Corporate insurance trends from IC VUSO - IC VUSO Blog

Despite the unstable situation in the country, the insurance market continues to operate and provide protection, including for corporate clients. Dmytro Tsymidan, Director of the Corporate Insurance Department, spoke about insurance trends in the B2B segment, product modernization and digitalization of work under martial law.

• What is the current situation in the insurance market, particularly in the corporate segment.

We can say that the insurance market in Ukraine, like many other industries, has stabilized and started to grow. We can clearly see this on the example of VUSO insurance payments: in January-June 2021, insurance payments amounted to UAH 764,757, in the same period in 2022, insurance payments amounted to UAH 700,185, but in the first half of 2023, we reached UAH 1,188,481 in insurance payments.

VUSO showed a significant increase in the corporate segment, in particular due to Voluntary Health Insurance. As of today, we are ranked 5th in the rating of the best insurers.

We not only managed to restore sales, but also modernized our main insurance products and made them more attractive by introducing a simplified document flow, in particular in the settlement of losses and payments, online consulting, war risk coverage, telemedicine and other tools, including the use of artificial intelligence.

• What are the main insurance market trends in the corporate segment today?

We can identify several trends. In the VHI, it is the implementation of insurance programs for demobilized military personnel, where conventional protocols and insurance products are not always effective. We try to take into account the experience of our partner healthcare facilities and large corporate clients to create adapted programs for guys and girls who have returned from military service.

Another trend is the use of preventive measures, where health care and actions aimed at preventing diseases and strengthening immunity come to the fore. No matter how trite it may sound, in these difficult times, an emphasis on proactivity can have a powerful effect on staff performance and morbidity, particularly during peak periods. We are talking about such simple things as on-site lectures on immunity restoration, psychological support, recommendations on stress resistance, vitaminization, vaccination, etc.

• How can AI be useful for the insurer and the insured?

The introduction of AI will sooner or later affect all the main processes of any insurance company. It will be able to be an assistant and continuously analyze many databases.

In the near future, AI will become a part of the mechanisms for developing personalized products, risk assessment, underwriting, call reception, customer service chatbots, and claims handling.

• What insurance products are currently most in demand in the corporate segment?

The basket of the most popular products has not changed. It consists of VHI, hull insurance, MTPL, property and cargo protection, other compulsory insurance and some specialized voluntary insurance. Now there is a demand for certain options that we add to a particular product. In transport and cargo insurance, we are gradually easing the restrictions related to war risks, starting with the provision of separate limits and gradually moving towards products that include full coverage of the consequences of military operations.

Corporate clients want to understand that they are valuable to the insurer. To ensure this, we apply an individual approach to each of them. All clients have not only a personal specialist to support them, but also a separate claims manager. He consolidates all information and is always in touch. By the way, in terms of motor risks settlement, we have our own emergency commissioners in all regions of Ukraine. In the VHI settlement, we have more than 130 employees, mostly with higher medical education, located in three non-volatile contact centers in different cities of Ukraine and at remote workplaces abroad. This ensures continuous settlement in all circumstances.

We have launched two new products for employees of enterprises - WOW comprehensive insurance and critical illness insurance “Give yourself life”. WOW comprehensive insurance is a car insurance with a completely new approach, where the client receives not only a payout but also full support. The insurance company organizes a turnkey service: VUSO will independently deliver your car to the service station, control all stages of repair, assess its quality, and return the car to you fully restored.  Critical illness insurance guarantees the client financial protection in case of oncology. Treatment of such diseases is expensive, and this offer makes it affordable for everyone.