The Triglav Group 2017–2020: A dynamic player in the region set for the long haul

Embracing new technologies and adapting to the changing business practices and way of living, the culture and business operations of the Triglav Group are becoming increasingly dynamic and open for innovation and cooperation, with new business channels and services fostering an even stronger client focus. Stability, profitability and security remain the pivotal objectives of the business strategy of the leading insurance-financial group in the region operating in an environment marked by rapidly changing markets and low interest rates.

The Management Board of Zavarovalnica Triglav, the parent company of the Triglav Group, presents the key strategic goals and development challenges that will be at the forefront in 2017 and the years to come.


Andrej Slapar

Andrej Slapar, President of the Management Board

The new strategy up to 2020 places an additional emphasis on development, while the previous Triglav Group strategy focused primarily on the profitability and security of business operations. What will be the aim of your development activities?

We will develop towards a modern, innovative and dynamic insurance-financial group. Insurance in itself epitomizes stability, but the environment also requires changes and dynamism. The breakthrough of digitalization, cross-sectoral collaboration and new ways of using various types of data are opening up new possibilities. We have placed our customers at the heart of all activities, combining our conventional services with technological solutions tailored to our customers’ needs. We are gradually introducing an omni-channel approach, using both conventional and digital sales channels and complementing insurance with assistance services in collaboration with partners from other sectors. Financial stability, profitability and increasing the value of the Group as well as efficient management of our policyholders’ assets and effective corporate governance remain the hallmark of our business. 

How will your development agenda affect the inner workings of the Group and its internal processes?

The Group is undergoing a gradual transformation that entails the introduction of state-of-the-art practices and technology, but there is also a strong emphasis on the development of a modern internal culture that fosters a proactive participation of all employees. We are phasing out the existing approach based on segments and organisational units. Our goal is to accompany our customers throughout their lives, so we have grouped their needs into six pillars: property, life, health, pension, reinsurance and asset management. There are no clear dividing lines between them; they are intertwined, much like the expectations of our customers.

You mentioned the sharpening of your competitive edge. What sets you apart from your competitors?

We definitely have an excellent starting position that we can build on. Our system is among the larger in the region, but we also have the capacity to mobilise and make decisions swiftly. We represent a trustworthy brand and can rely on a longstanding tradition. Our strengths include good product development, a comprehensive range of high quality insurance products and an extensive client portfolio. The Triglav Group has a wide network of sales channels, claims are settled quickly and efficiently. Our business volume, capital strength, long-term focus on the region and our eagerness for responsible cooperation with the environment are all advantages that allow us to establish the necessary partnerships for further growth.

“Our business volume, capital strength, long-term focus on the region and our eagerness for responsible cooperation with the environment are all advantages that allow us to establish the necessary partnerships for further growth.”



Uroš Ivanc

Uroš Ivanc, CFA, Management Board member and CFO

How do you plan to ensure the expected profitability and increase the value of the Triglav Group?

Our insurance operations are and will remain profitable in the long term. In the future, our goal is to manage insurance portfolio even more efficiently. Broadly speaking, the key challenge continues to be ensuring the expected profitability in low interest rate conditions. Greater emphasis will be placed on increasing the value of the Triglav Group through optimised asset and liability and capital management. Comprehensive management will allow us to monitor the outflow and profitability of capital and establish an appropriate capital distribution across segments and companies. Under the new strategy, we will continue to strive for efficient and comprehensive risk management, cost efficiency and the financial stability and capital adequacy of the Group. The criteria of our dividend policy and the Triglav Group guidelines for capital management adopted in 2016 remain unchanged.

The new strategy puts a greater focus on asset management.

Yes, our goal is to become one of the key players in asset management in the Adria region. We want to increase the volume of assets under management and the share of assets we manage for individual customers. We plan to make better use of synergies within the Group end exploit the potential of integration with partners from various business ecosystems such as banking group and other asset managers.

“Comprehensive management will allow us to monitor the outflow and profitability of capital and establish an appropriate capital distribution across segments and companies.” 



Benjamin Jošar

Benjamin Jošar, Management Board member
Risk management, controlling and the subsidiary management

What are the Triglav Group plans for markets outside Slovenia? Will growth continue to be organic?

We are maintaining our presence in existing markets where our growth will be essentially organic, although potential acquisitions cannot be ruled out, should the opportunity arise. We estimate that our markets outside Slovenia will continue to grow in the long term, so we are expecting an increase in the share of total premiums generated by the Group in these markets. We intend to keep developing the markets in the region; our goals are set for the long term. We plan to step up investment in life, health and pension insurance where the highest growth rate is expected. We also want to develop digital business models that could potentially allow us to penetrate the global and particularly the European market.

One of the Group’s strategic goals is also the transformation of its operations. What kind of changes are you planning to make?

The insurance industry is faced with a growing number of challenges such as additional regulation, digital business models, the need for integration with complementary players and technological advances like smart homes or autonomous cars. It is therefore vital for our future success that we transform our operations to keep up with the state of the art and innovation. For this reason, we want to continue with the development of a streamlined matrix organization structure. We will continue to modify our culture and enhance our openness to ideas; we will capitalize on business intelligence and big data in our decision-making, develop efficient support functions and introduce the most advanced management approaches.

“We intend to keep developing the markets in the region; our goals are set for the long term.”



Tadej Čoroli

Tadej Čoroli, Management Board member Non-life insurance, sales and marketing, claims

Your strategy stresses the focus on customers rather than sales channels. What does that mean?

We are in the business of solving our customers’ “problems” and providing insurance cover, so we need to approach our customers in a comprehensive manner and accompany them on their life journey. The key challenge for us is ensuring that all our sales channels and internal processes operate in concert. We want to provide our customers with simple solutions and omni-channel communication, which gives us a competitive edge in the increasingly digital environment.

How do you plan to respond to the growing expectations of your customers with regard to digitalization in the coming years?

Our customers, particularly the younger generations, demand decision-making and access to information in real time. The modern age is also marked by the ubiquity of smart mobile devices and internet access, which has become as indispensable as electricity. We are adapting our operations to changes in customers’ purchasing habits and technological development. Using joint or interlinked digital channels, we plan to provide comprehensive coverage of all product groups: non-life, life, health and pension insurance and asset management. In doing so, we will definitely be creative and experiment with a variety of different techniques.

“Our customers, particularly the younger generations, demand decision-making and access to information in real time.” 



Marica Makoter

Marica Makoter, Management Board member and Employee Representative
HRM, business Process management, IT, fraud prevention

Which would you say were the key advantages and challenges of the Group in the field of human resources?

The implementation of the set goals requires highly qualified and competent employees. Our focus will be on developing existing talent and recruiting new prospects through scholarships and long-term cooperation with universities. We will reinforce the implementation of our inter-generational cooperation programme. An effective bonus system will be used to motivate our employees. Education and training will be aimed at developing the required competencies, particularly digital competencies and leadership skills.

How is the Group overhauling its organizational culture?

The overhaul of the organizational culture is a strategic project that represents a major challenge for the entire Group and will be implemented throughout the entire strategic period. Our aim is to design a culture that will foster the implementation of the strategy through mutual cooperation, trust and respect. We will attain this with satisfied and responsible employees who are empowered to do their work and make swift and independent decisions. It is also crucial to ensure an appropriate flexibility, allowing employees to switch between projects and project groups as well as between organisational units and companies within the Group. Our customers do not separate their needs based on our division of tasks, they view us as a whole, which is why cooperation is so vital.

The overhaul of the organizational culture is a strategic project that represents a major challenge for the entire Group and will be implemented throughout the entire strategic period.”