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Insurance Distribution Channels in Serbia

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МЕЂУНАРОДНИ ЧАСОПИС ЗА ЕКОНОМСКУ ТЕОРИЈУ И ПРАКСУ И ДРУШТВЕНА ПИТАЊА EKONOMIKA Vol. 60, october-december 2014, № 4 ЕКОНОМИКА Часопис излази четири пута годишње Година LX, I-III 2014, број 1 ИЗДАВАЧ: Друштво економиста “Економика” Ниш ISSN 0350-137X, EISSNСУИЗДАВАЧИ: 2334-9190, Економски факултет у Приштини, UDK Факултет 338за услужни (497,1) бизнис - Сремска Каменица, Институт за економику пољопривреде - Београд, Факултет за пословне студије и право Стр. 105-116 - Београд, Факултет за трговину и банкарство, Универзитет Алфа - Београд, Савез економиста Србије - Друштво економиста Ниш. ГЛАВНИ И ОДГОВОРНИ УРЕДНИК: 1 Проф. др Драгољуб Симоновић Jelena Božović, PhD ПОМОЋНИЦИ ГЛАВНОГ И ОДГОВОРНОГ УРЕДНИКА SCIENTIFIC REVIEW ARTICLE Мр2 Зоран Симоновић (економија) Др Александар Ђурић (право) УРЕДНИШТВО: Meliha SaračevićПроф. др Снежана Ђекић Проф. др Драго Цвијановић Received: August 03, 2014 Економски факултет - Ниш Институт за економику пољопривреде - University of Priština,Проф. др Славомир Faculty Милетић ofБеоград Economics, Accepted: October 12, 2014 Економски факултет - Приштина Проф. др Драган Момировић Др Александар Андрејевић Факултет за пословно индустријски Факултет за услужни бизнис - Сремска менаџмент - Младеновац Kosovska MitrovicaКаменица Проф. др Живота Радосављевић Др Душица Карић Факултет за образовање дипломираних Универзитет Алфа - Београд 3 правника и дипломираних економиста за Andriana Milošević, PhD руководеће кадрове - Нови Сад РЕДАКЦИЈСКИ КОЛЕГИЈУМ Академик Зоран Лакић, Подгорица (Црна Гора) Акадeмик Станислав С. Јанецко, Кијев (Украјина) University of Niš,Академик Faculty Љубиша Папић, Чачак (Србија)of EconomicsДр Андреј Арјамов, Москва (Русија) Niš Др Рајмунд Мирдала, Кошице (Словачка) Др Ливију Думитраску, Плоешти (Румунија) Др Марија Павлова, Велико Трново (Бугарска) Др Срећко Милачић, Косовска Митровица (Србија) Др Јован Давидовић, Букурешт (Румунија) Др Милан Амброж, Ново Место (Словенија) Др Јуриј Књазев, Москва (Русија) Др Јонел Субић, Београд (Србија) Др Андрес Карион Гарциа, Валенсија, (Шпанија) Др Бојан Крстић, Ниш (Србија) Др Рената Краковска, Варшава (Пољска) Др Дино Мартелато, Венеција (Италија) Др Алеxандру Неделеа, Сучева (Руманија) Др Иван Чарота, Минск (Белорусија) Др Набиева У.Н., Махачкала (Русија) Др Милица Вујичић, Нови Пазар (Србија) Др Слободан Цветановић, Ниш (Србија) Др Драгутин Шипка, Бања Лука (Р. Српска) Др Збигниев Пашек, Краков (Пољска) Др Јасмине Старц, Ново Место (Словенија) Др Боривоје Прокоповић, Ниш (Србија) Др Марија Станкова, Благоевград, (Бугарска) Др Тадеуш Грабински, Краков (Пољска) Др Андриела Витић-Цветковић, Котор (Црна Гора) Др Јанко Радуловић, Подгорица (Црна Гора) ИЗДАВАЧКИ САВЕТ INSURANCEДр Бобан Стојановић, Ниш (Србија) DISTRIBUTIONДр Александар Грубор, Суботица (Србија) CHANNELS IN SERBIA Др Душан Здравковић, Ниш (Србија) Др Петар Веселиновић, Крагујевац (Србија) Мр Бранислав Јованчић, Ниш (Србија) Мр Наталиа Глаголева, Белгород (Русија) Др Љубиша Митровић, Ниш (Србија) Др Славиша Трајковић, Косовска Митровица (Србија) Др Живорад Глигоријевић, Ниш (Србија) Др Бранко Михаиловић, Београд (Србија) Др Софија Лихова, Кијев (Украјина) Др Братисалав Прокоповић, ЛесковацAbstract (Србија) Др Бећир Калач, Нови Пазар (Србија) Др Миријана Кнежевић, Крагујевац (Србија) Др Рајко Буквић, Београд (Србија) Др Александар Костић, Косовска Митровица (Србија) StartingЕКОНОМИКА from 90s of the last century1 there are changes in the insurance industry. The manner of delivery of insurance products is changed by the development of technology and in accordance with clients’ needs and wishes, which means sales of insurance with complete financial service. Insured, i.e. contractor of insurance services must be in the center of all activities of insurer. Fast and fair discharge claim or amount insured is the main factor which creates trust, certainty and satisfaction of the insured. In the conditions of numerous competitions in the insurance market, changed attitude of consumers and development of technology, distribution channels of insurance products are of extraordinary significance for successful business of insurance companies. Sales are one of basic functions in an insurance company. Adapting to the market conditions, insurance companies change the traditional manner of operation by accepting new sales channels. Specifically, this means innovation of insurance product distribution network in compliance with the legislation, in terms of different forms of cooperation of insurance companies with financial institutions. Primarily, the insurer must direct sales of services to those areas and sales channels which will be optimal for the company. In the present paper, we analyze institutional regulations of insurance in Serbia, distribution network of insurance sales and value of insurance service. Key words: insurance companies, distribution channels in insurance, insurance regulations, insurance premium, insurance brokers, insurance agents. JEL Clasiffication: G22, I13, G18. ДИСТРИБУТИВНИ КАНАЛИ ОСИГУРАЊА У СРБИјИ Апстракт Почев од 90-их година прошлог века долази до великих промена у индустрији осигурања. Мења се начин испоруке производа осигурања развојем техноло- гије и у складу са потребама и жељама клијената, што подразумева продају осигурања са комплетном финансијском услугом. Осигураник, односно угова- рач услуга осигурања, мора бити у средишту свих активности осигуравача. 