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Business areas

General insurance has been our core business for 200 years. In Norway we also offer banking, pension and savings products.  The Group's operations are divided into six business areas.

General Insurance Private

Private Norway offers a wide range of general insurance products and services in the Norwegian private market. The products are sold mainly through Gjensidige's own distribution channels. With loyal customers and a strong brand, Gjensidige is the market leader in the general insurance market for private customers.

Main products

  • Motor insurance
  • Property insurance
  • Accident and health insurance
  • Leisure insurance

Distribution

Gjensidige has a multi-channel distribution model where products and services are offered through a combination of telephony, web-based solutions and local branch offices. The customers experience the same quality and service regardless of channel. The local branch offices offer advisory services in insurance and banking and can also pass on queries about pensions and savings. Customers are offered products and services via a single point of contact, which both makes things easier for customers and gives us a better opportunity to increase sales of a broader range of products.

Agents and partners
As a supplement to Gjensidige's own channels, products are also distributed through agents, including banks and a large number of car dealers. Gjensidige also has cooperation agreements with several large national trade unions and interest organisations. These agreements give members of the organisations advantages as customers of Gjensidige.

Outlook

In the Private segment we work all the time with measures aimed at retaining customers and improving the quality of all customer processes. Improved availability, simplification of Products and processes and more digitalisation are prioritised in order to support the Group’s financial targets and improve customer orientation. Competition is strong, both from established Financial players and from some smaller niche players, but Gjensidige’s competitiveness in the Norwegian private market is still good.

General Insurance Commercial

Commercial Norway offers a wide range of general insurance products to the commer­cial, agriculture and municipality markets in Norway. The sale is primarily through own distribution channels, and only 20 per cent of the premium volume is brokered business. Gjensidige is the market leader within general insurance to the commercial market. The main part of the customer portfolio consists of small and medium-sized enterpri­ses and agricultural customers.

Main products

  • Motor insurance
  • Property insurance (including assets and operating losses)
  • Accident and health Insurance
  • Coastal and marine/transport Insurance
  • General liability insurance
  • Agricultural insurance
  • Defined contribution schemes from Gjensidige Pensjonsforsikring

Distribution

Gjensidige's corporate customers are primarily served directly through the Group’s own distribution network or through agents and brokers.

Multi-channel model
Gjensidige has a multichannel distribution model where products and services are offered through a combination of telephony, the internet and regional offices. The customers experience the same quality and service regardless of channel. Local insurance offices, cooperating mutual fire insurers and mutual marine insurers are responsible for functions where local knowledge and personal contact is required. Gjensidige’s own regional salesforce is increasingly serving medium-sized enterprises.

The customer centre channel mainly serves small and medium-sized enterprises. It both conducts outbound sales and deals with customers who contact Gjensidige by phone or via the internet.

Corporate customers/Brokers (KKM)
KMM is a nationwide customer relations channel targeting brokers and Norway’s largest enterprises. KMM has extensive marketing and insurance expertise and a strong focus on risk assessment and risk management. The channel offers customised solutions to meet customers’ needs, including advice on pensions.

Partners
Gjensidige also distributes commercial products through affiliated mutual fire insurers, mutual marine insurers, agents and dealers. Distribution takes place under the brand name Gjensidige.

Outlook

In the Commercial segment work is done particularly on improving risk pricing and analytical processes as a tool to enhance customer activities. Continuous initiatives to deliver the best customer experiences, in combination with analysis-based operations and efficient operation will help to ensure that the Company is forward-looking and customer-oriented.

The Norwegian Commercial market is characterised by fierce and somewhat increasing competition. Gjensidige, being the largest player, is faced with competition both from big, established players and a number of smaller players. The competition entails price pressure in all areas, and especially within Accident and health. Seen in light of the market conditions, Gjensidige is pleased with the renewals into 2017.

General Insurance Nordic

The Nordic segment comprises the Group’s operations in the Danish and Swedich private, commercial and muni­cipality markets. Gjensidige has own distribution in these markets, as well as distribution through a series of partners and via brokers. In Denmark the Nykredit Group is a central distribution partner. Gjensidige has a scalable business model in the Nordics, which gives a good position for further growth.

Main products

  • Motor insurance
  • Property insurance
  • Accident and health insurance
  • General liability insurance
  • Agricultural insurance
  • Leisure insurance

Distribution

Denmark
Gjensidige distributes general insurance products in Denmark through its own sales network and in cooperation with the Nykredit group. In addition, private insurance products are sold through a number of partners, especially travel agents, mobile telephony companies, car dealers and estate agents. Otherwise, the private market is served directly via underwriters, call centres and the internet.

