Alexander Georgiev

𝗪𝗵𝗮𝘁’𝘀 𝘂𝗽 𝗶𝗻 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱 𝗶𝗻 𝗽𝗮𝘀𝘁 𝗱𝗮𝘆𝘀? The last few days have been intense with world events. Here’s a brief summary of the most significant events and their implications for insurance: 🇷🇴 𝗥𝗼𝗺𝗮𝗻𝗶𝗮 Romania’s Constitutional Court annulled the first round of the 2024 presidential election, which was narrowly won by far-right ultranationalist candidate Calin Georgescu, amid allegations of Russian interference. 𝙄𝙢𝙥𝙖𝙘𝙩 𝙤𝙣 𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚: 𝙉𝙤 𝙙𝙞𝙧𝙚𝙘𝙩 𝙞𝙢𝙥𝙖𝙘𝙩 𝙛𝙤𝙧 𝙣𝙤𝙬. 🇰🇷 𝗦𝗼𝘂𝘁𝗵 𝗞𝗼𝗿𝗲𝗮  President Yoon Suk Yeol shocked the nation by declaring martial law on Tuesday night to thwart "anti-state forces" among his domestic political opponents. However, outraged lawmakers unanimously rejected the decree. Less than 24 hours later, his political future hangs in the balance, with street protests and impeachment proceedings underway. 𝙄𝙢𝙥𝙖𝙘𝙩 𝙤𝙣 𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚: 𝙉𝙤 𝙙𝙞𝙧𝙚𝙘𝙩 𝙞𝙢𝙥𝙖𝙘𝙩 𝙛𝙤𝙧 𝙣𝙤𝙬. 🇬🇪 𝗚𝗲𝗼𝗿𝗴𝗶𝗮 Georgia is being rocked by growing protests. Tensions intensified in late October when the Georgian Dream party claimed victory in a contested election widely seen as a referendum on joining the EU. Georgia, which gained independence from the Soviet Union in 1991, has pursued EU membership for years, with this goal written into its constitution. While most Georgians support EU membership, on November 28, the government signaled a pivot away from Europe, sparking widespread anger. 𝙄𝙢𝙥𝙖𝙘𝙩 𝙤𝙣 𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚: 𝙉𝙤 𝙞𝙢𝙢𝙚𝙙𝙞𝙖𝙩𝙚 𝙞𝙢𝙥𝙖𝙘𝙩, 𝙗𝙪𝙩 𝙡𝙤𝙣𝙜-𝙩𝙚𝙧𝙢 𝙞𝙢𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨 𝙘𝙤𝙪𝙡𝙙 𝙖𝙧𝙞𝙨𝙚 𝙙𝙪𝙚 𝙩𝙤 𝙥𝙤𝙡𝙞𝙩𝙞𝙘𝙖𝙡 𝙞𝙣𝙨𝙩𝙖𝙗𝙞𝙡𝙞𝙩𝙮. 🇸🇾 𝗦𝘆𝗿𝗶𝗮 Syrian President Bashar al-Assad fled the country early Sunday local time, following a lightning advance by a coalition of rebel groups, bringing an abrupt end to 50 years of Assad family rule. The rebels, led by the Islamist group Hayat Tahrir al-Sham (HTS), seized major cities including Aleppo, Hama, and Homs in less than two weeks as government forces—demoralized and disorganized after years of conflict—rapidly retreated. The news has sparked jubilation in Damascus but also immense uncertainty about the future of the country. 🚩 The situation in Syria might become very dangerous, especially considering the overall heightened tensions in the Middle East. It is also necessary to take into consideration the refugee situation and the potential impact on oil prices. 𝙄𝙢𝙥𝙖𝙘𝙩 𝙤𝙣 𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚: 𝙎𝙞𝙜𝙣𝙞𝙛𝙞𝙘𝙖𝙣𝙩 𝙜𝙚𝙤𝙥𝙤𝙡𝙞𝙩𝙞𝙘𝙖𝙡 𝙞𝙢𝙥𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨, 𝙗𝙪𝙩 𝙙𝙞𝙧𝙚𝙘𝙩 𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚 𝙞𝙢𝙥𝙖𝙘𝙩𝙨 𝙧𝙚𝙢𝙖𝙞𝙣 𝙡𝙞𝙢𝙞𝙩𝙚𝙙/𝙪𝙣𝙘𝙡𝙚𝙖𝙧 𝙙𝙪𝙚 𝙩𝙤 𝙤𝙣𝙜𝙤𝙞𝙣𝙜 𝙞𝙣𝙨𝙩𝙖𝙗𝙞𝙡𝙞𝙩𝙮. #update #multinationalinsurance 

