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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

The Private segment offers a wide range of general insurance products and services in the Norwegian private market, both in property and accident and health insurance. The products are primarily sold through dedicated distribution channels, but also in cooperation with a number of partners. Loyal customers and a strong brand make Gjensidige market leader in the private general insurance market.

Main products

  • Motor insurance
  • Property insurance
  • Accident and health insurance
  • Travel
  • Natural Perils
  • Other

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

Continuous work is carried out in the Private segment on measures aimed at customer retention and increased quality in 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 players and from some smaller niche players, but Gjensidige’s competitiveness in the Norwegian private market is still good.

General Insurance Commercial

The Commercial segment offers a wide range of general insurance products to the commercial, agricultural and municipal markets in Norway. Sales primarily take place through dedicated distribution channels, and only 20 per cent of the premium volume is brokered business. Gjensidige is market leader in general insurance for the commercial and agricultural markets. Most of the customer portfolio consists of small and medium-sized enterprises and agricultural customers.

Main products

  • Motor insurance
  • Property insurance
  • Accident and health Insurance
  • General liability insurance
  • Coastal and marine/transport Insurance
  • Natural Perils
  • Other

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

Work on improved risk pricing and analytical processes as tools for strengthening customer activities is given particular focus in the Commercial segment. Continuous initiatives to deliver the best customer experience in combination with analytics and operational efficiency will help to ensure forward-looking and customer-oriented operations.

The Norwegian macro economy has stabilised and the market for commercial insurance is somewhat improving. The market is characterised by strong competition and continued price pressure, especially for group pension schemes.

In recent years, Gjensidige has consolidated its position as market leader in commercial and agricultural insurance, and is in a good position for the future. In light of market developments, Gjensidige is very pleased with the renewal rate at the beginning of 2018.

 

General Insurance Denmark

The Group’s operations in Denmark offers general insurance products to the private, commercial and municipal markets. Gjensidige has its own distribution channels in this market, as well as distribution through a number of partners and brokers.

Main products

  • Motor insurance
  • Property insurance
  • Accident and health insurance
  • Agricultural insurance
  • Travel Insurance
  • Other

Distribution

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 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.

Outlook

Gjensidige’s Danish operations shall contribute to economies of scale, diversification of risk and increased competitiveness for the Group. 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.

Increased profitability, cost efficiency, integration of acquired businesses, organisational and culture development and investments in customer-oriented digital solutions, are prioritised in 2018.

General Insurance Sweden

The Group distributes insurance products to the private, commercial and municipality markets. Gjensidige has a challenger position in the Swedish general insurance market, which is consolidated and dominated by a few, large, companies. Insurance is mainly distributed under the Gjensidige brand, but also under white label and co-branding.

Main products

  • Motor
  • Property
  • Accident and Health
  • Liability
  • Other

Distribuition

In the Swedish private market, insurance is mainly distributed through in and outbound calls, but also over the Internet, through insurance aggregators and partners.

In the commercial market, distribution is mainly handled by insurance brokers, as well as some direct distribution.

Outlook

The Swedish operations shall contribute to economies of scale, risk diversification and increased competitiveness for the Group. The Nordic general insurance market is relatively consolidated, but Gjensidige sees opportunities for growth through a patient and rational approach.

Increased profitability, cost efficiency, integration of acquired businesses, organisational and culture development and investments in customer-oriented digital solutions, are prioritised in 2018.

General Insurance Baltic

Gjensidige’s Baltic segment offers general insurance products to the private and commercial markets in Lithuania, Latvia and Estonia. The products are distributed through dedicated channels, insurance agents and brokers. The Baltic insurance market is still 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 growth in the market in step with improvements in the general economic situation and increase in the standard of living.

Competition is intense and the pressure on prices considerable, but new and more sophisticated tariffs are expected to contribute to better portfolio quality and profitability. The distribution will be moved towards an increasing share of direct distribution through phone and web sales. The business is expected to be profitable from full-year 2018.

Pension

Gjensidige Pensjonsforsikring (GPF) shall contribute to the sale of a wide range of products to general insurance customers in Norway, and it offers pension products mainly to the Norwegian commercial market. The products are distributed directly by Gjensidige and via selected partners. Gjensidige is the fourth biggest provider in the market for private collective defined contribution pensions with individual investment options.

Outlook

Pension is a priority area that helps to ensure that Gjensidige can be a complete supplier of insurance and pension products to private and commercial customers. The business contributes to stronger customer relations and loyalty among our general insurance customers.

The market for defined contributions 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 an online bank that will contribute to the sale of a wide range of products to, and loyalty among, general insurance customers in the retail market in Norway. The bank offers housing loans, car financing, unsecured loans, credit cards, day-to-day banking services and savings products. Distribution largely takes place online, and customer service is available by phone, via chat and in 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 first and foremost support the Norwegian general insurance business by contributing to a broader product range, and increased loyalty among existing general insurance customers in Norway.

The fulfilment of this purpose will continuously be assessed against the capital required for the bank. The bank will continue to offer a wide range of financial services at attractive terms, through customer-friendly digital solutions, Gjensidige’s branch offices and cooperating car dealers, and shall contribute to the Group’s growth and profitability.

The banking market in Norway is characterised by considerable competition and an increasing number of competitors. Gjensidige Bank will continue to offer competitive terms in segments that are strategically important to the Group.