Rangam BIR, General Manager, ALLIANZ-TIRIAC Asigurari
My challenge and responsibility will be to keep the leading position of ALLIANZ-TIRIAC in the Romanian market. We will continue to increase our financial strength by maintaining a healthy balance between profitability and the growth dynamics. As a company we have done well during the crisis and kept our promises towards our customers by following such a strategy and we will continue on this path.
XPRIMM: Starting with this month, you are managing the leader of the Romanian insurance market. It is a privileged and a challenging position in the same time. Based on your impressive experience in the field, how will AZT act in the future and how do you intend to continue its success story?
Rangam BIR: My challenge and responsibility will be to keep the leading position of ALLIANZ-TIRIAC in the Romanian market. We will continue to increase our financial strength by maintaining a healthy balance between profitability and the growth dynamics. As a company we have done well during the crisis and kept our promises towards our customers by following such a strategy and we will continue on this path.
XPRIMM: How do you perceive the Romanian insurance market, both in terms of local particularities and considering the way it has reacted to unfavorable economic conditions, but also taking into account its development potential for the future?
R. B.: Romania as a country and as an economy is well-positioned to develop well as a strong new European player. By following prudent economic and financial policies, Romania will continue on a growth path. From an insurance market perspective, this means that Romania will continue the catching-up process, both in terms of growth of the revenues and also in terms of profitability. Looking at the Romanian insurance market, I believe the biggest challenge is represented by the profitability which in the same time represents a particularity within the entire EU insurance market and within CEE region, too. The future growth on the insurance market will come along from an increase of the available income of the population. This process cannot be stopped. It was slowed by the crisis but it will continue.
On the other hand, a market reaches its maturity when the economic and financial fundaments are solid ones. The accomplishment of this goal is conditioned by building a satisfactory financial base. And the financial power is expressed through the ability of making profit, too. Healthy market development also depends of a consistent legislation, unitarily applicable, which creates an adequate competition environment. Such an environment generates trust for the investors as well as for the insurance products buyers.
XPRIMM: On what competitive advantages you will count to further develop AZT business?
R. B.: Keeping up the financial soundness of ALLIANZ-TIRIAC proved to be the right strategy for us. We should not forget that during the peak of the financial crisis, we proved to be a solid company. We proved that through a high solvability margin, as well as through keeping the commitment of providing quality services and quick claims handling for our clients. Moreover, maintaining our soundness represents a commitment not only to our clients, but to our shareholders as well. We need to have a balanced vision in respect to our business, which means in the first place an adequate prudent underwriting process accompanied with services that match our clients’ expectations. We wish to grow only if the opportunities do not negatively influence our profitability. With this strategy we aim to preserve our position as the market leader. This was a central goal in the past and it will certainly remain unchanged in the future.
| Published on 18.05.2010