In the Danish commercial market, sales are made in cooperation with brokers, as well as through call centres and dedicated underwriters in the market for small and medium-sized enterprises and agricultural customers.

Distribution in the municipal market takes place either directly or through brokers. The market is to a large extent based on competitive tendering.

Sweden

In Sweden, general insurance products are distributed to private customers both directly by phone and the internet and through insurance mediators (partners and agents). In the commercial market, distribution mainly takes place through insurance brokers and partners.

Outlook

Gjensidige’s Nordic operations shall contribute to economies of scale, diversification of risk and increased competitiveness Pan-Nordic. The Nordic general insurance markets are relatively consolidated, but Gjensidige expects that it will be possible to grow selectively through a patient, rational approach to new opportunities. The implementation of new tariffs and steps to achieve a higher proportion of self-service will continue to be prioritised in 2017. There will be focus on integrating and capitalising on business synergies in connection with Portfolio acquisitions and distribution collaborations, and the volatility in the Swedish portfolio will be further reduced.

Implemented measures to improve the profitability in the Danish Portfolio will be closely monitored. Further measures will be implemented if necessary. There is strong competition in the markets Gjensidige operates in. The pressure on prices seems to have intensified, especially in the market for commercial customers and the municipal market.

General Insurance Baltic

Gjensidige's Baltic operations offer general insurance products to private and commercial customers in Lithuania, Latvia and Estonia. The products are distributed through Gjensidige's own channels, agents and brokers. The Baltics Insurance market is immature, and Gjensidige is well positioned for future growth.

Main products

  • Motor
  • Property
  • Accident and health
  • Liability

Distribution

The most important distribution channels in the Baltic states are direct sales and sales through insurance agents and brokers. Sales via the internet are becoming an increasingly important distribution channel in the Baltic market. Increasing sales via the internet and call centres is being given priority in order to rationalise operations.

Outlook

Gjensidige’s goal is to be one of the leading insurance companies in the Baltic states. The market is relatively immature, and a significant proportion of both the private and the commercial segments is still uninsured. We expect the market to grow as the general economic situation improves and the standard of living increases. Initiatives relating to product development, tariff programmes, distribution, CRM and claims operation runs according to the plan that was laid out when acquiring PZU Lietuva.

The competition is fierce and there is considerable pressure on prices, but new and more sophisticated tariffs are expected to contribute to better portfolio quality. The Baltic operation is expected to be profitable from 2018.

Pension and Savings

Pension and Savings shall contribute to sales of a wide range of products to general insurance customers in Norway by offering pension and savings products, mainly to the Norwegian commercial market. The products are distribu­ted directly by Gjensidige and via selected cooperation partners. Gjensidige is the fourth largest player in the market for defined contribution unit linked products.

Outlook

Pension and Savings is a priority area that helps to make Gjensidige a complete supplier of insurance and pension products to the Commercial segment. The business contributes to stronger customer relations and loyalty among the general insurance customers. In February 2017 the Savings operations Gjensidige Investeringsrådgivning was merged with Gjensidige Bank. The Pensions operations carry on as Gjensidige Pensjonsforsikring.

The market for defined contribution pensions is growing and Gjensidige is well-positioned to participate in it. The positive growth rate is expected to continue.

Retail Bank

Gjensidige Bank is a pure internet bank which shall contribute to sales of a wide range of products to general insurance customers in Norway. The bank offers mortgages, car financing, unsecured lending, savings, credit cards and day-to-day banking services. Distribution is mostly online, and customer service may be reached on the phone, via chat and at Gjensidige’s financial offices. Car financing is also distributed through car dealers.

Distribution

Gjensidige Bank shall first and foremost underpin the Norwegian general insurance business by making a wider product range available to existing general insurance customers in Norway. The bank will continue to offer a wide range of financial services through customer-friendly digital solutions, Gjensidige’s financial offices and cooperating car dealers.

Based on a full range of banking products and attractive terms for the private market, the bank shall contribute to the Group’s Growth and profitability. Gjensidige Investeringsrådgivning was merged with the bank in February 2017. The merger is expected to help increase competitiveness in the savings market, and to improve efficiency at the Group level.

The market for banking in Norway is characterised by considerable competition and a growing number of players. Gjensidige Bank will continue to offer competitive terms in segments of strategic importance for the Group.

Outlook

Gjensidige Bank shall primarily underpin the Norwegian general ­insurance business by making a wider product range available to exis­ting general insurance customers in Norway. The bank will continue to offer a wide range of financial services through customer-friendly online solutions, Gjensidige’s financial offices and cooperating car dealers.

Based on a full range of banking products and attractive terms for the private market, the bank shall contribute to the Group’s growth and profitability.