A strong performance and transformational year for the region
When Ageas completed the acquisition of the Portuguese AXA insurance business in the spring of 2016 it was propelled to the No.2 position in the Portuguese insurance market. Added to the existing businesses of Ocidental and Médis, Ageas has achieved a business of significant scale and a strong base from which to grow in the future.
Ageas Seguros gains traction as new brand
The newly acquired business was rebranded to Ageas Seguros and after only 6 months, brand awareness reached 32% thanks to some highly innovative campaigns. This new and differentiated insurance brand is resonating well with employees, customers, agents and partners; a brand built on shared values, a spirit of entrepreneurship, innovation and customer service.
Continental Europe achieved strong results in 2016 while continuing to focus on operational excellence
Sales increased more rapidly than expected and customer satisfaction has started to improve. However, the rebranding to Ageas Seguros is part of a longer journey. A complex process of disentanglement, transformation and integration will continue throughout 2017 including a major upgrade of the IT infrastructure necessary to support the business and customer requirements of the future.
Adding value to the customer experience
In terms of performance, all entities achieved solid operational results. In particular the Portuguese businesses Médis and Ocidental continued to perform very strongly.
In Portugal and Turkey we undertook an analysis of the Motor and Healthcare businesses to identify ways of adding greater value to the customer. The outcome of this work is now being baked into our processes to improve the customer experience. In France we are successfully implementing a new strategy with a major digital component that targets the important IFA market.
Digitalisation is gaining ground in most of our markets. In the future customers of Médis in Portugal will have their own webpage related to the products they have with us. In Italy we continue to look for ways of improving our efficiency, and reflect on extending our bancassurance distribution channel. Turkey kicked off an integrated customer journey process, and the focus has been on the sale of profitable products in a market where certain lines are loss making. Turkey has also benefited from efforts to deepen the relationship with the banking channel.
In our efforts to put Ageas Seguros on the map with customers, we are linking various initiatives to the positioning of the brand. This differentiated approach is gaining traction and helping to position the brand as something very different. Sponsorship of the 5km breast cancer run achieved nationwide TV coverage of the brand. An innovative campaign supported by agents to create greater health awareness during the summer months was successfully rolled out on the beaches of Portugal. Continental Europe is also a very active user of social media with highly developed campaigns in many markets leading to a healthy rise in the number of followers. Winning the 2016 Grand Prize of the Portuguese Association of Corporate Communication (APCE) in the Social Media category is a tremendous recognition for all the efforts and creativity of the Ageas Seguros’ team in this domain.
As part of the effort to increase customer centricity and in line with Ambition 2018, Ageas is institutionalising the tracking of our Net Promoter Scores across all entities, including the ones from Continental Europe, on a monthly basis.
As we look to the future, the environment is expected to remain volatile exacerbated by the prospect of political uncertainty in some markets and continued regulatory changes. One of our top priorities as a business will be to continue the integration of the Portuguese business in an orderly manner while increasing customer satisfaction. We will continue to demonstrate our ability to innovate and we will take steps to increase customer satisfaction across all markets. We will continuously screen the market for potential opportunities to grow organically or through the right transactions.