We spoke to Faris Fazlibegović who will be heading the operations in Bosnia and Herzegovina, and Irma Ibrahimpasic-Hadzic , our Group Market Developer, about their goals and vision for our presence in BiH
We are thrilled to announce a significant milestone for GrECo Group as we expand our presence in Southeast Europe with the opening of a new office in Sarajevo, Bosnia and Herzegovina. This strategic move not only marks a major step forward for our company but also promises to invigorate the local insurance landscape.
We spoke to Faris Fazlibegović who will be heading the operations in Bosnia and Herzegovina, and Irma Ibrahimpasic-Hadzic, our Group Market Developer, about their goals and vision for our presence in the country.
With nearly thirty years of experience in the insurance industry, Faris brings a wealth of knowledge and expertise to his new role. His extensive background positions him perfectly to lead our new team in Sarajevo
Irma, based in Vienna, has been instrumental in driving our market development strategies across the region. Her insights and leadership have been pivotal in ensuring the successful establishment of our new office.
What are your goals and focus areas for the Bosnian market?
Fazlibegović: Considering the relatively low level of trust in insurance products, I believe that there is great potential for GrECo BiH to build awareness and long-term trust through its innovative solutions and personnel competencies. Especially in the corporate segment, I see the possibility of creating conceptual solutions for specific client requests, for which the local insurance market does not have an adequate answer. It is important to point out that desirable lines of business have been detected and it will be our focus for acquisition, such as PD&BI, Liability, Health&Accident in various industries (Telecommunications, Aviation, Financial Institutions, IT…). One of the focuses is certainly cooperation with Sparkasse Bank in Bosnia and Herzegovina, in other words, establishing local business cooperation at the desired level of GrECo Group.
What made you choose to become a part of GrECo?
Fazlibegović: During my long experience in the insurance industry, I fortunately had the opportunity to be convinced of the strength of the GrECo Group and each time my associates impressed me with their knowledge, competences and expertise. I am convinced that together with my colleagues, who also gave me selfless support in the previous period, I will improve my knowledge to the highest level.
Could you tell us a bit more about yourself outside of work? How do you like to spend your free time?
Fazlibegović: Outside of work, as far as opportunities allow, I try to do sports as much as possible and spend time in nature. It is a special pleasure for me to spend time in my holiday home outside the city and enjoy moments with my family.
Considering the relatively low level of trust in insurance products, I believe that there is great potential for GrECo BiH to build awareness and long-term trust through its innovative solutions and personnel competencies.
General Manager
Why did GrECo decide to open an office in Bosnia and Herzegovina?
Ibrahimpasic-Hadzic: GrECo established an office in Bosnia and Herzegovina to capitalize on the expanding insurance market and improve its local client services. By having a presence in BiH, GrECo can better address the unique needs of businesses within the region, offering specialized insurance solutions. This initiative aligns with GrECo’s broader strategy to strengthen its position in Southeast Europe, where there is considerable potential for growth.
Group Market Developer
GrECo established an office in Bosnia and Herzegovina to capitalize on the expanding insurance market and improve its local client services.
What are the major challenges in the Balkan area?
Ibrahimpasic-Hadzic: The Balkans encounter several challenges, including political instability, diverse regulatory environments, and economic volatility. In Bosnia and Herzegovina specifically, the insurance broker market remains in development, characterized by issues such as market fragmentation and limited consumer confidence in insurance products. Brokers shall navigate these complexities while competing with both local and international firms. Additionally, increasing digitalization presents opportunities and challenges for brokers to engage clients effectively.
To succeed, brokers need to concentrate on client education to enhance awareness of the advantages of comprehensive insurance coverage, ultimately contributing to market expansion.
Faris Fazlibegović
General Manager
GrECo BiH
Mag.iur. Irma Ibrahimpasic-Hadzic
Group Market Developer
T +43 664 888 44 790