17

🚗✨ Motor insurance on Mokka! 🎥 Yesterday morning, I had the pleasure of discussing the ongoing motor insurance campaign and trends with Gergely Váczi and Barbara Orosz on TV2 Média Csoport Zrt.'s morning show, Mokka!  🎤🤝 More insurers offer add-ons alongside MTPL policies (as riders), such as legal assistance 🚗💥🚙, limited casco 🚘, and roadside assistance 🔧⚠️, opening doors to value-based decision-making. This shift would be crucial in Hungary, where the average vehicle is over 15 years old! 🔧⏳ Although the number of casco policies managed by Netrisk Magyarország 📈 keeps growing year by year 💪, full-coverage casco penetration in the Hungarian market continues to decline 📉 The Netrisk Group has already introduced expert and customer ratings for several products in 6 countries🌍, so perhaps this unfavorable trend can also be reversed through ratings. 📊💡 We also touched that for low-risk, high-bonus vehicles, competition is heating up! 🔥 Insurers are repositioning to capture the market. With this campaign, customers save an average of 17,000 HUF on their policies, while those switching mid-year can save 25,000 HUF! 💸💰 #mtpl #motor #insurance #casco #campaign #tv #tv2 #netrisk #netriskgroup #ta #bauermedia #mci

42

2 Comments

💫 Celebrating a big achievement for me today :) 💫 It's now three months since I joined InsFocus, and I learned a lot from our team and partners.  Here are three insights I want to share with you: Insurance business is much more complex than meets the eye. It has many challenges and smart people trying to solve them, but the most important is understanding the core metrics of the business. Being a great tech company is not enough, you need to understand how the insurance industry works and thinks; how decisions are made and you need to talk the language of the business. Good data is super important. I knew this from my last job, but now I see how hard it is to obtain correct data in insurance. It is one of the key assets of an insurance company and you must build a strong foundation of trust with your clients to be able to cooperate with insurers.   In BizDev, you must be sharp. You should ask the right questions that grab the attention of insurance professionals to set you apart, mainly because they have hundreds of approaches from tech providers on daily basis. So, here’s my question for you today: "Are you happy with how data is organized at your company?" If not, let me know. We can set up a meeting that could help us both do better and help you deliver business benefits to your organization based on robust analyzed and correct data.. Have a great day :)   #Data #WeLoveData #InsFocus #Insurance  

29

#POLAND Insurance #applications believers - you can wake up from your #dreams now! Following Deloitte report: #GenZ in PL insurance decisions taking based on recommendations of: - Parents 42% - Insurance agents 30% (EU avg. 23%) - Friends 26% Link to the raport U can find in comments.

17

2 Comments

GENERALI HEALTH SOLUTIONS GOES INTERNATIONAL   With us, employers in more than 50 countries can now invest in the mental health of their employees.   Programs for the mental health of the workforce are a matter of course for many companies. Offerings are available on site, digitally and hybrid. But what about employees at other locations - or even #abroad? Can they also benefit from the offers?   This is a question we have been looking into intensively. That's why we are delighted about our cooperation with Modern Health. We are now offering employers simple and straightforward access to Modern Health's global comprehensive services in the field of mental health in the workplace - in over 50 countries.     Find out more: https://lnkd.in/emQ9WXtN   https://lnkd.in/enUZUpmZ       #EmployeeHealth #Health #MentalHealth #EAP #MentalHealthMatters #WorkplaceMentalHealth #GlobalPartnership

65

3 Comments

See you today at Transylvania Insurance Days. I will give you a quick insight: the future of insurance distribution is hybrid 😉

