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22 October 2009
Groupama Assicurazioni, created through the merger of Groupama Italia and Nuova Tirrena, aims to become one of Italy's top ten insurers by 2012
Groupama stands in a class of its own in the European insurance market, combining strength and performance with century-old values rooted in its origins as a mutual insurer.
Its development in Italy will be based on a profitable growth model and a commitment to transparent, sustainable relationships with customers, employees, agents and suppliers.
“Thanks to our solid experience and unique business model, we are well equipped to respond to the demands of the Italian market and become one of the top ten players in Italy by 2012”, said Jean-François Lemoux, Chief Executive Officer of Groupama International. “Our strategy is designed to deliver faster international expansion and increased revenues in the markets of Southern, Central and Eastern Europe. As part of this strategy, we’ve set ambitious goals for our operations in Italy and intend to invest heavily to achieve them.”
The first phase of the Groupama Italia/Nuova Tirrena Integration Plan consisted of extensively overhauling and upgrading the two companies’ processes and structures. In all, 117 cross-functional projects are underway, spanning all of the Group’s activities, with completion scheduled for summer 2010.
The key aspects of the Integration Plan concern:
The Business Plan provides for a significant increase in Groupama Assicurazioni’s market share in both life insurance (with a growth target of around 20% a year, led by strong bancassurance support) and non-life insurance (with a growth target of roughly 4% a year).
The Group also plans to diversify and revamp its product portfolio and to forge new partnerships with well-established local banks, even as it continues to expand its own network of agents.
The plan will be supported by a major investment programme to:
All the initiatives planned for the coming years will drive a significant increase in the distribution network’s marketing capacity.
The Business Plan also provides for a sharp reduction in administrative expenses (particularly IT costs), the deployment of business process re-engineering programmes and the application of strict risk management policies.
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