DNB Skadeforsikring
Transcription
DNB Skadeforsikring
DNB Non-life insurance Nordic Insurance Trip - Carnegie 5th June 2014 Hans Petter Madsen Managing director and head of non-life insurance Agenda Key financial figures Bancassurance in the retail market Profitable growth Insurance integrated in DNB’s customer processes Main activities 2014 Market mechanisms DNB non-life strategy 2014-2016 2 Key financial figures Portfolio premium 31.03.2014 (MNOK) # individual customers 1,881 214,000 Market share Norwegian retail market 5.6 % Market share non-life insurance* 4.6 % Pre-tax profit 2013 (MNOK) 240 Combined ratio for own account 2013 86.4 Combined ratio for own account ex runoff 2013 90.4 Investment return 2013 3.2 % *Incl. workmens’ compensation in DNB life-insurance 3 Bancassurance in the retail market Business strategy • To develop and deliver relevant and profitable non-life insurance products to the retail market in Norway Products • Fire and perils (house, home), motor, travel, accident Distribution • DNB’s branches, callcentres and digital distribution channels 4 Profit development: Profitable growth Pre-tax profit 250 200 150 100 50 0 -50 -100 -150 -200 Pre-tax profit • 2009 -100 2010 -178 2011 31 2012 203 2013 240 Substantial improvement in pre-tax profit since 2009 Q1 2014 32 Portfolio premium 2,000 • Portfolio premium increased by MNOK 1,138 since 2009 • # Customers 214,000 as of March 2014, increased by 5,000 since 2013 • Substantial rate increases in 2010 and 2011 1,500 1,000 500 . 31/12/08 31/12/09 31/12/10 31/12/11 31/12/12 31/12/13 31/03/14 743 978 1,173 1,486 1,656 1816 1,881 5 Insurance contributes to realization of DNB strategy 6 What makes a winner in the insurance industry? Distribution Price 7 Cost efficiency Winner Insurance integrated in relevant customer processes Present when it matters Foto: Foto: [email protected] Foto: Johs. Bøe Foto: Yaymicro 8 Foto: Yaymicro Substantial distribution power Financial advisors eBusiness Customer centre Branches Web 9 Insurance advisor Customer service and Interactive Open pages Logged in Mobile Loans and insurance - Core business as a lever for non-life insurance 10 More sophisticated pricing Adequate risk price models Adequate price/UWpolicy 11 Adequate price models in relation to target CR Adequate discount structure Prices adjusted to market situation and customers’ price sensitivity Market price DNB: Large number of offers valuable market information Risk price DNB: Short claims history Cost Cost efficient distribution Economy of scale – utilisation of group functions Efficient and future-oriented customer service through dnb.no both in sales, claims settlement and customer service Group level branding New, standarised, fully integrated insurancesystem 12 Focus areas 2014 Distribution power Pricing Product packaging and co-operation New, standarised fully integrated insurancesystem «Easy to find, easy to understand, easy to buy» 13 Market shares – main retail products – car insurance Smaller companies «The big four» 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 - 6 5 4 3 2 1 0 If • • Gjensidige Tryg SpareBank 1 Storebrand JFG Codan Eika NEMI Frende «The big four» have lost 21% market share to the smaller companies since 1999 The market shares of these companies are still decreasing DNB has increased it’s market share to 4.6% 14 DNB Market shares – main retail products – home insurance Smaller companies «The big four» 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 - • • 7 6 5 4 3 2 1 0 If Skadeforsikring Gjensidige Storebrand JFG Codan Tryg SpareBank 1 Forsikring Eika NEMI Frende DNB «The big four» have lost 19% market share to the smaller companies since 1999 The market shares of these companies are still decreasing DNB has increased it’s market share to 6.1% and is the largest of the smaller companies 15 DNB Non-life insurance strategy 2014-2016 Main focus areas • Present when it matters the most – offering the right products at the right time • • • • Becoming one of the leading Norwegian companies within pricing Market position as a quality supplier of insurance Focus on customer processes, service level and efficiency Implementing a new, fully integrated, standarised insurance system 18 17