talanx group annual report 2011 en

Overall assessment of
the economic situation
Non-financial
performance indicators
Corporate Governance Remuneration report Events of special
significance
and product-related activities. This will make it possible going forward
to work efficiently in terms of markets, resources and budgets
across all divisions and segments. Further examples are a new SAP
business-in-force management system and digital case processing.
The re-alignment also presupposes the conviction that the way we
think and act must be consistently geared towards the benchmark
of performance. We want to actively encourage this kind of culture,
for instance by working on a Group-wide variable remuneration
system for first-level managers. Annual appraisal interviews with all
employees are meant to help to discuss mutual expectations in a
structured fashion.
Promising sales channels
Bancassurance: Selling insurance products across the bank
counter has been gaining ground in recent years under the name
of bancassurance. At the Talanx Group, bancassurance has been a
great success with encouraging prospects for the future. The basis
of this success is the special business model in which the insurance
business is fully integrated into the structures of the banking
partners. The insurance companies design and develop the insurance
products – the banks, savings banks or the post office provide
various sales outlets. The Talanx insurance companies operating via
bancassurance do not focus only on the German market, they have
already exported the bancassurance model to Hungary, Turkey and
Russia. This will in our opinion promote profitable growth with an
emphasis on European markets. The success of Talanx’s bancassurance
model stems essentially from three core factors. Firstly the
establishment of exclusive insurance companies: a dedicated insurance
company is founded for each cooperation programme and is
bound to the partner by means of exclusive longterm cooperation
agreements with terms of up to 30 years; the insurance products
are sold only via the co-operating partner’s channels. Secondly
the highest possible degree of integration and excellent quality of
products and services: cooperation is embodied in the partner’s
strategic line-up. The insurance companies design exclusive and
tailor-made products for the bank’s client segments and are fully
integrated into the partner’s market presence. Integration into the
partner’s IT systems also makes it easier to provide all-round advice
when selling banking and insurance products. And thirdly, success
comes from providing customised sales support for the partner: the
bank’s sales staff are given personal training and exclusive guidance
by sales coaches from the insurance companies. These convey both
product expertise and sales approaches. The insurance companies
also supply readily understandable and supporting sales materials.
Risk report Forecast and
opportunities report
Internet: Increasing digitalisation and the associated easy access to
information have led to a situation in which by far the majority of
consumers consult the internet for information before concluding
an insurance contract. The internet offers the opportunity to address
especially younger target groups and has by now become an
important medium for clients and insurance companies alike. With
this in mind, HDI Direkt Versicherung AG joined together with other
insurers to set up the consumer portal Transparo in the year under
review. This portal enables potential buyers to compare insurance,
financial and energy services. The core elements of Transparo are
a number of web-based calculators that compare the prices and
benefits of all available tariffs and rates. We are aiming to generate
further growth via this sales channel going forward.
The internet offers new potential for the future in the industrial
lines, too. For this reason, HDI-Gerling Industrie Versicherung AG
got together with other reputable partners in 2010 to set up the
inex24 platform. This is the world’s first neutral collaboration
platform for the industrial lines sector. inex24 grants industrial
enterprises, intermediaries and risk carriers access to a neutral,
high-security internet platform with a large number of high-performance
tools. This makes negotiating and concluding industrial
insurance contracts faster, easier and more secure.
Brokers: Despite the increasing importance of internet selling,
personal contact with the client will remain a major success factor
in the future, too. We see high future growth potential especially
for selling via brokers. Talanx AG has entered into a close partnership
with Swiss Life, in which it holds a longterm share package
of just on 10%. Under the terms of this cooperation, Talanx is to
become an important product-supplying partner for the financial
service provider AWD. Talanx also owns just on 10% of the financial
service provider MLP. Both MLP and the AWD group, which nowadays
belongs to Swiss Life, are important partners in brokered marketing.
These participations provide an opportunity to strengthen and
further expand our already existing business links with the brokers
concerned.
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