Life Insurance Leader Offers Diverse Product Portfolio
BCR Asigurari de Viata is a pioneer in Romania’s high-potential insurance industry and the local market leader in bank assurance. As a member of Vienna Insurance Group and with a strategic partnership with Romanian Commercial Bank (BCR), BCR Asigurari de Viata combines international reach with in-depth local knowledge.
Their innovations, highly developed distribution channels, diverse portfolio of products and exemplary customer service have made BCR Asigurari de Viata one of Romania’s most impressive success stories. Sorin Mititelu, President, explains, “BCR Asigurari de Viata can make use of the banking-services distribution network of BCR, Romania’s biggest bank, and of Vienna Insurance Group, and we are now the leading bank-assurance provider in Romania. Life insurance has enormous growth prospects in Romania, since around 70% of the population does not yet have this protection.”
While home and auto insurance are obligatory in Romania, life insurance is not, and a challenge in the local insurance market is to inform the public about the advantages of life insurance protection and then to bring innovative insurance products to customers. Sorin Mititelu points out, “Public institutions are not yet offering an adequate level of services, and we are seeing a growing trend among consumers toward increased saving and investing rather than spending. More and more people need more protection for their assets and for their families, and they are realising that they need this protection. Now we need to make sure that there are no barriers to distributing such products.” BCR Asigurari de Viata’s well developed BCR distribution infrastructure is definitely an advantage for customers.
Investment insurance and employee-benefit products
To fulfil its customers’ needs, BCR Asigurari de Viata is focusing on two categories of products: insurance coverage for protection and investment insurance options. Sorin Mititelu points out, “In the second category, investment insurance, we have various choices to offer, including life insurance. The client chooses a product according to a preferred investment strategy or asset risk.”
BCR Asigurari de Viata has positioned itself as an ideal partner for international companies operating in Romania thanks to its innovative employee-benefit packages and health-insurance products for the corporate market. Sorin Mititelu says, “Such packages are not common in Romania, but multinationals know that it is important not only to hire but also to retain top-quality human resources, and such benefits and healthcare packages are a way of doing that. BCR Asigurari de Viata can provide such products here in Romania.”
He concludes: “It is not only about headhunting or hiring, it is more important to keep the most efficient and valuable people by ensuring they feel comfortable with their insurance package. It is an investment in people, in key employees of companies or even simple citizens. They deserve to have better services through products we offer, in addition to what could be offered by the state public systems.”