Support for strategy implementation

Annual Report 2017 > Strategy > Support for strategy implementation
Highlights 2017

Strategy

Uniform Management policies in strategic Group areas
Uniform Management policies in strategic Group areas
Increasing contribution of the banking segment through a higher net result of banks and achievement of synergies with PZU
Increasing contribution of the banking segment through a higher net result of banks and achievement of synergies with PZU
Presence in the RESPECT Index at the level of at least the financial industry average as the Group’s ambition for the CSR area
Presence in the RESPECT Index at the level of at least the financial industry average as the Group’s ambition for the CSR area
Use of artificial intelligence, big data and mobile solutions
Use of artificial intelligence, big data and mobile solutions
Increase in the volume of assets under management and potential synergies if PZU Group’s TFIs are merged
Increase in the volume of assets under management and potential synergies if PZU Group’s TFIs are merged
Above-average ROE until 2020 (>20%)
Above-average ROE until 2020 (>20%)
Reference Areas:
Health
Investments
Banking
Best Pratices in PZU

Support for the execution of the New PZU strategy will come not only from unleashing data potential and utilizing data analysis tools to a greater extent but also from augmenting the effectiveness of cooperation between business and IT, thereby truncatig implementation processes. In 2020 the overall time-to-market in IT for large priority changes (such as for instance a new product) should not surpass 6 months, while for small priority changes (e.g. a product rider) – it should be no more than 4 months. PZU will maintain the highest level of quality of claims and benefits handling whereby it will shorten the time to perform processes. The key will be as follows: (i) understandable service processes enabling clients to participate in the proces of handling insurable events (online access to case status, arranging for inspections in line with expectations); (ii) implemented and tested procedures for emergency claims handling in crisis situations (e.g. storms); (iii) the ability to align resources rapidly (human and technical resources) to the magnitude of need expressed by the number of contacts.

Greater cost effectiveness in underwriting activity

Strong cost discipline and the future benefits ensuing from deploying innovative solutions should contribute to cutting costs up to 2020 by at least 1.5 p.p. (compared to 2016) and retaining PZU’s profitability advantage.

Administrative expense ratio - the ratio of administrative expenses to net earned premium in PZU and PZU Życie (%)

 

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