representatives explained their analyses of the telematics opportunities. Generally they had concluded (for the moment) that their market’s low average premiums (even for younger drivers) did not support the relatively high cost of telematics devices and installation.

UK CE

Page 19: Knowledge  sharing in Ageas Istanbul , 3  October  2013

PRODUCTS : Telematics seminar

The results

• UK will launch the Telematics product for 1 of its retail brands.

• UK’s experience enriched especially Italy which is obliged to launch a new motor product based on Telematics. UK -> Italy

• The seminar contributed to enlighten other ways of usage of Telematics devices

UK CE

Page 20: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Marketing and Distribution : Bancassurance Channel

The challenge (2011)

CETurkey

• Untapped bancassurance potential / Aksigorta lagging behind

• Shareholders (Ageas & Sabanci) strongly supportive to focus on bancassurance

• Increase the effectiveness of the organization => need to work on all aspects of value chain (from products, over operations to sales)

Page 21: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Marketing and Distribution : Bancassurance Channel

The solution

• Workgroup with specialists on Bancassurance of Italy, Belgium, Portugal was put in place.

• Discovery & clarification Design & master plan• Combined with Akbanks’ request -> ‘Next’ transformation programme

• "Next" project & roadmap• Boost multichannel capabilities in BC innovated channel use

• Optimise product factory simplify product catalogue

• Optimise & centralise Back Office increase renewal and keep collection rate

• Align target & performance management optimise budget cycle and commercial reporting

• Restructure joint Corporate Governance set up aligned marketing committees

CETurkey

Page 22: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Marketing and Distribution : Bancassurance Channel

The results

KPIs and achievements

GWP growth• +36%• 15% of Aksigorta GWP, coming from

12.8%

Increased renewal ratio• From 55% (2011), over 60% (2012)

Loss ratio• Improves by 2.3%

Profits• Positive evolution net underwriting result :

+41%

Process improvements

Sales Support Team in place• Clear roles & responsibilities• Monitoring in place

Product mix implementation plan completed• With reduction of number of products,

regrouped in 5 product groups & first steps towards family package

• Quick wins on product mix f.i. Launch of ‘wings’ travel health

Process redesign for collection and Renewals

Alternative Channels are developped

Governance with different committees is in place.

CETurkey

Q3 2012 numbers

Page 23: Knowledge  sharing in Ageas Istanbul , 3  October  2013

RISK and SUPPORT : Actuarial and Pricing Support

The challenge

UK / CE

• Different needs on pricing improvements in the countries. Local iniatives without overview on global knowledge/ experience.

• Different levels of need : need for customizing

Lead to

• Series of visits to Turkey, Portugal and Brussels arranged to support local pricing initiatives and share experience.

Page 24: Knowledge  sharing in Ageas Istanbul , 3  October  2013

RISK and SUPPORT : Actuarial and Pricing Support

The solution• Turkey : UK specialists and AGEAS CE team visited Turkey to give assistance in

the implementation of a new pricing Tariff based on a recent Emblem exercise. The areas covered were:

• Review and advise to improve • Models• Monitoring techniques• Premium structure and underwriting rules

• Portugal : UK specialist visited Portugal. • More general approach as in terms of the expertise this company was behind Turkey in its

modelling experience. • Support on modelling techniques, model building • Support in understanding the impact and ensuring a simple but effective initial model to go to

the market.

• Brussels• UK has been asked to present to a marketing team in Brussels on how to use External data to

add value. • 1 day workshop to exchange the best practices..

UK/ CE

Page 25: Knowledge  sharing in Ageas Istanbul , 3  October  2013

RISK and SUPPORT : Actuarial and Pricing Support

The results

In Turkey, specific areas picked up in more detail by the local team were as follows:• Reviewing emblem MOD models

• Studying impact analysis & elasticity assumptions

• Setting alternatives for implementation

• Evaluating monitoring performance indicators after implementation

• Scheduling the implementation process

In Portugal : • In depth analysis of the AGEAS CE Team is ongoing.

UK/CE

Page 26: Knowledge  sharing in Ageas Istanbul , 3  October  2013

Conclusion

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Effective Knowledge sharing is key to remain

attractive for our partners and their clients

Connect for idea generation

Convert ideas in Value