Marketing and sales activities
The continuation of uncertain conditions in the financial markets and particularly in the real economy influenced life insurance sales, as clients were more prudent when purchasing long-term life insurance policies. The life insurance range is therefore being redesigned and tailored to individual target groups.
The redesigned 50 PLUS life insurance is an investment product, in which assets are linked to a guaranteed return fund. The insurance includes supplementary accident insurance in case of accidental death or hospitalisation due to an accident. In co-operation with Ilirika DZU, two tailored life and investment insurance products, FLEKS, have been developed. These two products expanded the range of unit-linked products of Zavarovalnica Triglav.
Supplemental insurance for critical illnesses was redesigned and two new types of coverage were added: Triglav DNA genetic analysis (which provides genetic analysis to the insured person and their family members in case that the insured person gets one of thirteen critical illnesses) and Second Medical Opinion (in case of a diagnosed illness, listed in the Second Medical Opinion brochure, a second medical opinion to the insured person is provided, in collaboration with globally recognised medical institutions). Redesigned supplementary insurance for critical illnesses will be introduced at the beginning of 2012. Due to the recasting of insurance, harmonisation with the ISA Decision on more detailed content of insurance contract provisions, the introduction of new funds by Triglav Skladi, and changes in the fund basket in the Financial Goals strategy, the upgrade of underwriting documentation will be finalised in the first quarter of 2012.
An important innovation in 2011 was the new service in the Slovene insurance market, i.Triglav web office, which provides access to the concluded insurance contracts for policyholders. For more information on i.Triglav see section Development activities/Life insurance.
The redesigned term life insurance range was marketed in the spring, and was presented in the visited business forums. In the autumn, in a broad marketing communication campaign, the sale of FLEKS, FLEKS FOR YOUNGSTERS and FLEKS FOR ADULTS unit-linked products were promoted. The campaign included advertising in selected media, promotional events in shopping malls and a contest for clients.
The "Safe Path Everywhere" preventive prize contest was successfully organised in schools and kindergartens.
In three direct marketing campaigns selected clients were presented the offers for:
- increased coverage for accidental death and the addition of insurance for monthly annuity for disability to the existing traditional life or unit-linked insurance policy;
- additional payments to investment accounts of unit-linked insurance without entry fee; and
- additional payments to the personal accounts of supplementary voluntary pension insurance policy holders.
Sales network activities
The sales staff was trained to provide quality advice to clients, and heads of sales were trained for the efficient management of sales teams. In addition to that, 2011 was marked by several direct sales campaigns with promotional events and benefits for clients.
The Triglav Group
The Triglav Group was focused on the transfer of operational standards and good practices in life insurance marketing to its subsidiaries. The commission model within the IT-life project at Triglav osiguranje, Sarajevo, was redesigned, and the Company participated in preparation of the project at Lovćen životna osiguranja. A sales mentoring programme was introduced at Triglav osiguranje, Zagreb, in order to improve the efficiency of sales team management. The Company participates in the development of sales channels in all subsidiaries selling and marketing life insurance.