Written by GrECo Austria was invited to take part in a tender for the insurance and risk management of ENGEL in 2019. ENGEL is one of the global leaders in the manufacture of plastics processing machines.
ENGEL is one of the global leaders in the manufacture of plastics processing machines. The Group offers a full range of technology modules for plastics processing as a single source supplier: injection moulding machines for thermoplastics and elastomers, complete with the required automation. Their individual components are equally competitive and successful in the market. The family company was founded in 1945. Today, ENGEL operates with about 7,000 employees at 9 production plants in Europe, North America and Asia (China and Korea) has subsidiaries and representatives in more than 85 countries
Insurance based on risk management
GrECo Austria was invited to take part in a tender for the insurance and risk management of ENGEL in 2019. The tender aimed at changing the focus of ENGEL ́s insurance management to a dedicated risk-based approach for the Group’s worldwide companies. The decision to mandate GrECo was based on their integration of operational risk management and risk engineering into our insurance programmes. In addition, they are an owner managed company, like we are. They understand our values of a family business rooted in the region and the visions of a global company”, recalls Christian Zoidl, Head of Legal/Insurance at ENGEL Group.
The cornerstone of the new strategy was the provision of services along the entire risk management process of operational risks. GrECo‘s own subsidiary, GrECo Risk Engineering GmbH, comprises specialists who are familiar with the development and implementation of company-wide risk management systems. The specialist team looks back on many years of industry experience and has used efficient tools to support ENGEL ́s operational risk management activities.
GrECo is an owner-managed company, like we are. They understand our values of a family business rooted in the region and the visions of a global company.
Michael Grininger
VP HR/Legal/Insurance at ENGEL Group
New setup of worldwide property & liability programmes
In order to optimise the property insurance cover and minimise the operational risk, all sites around the globe are and were subject to a risk assessment. During the pandemic, remote and hybrid risk surveys were the order of the day. After the first recommendations were implemented and the risk made “fit” for further treatment, GrECo experts were able to arrange the transfer of the remaining risk to a suitable insurer. “In a change management process, the quality of the risk manager becomes all the more visible. GrECo has displayed its determination and professionalism, has achieved the best results in the insurance market and has shown us the way forward with comprehensive risk management measures,” comments Michael Grininger, VP HR/Legal/Insurance at ENGEL Group.
As far as liability insurance is concerned, a dedicated programme solution for ENGELS ́s state-of-the-art
industry 4.0 solutions was created. The integration of peripheral equipment with customised automation concepts and the development towards a network-based, self-optimising injection moulding production demanded a new worldwide setup. The new programme takes into account ENGEL ́s digitisation efforts by including IT insurance into the worldwide liability programme.
Christian Zoidl sums up: “We made the right choice in partnering with GrECo. They are also a 3rd-generation family business that has successfully ventured out internationally, GrECo is a stable, reliable, and global partner for us.”
This article is part of our new Annual report 2021. The annual report gives you a review on GrECo`s facts & figures of the last business year and our most important developments. In addition you can find testimonials on the services the GrECo Group provides to its clients. The case studies are from different industries and GrECo regions.
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