Company News Archives - Page 2 of 6 - GrECo risk and insurance management

Spotlight on Bulgaria: 25 Years GrECo Bulgaria

September 1, 2023September 1, 2023by Petra Steininger

Today, GrECo Bulgaria is one of the fastest-growing risk advisors and insurance brokers in the country and enjoys a strong presence in the market.

2023 will mark GrECo Bulgaria’s 25th anniversary. When GrECo Bulgaria was founded in 1998, it was hard to find a footing in the market. Yet, since redefining the corporate priorities in 2015, they have been focusing on different and more modern ways of insurance.

Today, GrECo Bulgaria is one of the fastest-growing risk advisors and insurance brokers in the country and enjoys a strong presence in the market. Following only two rules -“matter of trust” and ” business made by people
for people” – GrECo Bulgaria has managed to ascend to the top 10 brokers in Bulgaria, competing not only with local providers who sell individual insurance but also with the competitors on a global level.

GrECo Bulgaria’s office is in the capital city of Sofia, where most of its clients are located. But the colleagues
are flexible and over the past few years they have travelled over 300,000 km just to be close to their clients.
The main focus of their specialized activities is on Financial Institutions, Agriculture, Transportation and Logistics, Property, Aviation as well as Health & Benefits.

Facts & Figures – Bulgarian Insurance Market

In 2022, inflation was a major setback, which GrECo Bulgaria successfully circumnavigated, working hand in hand with the clients. In doing so, they helped them overcome the difficulties they experienced throughout the year. As a matter of principle, the colleagues do not shirk from difficulties and are always ready to help and guide their clients through tough periods, just like the current situation that has been exacerbated by the military conflict in Ukraine.

The Bulgarian non-life insurance market was dominated by car insurance and property insurance, with a share
of 88.4% registered in 2022. The brokerage market has grown by 12% in 2022.

GrECo Bulgaria managed to place over 28 million EUR premium from a total of 330 clients and over 1,100 policies in 2022.

What our clients say:

GfK

For over 85 years, GfK has been supporting its clients in business-critical decision-making processes concerning consumers, markets, brands, and media. GfK’s reliable data and insights, together with advanced AI capabilities, have revolutionised access to real- time, actionable recommendations that drive marketing, sales, and organisational effectiveness of GfK clients and partners.

Polia Green

HR Business Partner – Global Operations & GSC Bulgaria (MI, MM, MCI)
Human Resources Department | GfK | Bulgaria

Whenever when we required a specific service, additional clarification and follow-ups they were there for us! GrECo is a true partner who has our needs in mind and best interests at heart. They are great advisors whom we can count on for insights, current trends and possible solutions.

KPMG ITS

KPMG ITS is an exclusive IT service provider to the member firms of the KPMG network across the world. They deliver the full spectrum of IT services, including Project and Process Consulting, Cloud, Software Engineering, and DevOps.

Anita Asenova

Associate Manager | Payroll,
Compliance & Benefits, KPMG ITS

We first started working together with
GrECo during the Covid pandemic.
Together we succeeded in not only adapting
to the fast-moving changes but also anticipating them. GrECo specialists shared their knowledge and ideas on how to improve
the management of benefits and wellness
for our employees and provided us with
updated information about new risks and
insurance trends in Health & Benefits.

Related Insights

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Natural Gas Seems to Be the New Gold: Interview With Michael Kolb

Michael Kolb, Board Member at Acredia, talks about the political effects of the energy crisis and situation of the former Yugoslavian countries.

Disrupted supply chains and their consequences

Since the outbreak of the Corona pandemic two years ago, disrupted supply chains have threatened the existence of many companies.

The Focus on the Client Has Never Been Lost: Interview With Paul Spittau

July 26, 2023July 26, 2023by Petra Steininger

“Despite the growth of the company, the focus on the client has never been lost and is still the center of attention” – interview with Paul Spittau, our new Head of Group Carrier Relations & Insurance Mediation.

Could you tell us a bit more about your new position at GrECo? What will be the main area of your focus?

Spittau: Since 1st of June, I am responsible for Group Carrier Relations & Insurance Mediation at the GrECo Group.

On the side of Group Carrier Relations, I act as key person for relations with carriers for various issues, support and initiate the agreement of frame contracts to increase broking efficiency and generate added value for our clients. Another important role is to observe the market security in terms of carriers financial strenght, performance quality, etc..

In the area of Insurance mediation I have to ensure that GrECo’s broking strategy is delivered and always aligned to our core principle of acting in the best interests of our clients and in accordance with the legal framework for insurance intermediation.

Last, but not least, I am responsible for our GrECo Group’s own insurance.

What are some of the biggest challenges in your area of expertise?

Spittau: Challenging, but also very interesting, is the fact that you always have to be up to date on developments in respect of insurance mediation for 17 countries in order to always be able to react in time. As each country has its own legal requirements, it is also a challenge to implement insurance solutions on a group level.

What made you choose to become a part of the GrECo in the first place?

Spittau: GrECo is a family-run independent Austrian company, that has made an amazingly successful development in the last decade.

Despite the growth of the company, the focus on the client has never been lost and is still the centre of attention.

This success story and the values-based corporate culture that is lived here have inspired me very much, and I am now very much looking forward to making my contribution to further successful development.