21

2 Comments

Looking forward to this chat with Nikola Djokic, to talk about opportunities and key success factors of embedded insurance. Thank you for having me SAP Fioneer ! Register here --> https://lnkd.in/eniSBr_C #EmbeddedInsurance #InsurTech

23

5 Comments

2 𝐥𝐚𝐤𝐡+ 𝐜𝐨𝐦𝐩𝐥𝐚𝐢𝐧𝐭𝐬 𝐨𝐟 𝐥𝐢𝐟𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐦𝐢𝐬-𝐬𝐞𝐥𝐥𝐢𝐧𝐠 𝐰𝐞𝐫𝐞 𝐫𝐞𝐩𝐨𝐫𝐭𝐞𝐝 𝐢𝐧 𝐅𝐘 2023-24. During the budget session, this was highlighted in the latest Economic Survey as a major issue in the insurance sector. And that is very, very concerning. We have often seen discount and offer boards in stores boasting attractive prices - but hiding T&Cs in small fonts. But this same mis-selling when happens with customers while buying something as crucial as life insurance - something that will protect their family after them - that becomes inhumane. Bad actors in the space have been found hiding information, misinforming customers, or even forcing them into buying a policy, without properly explaining the ins and outs. It’s high time the insurance industry comes together and acts against these unethical practices. 👉IRDAI, in its last circular, has already asked insurers to be more mindful with advertisements. There shall be no more misleading ads - ❌Highlighting benefits without mentioning the risks, limitations, and conditions ❌Exaggerating benefits or demeaning other insurer’s reputation 👉Also, with the free look period extended from 15 to 30 days - customers will have more time to assess their needs. If a policy is mis-sold by hiding certain information, misinforming, or if the insured is just not satisfied with it - they can cancel or return the policy. 👉And the Customer Information Sheet (CIS) is also being made more transparent, providing detailed but simplified info regarding coverage, exclusions, waiting periods and all necessary details. So the customer doesn’t feel overwhelmed with the complex terms, and truly understands the policy before signing up for it. At SMC Insurance Brokers Pvt Ltd, we have remain committed to our customers in all ways possible - exactly why we have by far one of the highest renewal persistency (how many renew after Year 1) in the entire life insurance industry. This is the least we could do. Insurance has always stood on the pillar of trust. It’s my humble request that we don’t break it. What are your thoughts on this? Let me know below👇 #insurance #budget2024 #economicsurvey #awareness

115

14 Comments

Exciting News from #Poland! 🚀Our CEO, Jānis Lucaus, has been featured in Rzeczpospolita today, discussing a crucial topic: "Financial Integrity of Insurers is a Matter of Survival." 📈 🔍 The insurance market is evolving, and transparency is essential. For #Gen-Z and #Millennials, clear and honest communication is vital. They prefer brands that are straightforward and genuine. 📣 🔍 Despite some negative perceptions, trust in the insurance industry is growing. According to the 2023 Edelman Trust Barometer, 72% of respondents in Poland trust insurers. 🤝 At Balcia Insurance SE, we are committed to honesty and transparency. We aim to provide clear and fair insurance terms, ensuring financial protection without complicating clients' lives. ✨ Read the full commentary in today's Rzeczpospolita! 📅 #Balcia #Insurance #Trust #Transparency #FinancialIntegrity

45

📢 Are We Risk Literate Enough?   For the longest time, my intellectual passion has been our collective approach to risk, both current and future. This is why I was surprised after reading a recent study conducted in nine countries in CEE by Vienna Insurance Group (VIG). It revealed a concerning trend: two-thirds of respondents showed a clear weakness in correctly categorizing risks and could not find preventative solutions or take appropriate safeguards against them. In light of these findings, I was excited to sit down with Hartwig Löger, CEO of VIG, to discuss whether our societies are truly risk-literate enough. We delved into the reasons why organizations often prioritize environmental issues over transforming social aspects of their operations and why it is crucial to address this imbalance.   Our conversation highlighted the need for a more comprehensive approach to risk management that encompasses both environmental and social dimensions.   Join us in a dialogue on how we can collectively enhance our risk literacy and create a safer, more resilient future for all 👉 https://lnkd.in/dYFhX-kM #HORIZON #riskmanagement 

233

Just finished the course “Financial Analysis: Making Business Projections” by Rudolph Rosenberg! Check it out: https://lnkd.in/dcmFHnEC #financialprojection.