1 jelena.bozovic @ pr.ac.rs 2 [email protected] 3 [email protected] ©Друштво економиста “Економика” Ниш 105 http://www.ekonomika.org.rs ©Друштво економиста “Економика” Ниш http://www.ekonomika.org.rs Брза и правична исплата одштете или осигуране своте, главни је фактор који ствара поверење, сигурност и задовољство осигураника. У условима бројније конкуренције на тржишту осигурања, измењеног става потрошача и развоја технологије, канали дистрибуције производа осигурања су од изузетног зна- чења за успешно пословање осигуравајућих друштава. Продаја је једна од ос- новних функција у друштву за осигурање. Прилагођавајући се тржишним усло- вима, осигуравајућа друштва мењају традиционални начин рада прихватњем нових канала продаје. Конкретно, то подразумева иновацију дистрибутивне мреже производа осигурања уз поштовање законске регулативе, у смислу раз- личитих облика сарадње осигуравајућих друштава са финансијским институ- цијама. Пре свега, осигуравач мора усмерити продају услуга на она подручја и продајне канале који ће за друштво бити оптимални. У овом раду анализирамо институционалну регулативу осигурања у Србији, дистрибутивну мрежа про- даје осигурања и вредност услуге осигурања. Кључне речи: осигуравајућа друштва, дистрибутивни канали осигурања, регулатива осигурања, премија осигурања, посредници у осигурању, заступ- ници у осигурању. Introduction Business insurance companies in the financial market involves meeting the needs of different and new clients, strengthening and development of competition, reducing costs in order to gain advantages, superiority and increase profits. Serbian insurance market seems more competitive insurance companies that offer and sell the same services. That is being the case, the insured can choose between multiple bidders the same insurance. The most common criteria by which the insured decides to certain insurers in terms of low standard of living is the cost of insurance even though it is not the only criteria that a potential insured must bear in mind. This research allows the presentation of different distribution channels in Serbia, as well as proposed guidelines for the future development of distribution channels. The general social objective of this research to understanding the general conditions prevailing in the insurance market, as well as the ways in which insurance companies distribute their services. In addition, the starting points of the research are of legal norms or regulations to guarantee the fulfillment of the obligations assumed risks. Attention should be paid to the new entities in the insurance market with profit motivation devalue the institution of insurance, the conditions when there is no legal framework for the protection of property of citizens, more effective improvement loans, raising funds, capital allocation and social welfare component. 1. Institutional insurance regulation in serbia Primal form of regulation of insurance in Serbia located in Dušan’s Code, in which it was the collective responsibility of farmers for damages to whom it happens. In a real sense of security in Serbia is mentioned only in mid-19th. Until the late 19th century, foreign companies had a monopoly in the provision of insurance services [8]. Between the two world wars, domestic insurance companies are gaining in importance. МЕЂУНАРОДНИ ЧАСОПИС ЗА ЕКОНОМСКУ ТЕОРИЈУ И ПРАКСУ И ДРУШТВЕНА ПИТАЊА ЕКОНОМИКА EKONOMIKA 106 Часопис излази четири пута годишње Година LX, I-III 2014, број 1 ИЗДАВАЧ: Друштво економиста “Економика” Ниш СУИЗДАВАЧИ: Економски факултет у Приштини, Факултет за услужни бизнис - Сремска Каменица, Институт за економику пољопривреде - Београд, Факултет за пословне студије и право - Београд, Факултет за трговину и банкарство, Универзитет Алфа - Београд, Савез економиста Србије - Друштво економиста Ниш. ГЛАВНИ И ОДГОВОРНИ УРЕДНИК: Проф. др Драгољуб Симоновић ПОМОЋНИЦИ ГЛАВНОГ И ОДГОВОРНОГ УРЕДНИКА Мр Зоран Симоновић (економија) Др Александар Ђурић (право) УРЕДНИШТВО: Проф. др Снежана Ђекић Проф. др Драго Цвијановић Економски факултет - Ниш Институт за економику пољопривреде - Проф. др Славомир Милетић Београд Економски факултет - Приштина
