Stagnant financial markets and the decline in the unit price of mutual funds affected the life insurance portfolio. The number of reported claims increased significantly. The Company responded to this increase with reinforced insurance development and redesign, heightened attention paid to the existing portfolio and improving clients' awareness of the advantages of insurance.
An important project of migration of the life insurance segment into a uniform information system supporting Zavarovalnica Triglav and the entire Triglav Group, and representing the basis for future development of insurance services was finalised.
As mentioned above, the introduction of the new web office, iTriglav, enables clients to monitor and to certain extent manage their life and supplementary insurance policies on the Internet. They may add other investments (shares, bonds, etc.) to the application. The iTriglav web office is free of charge and simple to use, and is an important tool for monitoring portfolios.
Among several new information solutions, the life cycle application for provisional calculations should be mentioned. Amongst other functions, this application enables insurance agents to underwrite insurance without underwriting documentation, since it makes printing of all the documents possible.
In 2011 the due date by which the clients could decide to purchase a supplementary old age pension expired. In preparation for the liberation of the supplementary voluntary pension insurance market, new forms of annuity insurance, so-called accelerated pension annuities, were developed. It is expected that the amendments to the Personal Income Tax Act will make the annuity insurance market more interesting.
The recast of the term life insurance in 2010 spurred its rapid growth. The operation of the underwriting service was adapted accordingly, since the increased sale of term life insurance reflects in the higher volume of risk capital and higher exposure of the Company.
The response to the financial crisis included the redesign of 50 PLUS life insurance and the introduction of Ilirika life insurance and Ilirika Dynamic FLEKS unit-linked insurance, described in Section Marketing and sales activities/Life insurance.
Due to an increase in sums paid out on the maturity (maturity bonus) of endow, a special maturity offer, focused on the comprehensive management of loyal costumers and the special bonuses for these costumers upon taking out a new insurance policy were continued.
The Triglav Group
The implementation of a common information system for life insurance and the introduction of new modern products in individual subsidiaries were continued. The project of implementation of an information system for life insurance in the Bosnia and Herzegovina subsidiary was successfully finalised. Along with the upgrade of the entire range of life insurance products and the introduction of new products, the subsidiary achieved an important competitive edge. The migration of insurance into a uniform information system was finished, which enables the faster transfer of new products, the introduction of new standards and good practices as well as easier risk management. In Croatia annuity insurance was redesigned, the range of supplementary insurance was extended, and the range of investment strategies was expanded according to the so-called financial goals strategy. The range of life insurance in our subsidiary in Montenegro was also upgraded.