2

Here comes the result of many years of experience in #inclusive #insurance and development of business strategies presented by Gideon Ataraire Lemmy Manje at the #ICII2024 What works: A separate unit #Simple products and processes Pay claims fast Claims testimonials #B2B and #B2B2C Profit share contracts #Partnerships for #distribution and admin Multi-lingual telesales call centres What does not work: Traditonal mindest (!!!) Do everything yourself Partnerships with not buy-in of key leaders No budget for #marketing Much more has been presented which we will summarize in the conference report. Mohammed Ali Ahmed Laura Elena Rosado Ovia K. TUHAIRWE S M Ziaul Hoque, FLMI Microinsurance Network Munich Re Foundation Dirk Reinhard NEPAL INSURANCE AUTHORITY (Insurance Regulatory)

79

4 Comments

𝟐.𝟖𝟎𝟎𝐦. 𝐂𝐲𝐜𝐥𝐢𝐧𝐠 𝐚𝐧𝐝 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: 𝐚𝐧 𝐞𝐱𝐭𝐫𝐚-𝐨𝐫𝐝𝐢𝐧𝐚𝐫𝐲 𝐬𝐭𝐨𝐫𝐲 During the recent Eurolife Congress, Doros Lipertis, one of our top Insurance Advisors, shared his amazing journey, overcoming adversity en route to unparalleled heights. He shares, in short, lessons learned from cycling that also apply in our profession. 𝐘𝐎𝐔 𝐇𝐀𝐕𝐄 𝐓𝐇𝐄 𝐏𝐎𝐖𝐄𝐑 The power is in your hands. The motivation, the incentives, the support, the vision, the goal. It is all internal. Find the drive inside you, believe in your abilities and let go. Power lies within because this is the one element we fully control: our own lives. We control how lucky we are, we create our good fortune by determination and effort. 𝐓𝐎 𝐑𝐄𝐀𝐂𝐇 𝐓𝐇𝐄 𝐓𝐎𝐏 𝐏𝐇𝐘𝐒𝐈𝐂𝐀𝐋𝐋𝐘, 𝐘𝐎𝐔 𝐅𝐈𝐑𝐒𝐓 𝐌𝐔𝐒𝐓 𝐑𝐄𝐀𝐂𝐇 𝐈𝐓 𝐌𝐄𝐍𝐓𝐀𝐋𝐋𝐘 To reach higher, you need a vision and a mission. You need to see the mountaintop mentally and spiritually, before you attain it. At the same time, you need to delete the word quit from your vocabulary. 𝐎𝐁𝐒𝐓𝐀𝐂𝐋𝐄𝐒 𝐀𝐑𝐄 𝐓𝐇𝐄 𝐏𝐔𝐑𝐏𝐎𝐒𝐄 On your way to the top don't let the obstacles deter you. The obstacles are part of the path. You need to embrace overcoming difficulties by being flexible and by being ready. Be able and be flexible. Adapt and go on, without going off the rails. 

25

1 Comment

Remote is great, but physical presence matters, as nothing can replace the ‘water cooler’ conversations. Many times the most productive conversations happen in a casual environment. My colleague Stefan Stojanovic from our PID Department makes a killer Serbian coffee and he was telling me about his day. He said how he never met an underwriter who thrives on endless emails about missing documents. Neither have I.  Let's face it - this isn't just a minor nuisance. It's a productivity black hole sucking the joy out of our workdays. The constant back-and-forth isn't just frustrating...it's a real drag on business efficiency, slowing down policy issuance and dampening the bottom line. And the burnout factor for underwriters, who signed up to evaluate risks, not chase paper trails isn’t negligible. But hey, there's light at the end of the tunnel (and no, it's not just an oncoming train of more emails). It's called support. And guess which company is kind of famous for mastering the ins and outs of superb administrative support, among all other things - OIP Team. So don’t be shy to admit that this is hindering your work days as well.