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    Always here, to draw 2015 Sustainability Report the future. 900,318 man-hours of training provided to 9,034 sales network agencies and sub-agencies 10.8m customers 9,514 employees 36,399 total number of agency staff 13 95.9% training hours provided per customer satisfaction employee index € 7.2m contributions to the community € 1.7m invested in training for employees Graphics project Industree S.p.A. Key performance indicators Area Indicator 2015 Figure Governance Percentage of independent BoD members according to Consolidated Law on Finance and the Code of Conduct 58% Percentage women on BoD 37% Financial Direct insurance premiums (€m) 13,982 performance Non-Life premiums (€m) 7,334 Life premiums (€m) 6,648 Ratio between claims and premiums in direct business 65.4% Combined ratio 93.9% Solvency ratio 1.76 Net profit (€m) 738 Value of real estate assets (€m) 4,307 Social Shareholders Performance of Ordinary shares +5% performance Amount of class C, D debt instruments and equity securities and assets subjected to environmental and social screening (€m) 48,300 Securities compliant with sustainability criteria in investments in financial instruments, not including UCITS, on own account 99.1% Employees Total number employees 9,514 Permanent staff 97.4% Percentage of women 50% Percentage of women in management positions 24% Trade union members (employees) 53% Average number of training hours provided per employee 13 Training hours supplied to employees 125,500 Average investment in training per employee (€) 179 Customers Number of policyholders
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    5/11/2012 RAP/RCha/SRB/2(2013) EUROPEAN SOCIAL CHARTER 2nd National Report on the implementation of the European Social Charter submitted by THE GOVERNMENT OF SERBIA (Articles 3, 12, 13, 14, 23 and 30 for the period 01/01/2008 – 31/12/2011) __________ Report registered by the Secretariat on 5 November 2012 CYCLE 2013 Revised European Social Charter The Second National Report on the Implementation of the Revised European Social Charter in the Republic of Serbia Report refers to Articles 3, 11,12, 13, 14, 23 and 30. (Group II Health, Social Security and Socail Protection) Reference period: January 1, 2008 – December 31, 2011 Belgrade, October 2012 3 EUROPEAN SOCIAL CHARTER (revised) Article 3 – The right to safe and healthy working conditions With a view to ensuring the effective exercise of the right to safe and healthy working conditions, the Parties undertake, in consultation with employers’ and workers’ organisations: 1. to formulate, implement and periodically review a coherent national policy on occupational safety, occupational health and the working environment. The primary aim of this policy shall be to improve occupational safety and health and to prevent accidents and injury to health arising out of, linked with or occurring in the course of work, particularly by minimising the causes of hazards inherent in the working environment; 2. to issue safety and health regulations; 3. to provide for the enforcement of such regulations by measures of supervision; 4. to promote the progressive development of occupational health services for all workers with essentially preventive and advisory functions. Appendix to Article 3§4 It is understood that for the purposes of this provision the functions, organisation and conditions of operation of these services shall be determined by national laws or regulations, collective agreements or other means appropriate to national conditions.
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    Investment in Serbia

    Investment in Serbia kpmg.com/rs KPMG d.o.o. Beograd Cover photo: Belgrade Kalemegdan Victor monument © 2014 KPMG d.o.o. Beograd, a Serbian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Foreword Dear Reader, Welcome to Serbia! Many thanks for taking the time to read this short guide to investing and doing business in Serbia. All of us here at KPMG hope that you will find it helpful and informative. Our publication covers many relevant areas but it is not exhaustive, and is not intended to provide comprehensive information necessary to make investment decisions. It rather presents an overview of matters to be considered by those thinking of investing or doing business in Serbia, aimed at providing you with ‘a taste’ of opportunities and background information, as a guide to your preliminary planning efforts. The information presented in this publication is carefully chosen to reflect the situation as at December 2014. Considering the speed with which the economic situation is changing in this dynamic country, there is always a need to take further advice before making specific decisions and we recommend that you obtain comprehensive advice before taking action. We have an exceptional team of more than 200 staff based in Belgrade, with the breath of skills and abilities, whose professionalism ensures our clients get the necessary support for maximizing their opportunities of doing business in Serbia. We look forward to telling you more about Serbia and investment opportunities that this wonderful country provides.