The moment we live in is completely unreal. The whole world stopped because of the pandemic due to the Covid 19. A large number of companies closed, slowed down or changed their businesses.
Insurers all over the world have faced the possibility of paying more claims due to the increased risk of death. Insurance companies plan strategically every segment of their business, because the base of business is financial coverage of risk.
Why the strategy is important? What does it present for the company?
If we go by car on a long journey, we have to make a plan for the journey. Especially if we are going to that destination for the first time. That plan has a main goal: to reach the destination.
However, the road is long. It is necessary to prepare it by creating many small goals in order to reach the main one. These are, for example, parts of that plan: packing, revising a route, going through Google maps to determine the quality of the road, road works and possible delays.
Plan B should also be considered, if it is necessary to spend the night somewhere along the way due to some unwanted circumstances or turn off the road just to visit some historical monument. What if the car breaks down or if just a flat tire happens? Where is the nearest car mechanic, is it open, is it expensive?
The time required for each of the small achievements and the time required to reach the destination should be calculated. Each of the passengers, i.e. family members, is in charge of achievement of a small goal. Of course, costs need to be estimated and reserved. Are we able to pay for all that and have a good time at the desired destination? Have we earned enough to afford it?
Only when all this is properly and well planned, when each member of the family fulfills his task on time and within planned costs, the journey can pass without problems. Also, if they do happen, there has to be the plan on how to deal with and overcome it. So it is with business strategies.
Without a clear strategy, there is no success for a company. If the strategy does not exist, it seems that we are searching in the dark and everything is a matter of (un)luck. Luck is a good thing in business, but it is not a strategy. The realization of one of the scenarios that can be pessimistic, realistic or optimistic has to be considered. If an optimistic scenario occurs, companies without clear strategy would say they were lucky. Companies that strategically plan their business accept each of these scenarios, because they have seriously analyzed and planned it, know all parts of that “journey” and know how to reach the destination successfully.
OTP osiguranje is a company registered for life insurance business and provides its insurance services to clients through OTP bank as an insurance agent.
OTP osiguranje started its business in Serbia in 2009 as Societe Generale osiguranje. At the end of September 2019, it change the ownership and name and became OTP osiguranje, part of the OTP Group, which has among the European banking groups the best position in terms of capital and liquidity and is trusted by almost 18.5 million clients.
The company’s strategy is set on several pillars:
The first and most important is the cooperation with OTP bank as the main partner.
The second pillar is the development of insurance products that satisfy clients’ needs as well as raising awareness of the importance and availability of life insurance.
The third pillar are partnerships.
The fourth pillar is innovation and digitalization of the business model. To make progress, launch new services that enhance the offer and provide access to new customers.
The pandemic has shown that everything that previously seemed impossible, such as online school lessons via platforms or working from home is now reality and completely possible.
The number of online purchases has increased and people who never used this channel started to buy goods and services in this way.
It is the right time to analyze strategies and turn companies into digital business.
Social distancing will, according to some sources, take quite some time. That is why it is the right time to be close to clients and to meet their needs.
Only in this way, healthy growth and a constant income increase can be expected.