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Highest claim paid by Euroins Romania in 2021 was of EUR 1.1 million; claims proccesing time went down in Q4 to about 7 days in average

Euroins Romania announced a significant reduction in the processing time for the claims following road accidents with only material damages to 7 days in Q4 2021, from the average of 38 days in Q2 2021. Consequently, the number of complaints also decreased substantially, to only 197 out of 14,000 claim files processed.

"The fact that repairs are paid for in less than a week is a proof that we take seriously the mission to bring a better experience to the ones that are already traumatized because of the accidents. We have achieved major improvements in the internal procedures, as well as in our relationships with most of the car workshops, so that we can pay faster, directly to the client," stated Tanja Blatnik, CEO of Euroins Romania. She explained that the improvements seen in the claims management process are the result of an extended program aiming to better and develop all operational aspects. "In the next period we will focus to even more improvements and follow a strategy of growth of other important insurance products offered to protect Romanians in these unstable times, such as health, accident, property, travel and CASCO insurance," she added.

In 2021, the highest compensation paid by Euroins Romania wasm of EUR 1.1 million (RON 5.5 million). This compensation comes as a result of a road accident made in France by the driver of a truck registered in Romania who crashed into a car driven by a French citizen. The compensation was determined by the court as a result of the 237 days of medical care required following the accident, the days of hospitalization and therapy, especially since the doctors had to amputate one of the victim's legs.

"We are really proud of Euroins Romania's development. Last year, the company has undergone a multitude of changes, from the appointment of a new CEO to the change of internal procedures, the steps we take for the analysis of claims files, to improved relationship with clients, brokers and workshops. We supported the development with major investments last couple of years, summing together more than RON 500 million, including support from EBRD. Today, Euroins Romania is a highly capitalized company, market leader and innovator in the non-MTPL area. The overall trend is positive, but we cannot ignore the fact that we are affected by the changes that are taking place in the market and by the actions of the authorities. Only changes aimed at prevention of accidents or supporting fully regulated technical calculation of insurance pricing, can help us maintain stability; everything else can sadly just "repeat the recent history of the Romanian insurance industry" stated Kiril Boshov, CEO of Euroins Insurance Group, the mother company of Euroins Romania.

The involvement of the European Bank for Reconstruction and Development in the shareholding of the parent company is an unprecedent message of trust and development opportunity of the Romanian insurance market while confirming also that Euroins is a benchmark on the Romanian insurance market.

About Euroins Insurance Group (EIG) AD

Euroins Insurance Group (EIG) AD is one of the largest independent insurance groups operating in the EEC / EEA / FSU region. The company is focused on offering a wide range of general, health and life insurance products. The group is headquartered in Bulgaria and operates in eleven European countries. It has insurance subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine, Belarus, Russia, and Georgia. EIG also operates in Greece and Poland and has niche insurance operations in Spain and Italy. Currently, the insurance group has over 4 million customers and over 3,000 employees. EIG is a subsidiary of Eurohold Bulgaria, a leading independent group operating in Southeast Europe, listed on the Sofia and Warsaw stock exchanges. Eurohold Bulgaria is active in insurance, leasing, car sales, asset management and investment operations.

Author: Daniela GHETU on 23.02.2022

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