52

17 Comments

🚨 𝐥𝐚𝐮𝐧𝐜𝐡 𝐚𝐥𝐞𝐫𝐭: 𝐒𝐌𝐀𝐑𝐓 𝐭𝐫𝐚𝐯𝐞𝐥 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐢𝐧 𝐜𝐨𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐀𝟏 𝐒𝐥𝐨𝐯𝐞𝐧𝐢𝐚 A1 Slovenija d.d. and LAMIE direkt have extended their existing embedded travel insurance solution. After enhancing all A1 mobile packages with a loyalty-boosting "Freemium" travel insurance for complimentary basic travel protection, A1 Slovenia now launched our unique travel insurance, which activates automatically when abroad (thx to roaming data magic 🧙‍♂️ ) - anywhere in the world. Big shout-out to our friends of A1 Slovenia , you guys truly embrace innovation! After launching the piooniering "Freemium" in December, this is the next major milestone. A smart Telcosurance strategy executed smoothly - this is the role model of how to unlock the major potential of Telcosurance while creating value for customers in many ways; - peace of mind for customers when travelling - unique convenience - save money Well done! https://shorturl.at/M0xbr #Telcosurance #InsurTECH

46

3 Comments

Just finished the course “Critical Thinking for Better Judgment and Decision-Making (with Audio Descriptions)” by Becki Saltzman! Check it out: https://lnkd.in/dPfvp_dZ #decisionmaking #criticalthinking.

4

Start-Ups should learn something from there clients. 📣 📣   Insurance industry is very traditional and moving slowly, that’s what I hear from a lot of colleges BizDev’s in different InsureTech companies. I know that maybe what I am going to say here will be against the common opinion of the start-up industry but in order to succeed in the Insurtech industry you have to be patient, and don’t get me wrong it’s not should be interpreted as sit and wait in the office till your clients will move or deiced about your future, you should push as hard as you can. But I mean that you should understand that for big companies it takes time to take a decision. And that’s because: 1. They don’t like to take unnecessary risks. 2. It’s all about process, to take a decision is the easy part, to think about the process and integration this is the real challenge. 3. You should gain trust in the market – Most of the deals fail because of trust issues between the organizations and the start-ups. The main idea of start-up is to be able to develop two main things, tech concept that will be valuable enough to the industry and valid business model that can work and be profitable. To check the foundation of these two main aspects you should work with several clients, have a long discussion with insurance experts and potential clients and not to give up fast because you feel that things moving slow. When I joined InsFocus several months ago, me and Hanan Taiber went to meet most of InsFocus clients, I saw how valuable we are to our clients and it gave me a lot of confidence on my new journey, to be able to find the right tech, with the right business model, to keep your clients happy to build name in the market and especially to have the experience and the deep understanding of the insurance industry this is things takes time.   I want to close my post and say work hard today with a great vision for the next 20 years. See you on the next meeting or event 😊 

3

This is a photo from my grandmother's house, who makes these embroidered accessories and small vases and sells them to earn some money, as her pension is small. At the time, the pension system in Bulgaria was quite limited. Fortunately, this is no longer the case, and we workers and employers must understand that one day we can only embroider for pleasure if we simply know the advantages of the third pillar in the pension system through voluntary pension insurance. It is estimated that the first pillar (state) pension could provide around 30% of the income of everyone who retires. In practice, this pension will amount to about 30% of the person's last salary before retirement. The second-pillar pension - compulsory provision in private pension funds for all born from 1960 onwards - should provide an additional 10-15%. Or in total these two pillars will provide between 40% and 50% of the pre-retirement salary. The difference of about 20% (until the recommended 70% of the last salary is reached) must be compensated by each of us individually. This is done through insurance in a voluntary pension fund. You choose the amount you wish to deposit and the period in which to deposit. You have the right to tax relief, and you can use the saved money when you decide. Or you can keep it as security buffer for the future. Indeed, in the event of misfortune, for exemple death or disability, those with a third pillar could have an income for themselves and their family. I am extremely happy that our business clients adapt more and more the voluntary pension insurance as a key benefit to their employees. So when they retire, they will embroider just for fun. #thinkfuture #thinksmart

20