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Business areas

General insurance has been our core business for more than 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

Competition is strong, both from established banks, insurance companies and smaller niche companies. Gjensidige's competitiveness in the Norwegian private market is still regarded as good.

Measures to further improve customer orientation and retain strong customer loyalty will continue to be important going forward. We will automate more and more processes, and lay the groundwork for digital claim reports, so that customers’ claims can be settled more quickly and correctly.

We will develop better data analysis tools and methods, so that we can give customers better and more relevant advice in both staffed and self-service solutions. Over time, we expect this to lead to reduced costs, increased sales efficiency and even greater customer satisfaction. We will also continue the process of adjusting prices to improve profitability.

General Insurance Commercial

The Commercial segment offers a wide range of general insurance products to commercial and agricultural customers, and the public sector 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

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.

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 Commercial segment expects the development in premiums to be positive throughout 2019 thanks to the current positive trend in the Norwegian economy. Previous and new price initiatives are also expected to contribute to growth in premiums and improved profitability. The work on adapting the products’ terms and conditions will also continue.

General Insurance Denmark

The Denmark segment includes the Group’s operations in the Danish private, commercial and municipal markets. Gjensidige has its own distribution channels in these markets as well as distribution through a number of partners and brokers. In Denmark, the Nykredit Group is a key distribution partner. We are a well-established player in the Danish market, and come in fifth in relation to market share.

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

The Danish general insurance market is relatively consolidated, and marked by both strong competition and high price pressure. To generate further profitability, Gjensidige will prioritise increasing sales efficiency and customer loyalty, improving pricing models and further developing the partnership structure of the Danish part of the business.

We will work on further rationalising costs through digitalisation and automation. Simplifying the business model, the organisation, products and processes are important means of achieving efficient operations. The implementation of the new IT core system, which will start in 2019, will make an important contribution to this work.

Gjensidige will look for opportunities for growth in Denmark, both organic opportunities and through value generating acquisitions.

 

General Insurance Sweden

The Sweden segment includes the Group’s operations in the Swedish private, commercial and municipal markets. Gjensidige has its own distribution channels in these markets as well as distribution through a number of partners and brokers. We are the seventh biggest general insurance company in Sweden, by market share.

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 market is relatively consolidated and marked by strong competition. Gjensidige will prioritise creating growth and robust profitability through digitalisation, automation of processes and the development of its culture and organisation.


We will work on repricing the portfolio, improving our price models and customer relations activities, and concentrate activities around fewer areas, particularly in the Commercial market. Costs will be further reduced once we have implemented the new IT core system.

Gjensidige will seek to strengthen its position in Sweden through organic growth in addition to opportunities for value generating acquisitions.

General Insurance Baltic

Gjensidige’s Baltic segment offers general insurance products to the private and commercial markets in Lithuania, Latvia and Estonia. A large proportion of products are distributed through external channels such as insurance agents and brokers, but we also distribute products through our own channels. Gjensidige is the fifth biggest player in the Baltics, where strong growth is expected in the immature insurance market as the living standard improves.

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

There is intense competition in the Baltic states, and the pressure on prices is expected to continue. Gjensidige is well positioned to take part in the attractive growth opportunities in the Baltics. We will focus on increasing customer loyalty in profitable segments by means of competitive tariffs and product packages. Another focus will be acquiring new customers by means of marketing and partnership agreements. Costs still need to be cut, but a competitive position is now starting to take shape that will enable us to participate in the market growth.

Gjensidige will look for opportunities for growth in the Baltics, both organic opportunities and through value generating acquisitions.

Pension

The Pension segment offers defined contribution occupational pension schemes for businesses, in addition to individual pension savings agreements and disability pension. 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.

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.