Successes in Poland

Know where the problems are. Identifying the needs and concerns of local customers is a major success factor for VIG. The Polish VIG company Compensa achieved great success in 2014 thanks to this open, market-oriented approach – in the small and medium-sized enterprise (SME) sector, for example. More than 25% of these businesses in Poland have no insurance cover, or not enough. Compensa uses innovative insurance products that address the specific needs of SMEs to take advantage of this market potential. These needs include insurance cover for electronic devices such as smartphones and laptops in cars, which many sole proprietors and small businesses use as mobile offices. The resulting premium increase of around 35% shows how large the demand is for such insurance products in the SME sector. As a result, Compensa grew significantly faster than the overall market, and it will continue to systematically follow this approach. Polish SMEs generate around three quarters of Poland’s economic output, and form the essential economic backbone of the country.