Could you tell us a bit more about yourself outside of work? How do you like to spend your free time?

Spittau: I love to travel and get to know new cultures and people around the world.

In my free time I like to do any kind of sports. Since I was 8 years old, I have been an enthusiastic ice hockey player, but you can also find me at the tennis court, at the golf course or hiking in the mountains.

Paul Spittau

Head of Group Carrier Relations & Insurance Mediation

T +43 664 537 17 42

Cooperation Between GrECo Slovenia and Hervis

July 19, 2023July 19, 2023by Alma Ribanović

In the beginning of July 2023, we greet in our portfolio the company Hervis Slovenia and Croatia, one of a largest sports shop in Slovenia.

GrECo Slovenia and Allianz Partners have been writing a successful and unique story with the bike and e-bike insurance for over a year already. Our partner network includes more than ten big and recognizable specialized bike shops that achieve excellent sales results.

In the beginning of July 2023, we greet in our portfolio the company Hervis Slovenia and Croatia, one of a largest sports shop in Slovenia. They have a total of over 40 branches in both countries and Hervis stores are known for a high-quality products, professional and motivated employees, and excellent sales and after-sales customer support.

They recognized the extraordinary potential and added value for the customer in our unique insurance solution, as casco insurance for bikes and e-bikes offers exceptional coverage such as classic theft (outdoors) and burglary, robbery and vandalism, damage to the bicycle in the event of falls and traffic accidents, additional coverage for e-battery, mobile assistance.

Visit the Hervis stores and check their quality and affordable offers. Ask them also about our casco insurance for bicycles and e-bikes.

Alma Ribanovic

Group Practice Leader Affinity

T +43 664 962 40 17

Continue reading “Cooperation Between GrECo Slovenia and Hervis”

GrECo’s ESG Strategy: Rethinking Sustainability

July 5, 2023July 5, 2023by Petra Steininger

GrECo’s sustainability strategy comprises a holistic and systematic approach, focusing on involving all stakeholders and raising awareness among employees.

GrECo is a family-owned business that has been committed to sustainability for almost 100 years. We believe that being a family business provides us with the unique advantage of taking a long-term perspective on our efforts. Sustainability is not only a social obligation for us but also a strategic opportunity to create long-term value for our stakeholders. With this mindset, we have consistently pursued this issue in our operations and strive to continue to do so in the future. In 2022, we set ourselves the goal of rethinking our sustainability strategy by focusing on ESG aspects.

Involving all stakeholders

We aim to involve all relevant stakeholders in our ESG strategy development. At the same time, we want to ensure that sustainability is integrated into our corporate strategy and lived by all our employees to create a livable future for all of us. Our sustainability strategy will be continuously monitored, and as we take steps into the future, the success of its implementation will be reported, regularly reviewed and adjusted.

Project implementation and sustainability roadmap

Four focus areas were identified: Risks & Solutions, Environmental Performance, Social Responsibility, and Communications & Reporting. A responsible person was nominated for each area to elaborate on the subtopics and create a sustainability roadmap. This roadmap includes KPIs, personnel and financial efforts as well as a timeframe. The roadmap has already been approved by the Supervisory Board and will be implemented in 2023 and 2024.

Georg Winter

CEO GrECo Group

At GrECo, we’re committed
to making a positive impact
on sustainability by supporting
our clients on their risk
transformation journey with
a holistic approach
to risk management.

Materiality and Stakeholder Analysis

In the coming years, GrECo will conduct a materiality analysis and stakeholder analysis to prioritise the 13 identfied topics. The company will ensure that all stakeholder groups, such as clients, employees, shareholders, and suppliers, are included in the process.

Neubrand_Georg, GrECo Group Leadership Member

Georg Neubrand

CFO GrECo Group

Our ESG strategy will
help us to reduce our carbon
footprint and enhance our
reputation as a responsible
business through ambitious
targets and sustainable
practices.

Implementation and employee training

We, at GrECo, understand that our employees play a vital role in ensuring the success of the ESG strategy. As a risk specialist, we recognise the importance of raising awareness among our employees about ESG issues.
This ensures they are well-equipped to advise clients on the impact ESG-related developments will have on their risk landscape. Therefore, in addition to integrating ESG criteria into our own business policy and expanding services, GrECo will also provide training and sensitise its employees across all 17 countries on ESG matters. This approach ensures that the entire team is aligned with the company’s sustainability goals and well-equipped to effectively support clients in achieving their own sustainability targets.

Andratschke_Gabriele, Head of GrECo Group Human Resources

Gabriele Andratschke

Head of Group Human Resources

We will take our
commitment to social issues
to the next level and further
enhance our focus on diversity,
inclusion, and human rights.

A holistic and systematic approach to sustainability

GrECo’s sustainability strategy comprises a holistic and systematic approach, focusing on involving all stakeholders and raising awareness among employees. By embracing ESG principles, GrECo aims to continue its legacy of sustainability for the next hundred years.

Steininger Petra, GrECo Group Head of Communication

Petra Steininger

Head of Group Communications

Our ESG strategy will
successfully implement
transparency and
accountability through
governance and reporting
practices, gaining
even more trust and
confidence to strengthen
our reputation.

Gabriele Andratschke

Head of Group Human Resources

T +43 664 962 39 18