Eureko Insurance, Turkey grew 2.5 times more than the industry in 2008

Eureko Insurance began its second year of operations in Turkey, under the umbrella of Eureko B.V. and achieved 15 percent growth in 2008, while the Turkish insurance industry grew 6 percent. Eureko Insurance exceeded its operating performance targets and ranked first among the top 10 companies that achieved the highest growth rates in the industry.

Eureko Insurance sustained its earnings growth rate in 2008 and with premium generation of 479 million TL, a 15 percent increase over the same period last year.

Eureko Insurance CEO Okan Utkueri indicated that the underlying reasons for this growth were an effective strategic plan and a strong sense of teamwork. He added, “In a period when the industry grew 6 percent, we grew two and half times more and rose to first place among the top 10 companies with the highest growth rates. Our target is to continue the success of 2008 into 2009.”

“Our strategy establishes the realization of sustainable and profitable growth” 

Utkueri stated that Eureko reached a sustainable success, by achieving both rapid growth and solid profitability concurrently. He elaborated, “The most important issue for Eureko Insurance is sustainable and profitable growth. We constantly work on this issue and set new targets. Results for 2008 show that the return on equity for the Turkish insurance industry was 11 percent; Eureko Insurance’s 28 percent rate for ROE proves the appropriateness of our strategy and its implementation.

We will achieve our profitability targets through efficient distribution channels, need-satisfying product development and operational excellence. The customer-oriented approach and the innovation culture within our company will also enable the sustainability of this profitability.”

 “Smart  Box Innovation Centre”

Innovation efforts within Eureko Insurance also aim to improve all the business processes in terms of company strategy and customer satisfaction, by generating new, creative and distinctive solutions.

Acknowledging innovation’s key role in advancing the company and central to its corporate culture, Utkueri further stated, “The innovation atmosphere created within the company reinforces the motivation of our employees in constantly analyzing and improving their work. Our primary innovation tool that sustains this atmosphere is the Smart Box platform.”

“We sold 80,000 policies through ATMs in nine months”

Utkueri indicated that Eureko Insurance continues to introduce many firsts to the industry and added, “We do not consider innovation as only product development. What is important for us is to anticipate the short- and long-term needs of our customers and create new and distinctive solutions in line with their expectations.” Remarking that they rank second in personal accident insurance, Utkueri pointed out that Eureko Insurance had executed very successful operations especially with banks and that, upon the introduction of ATM-based sales in 2008, they had sold 80,000 policies, which is another first in the industry.  

100% Smiles on Every Face at Eureko Insurance

Eureko Insurance CEO Okan Utkueri stated that the underlying principle of their ‘100% Smiles on Every Face’ is the generation of solutions to better understand customers and bring the right customer group and the appropriate product and price together. Citing the importance of offering such solutions to maintain a maximum level of customer satisfaction, Utkueri said, “At the heart of various in-house projects such as ‘100% Smiles on Every Face,’ the Aware Employee Movement and Smart Box lies the belief that we are seen by customers as a company always succeeding to be leader among its competitive set, by closely monitoring competitor and market developments.

Aware Employee Movement

Utkueri stated that Eureko Insurance has been able to use its resources more effectively, thanks to the Aware Employee Movement and also pointed out, “The Smart  Box is another project which has its roots in the Smart  Box. We have taken a step in line with our belief that the employers of a conscious and environmentally-aware company must be as conscious as their company.” Eureko Insurance received the ‘Corporate Social Responsibility’ award with this project, at the 2nd Insurance Summit held in Istanbul, on April 8, 2009.

Okan Utkueri remarked that they started a new advertising campaign in November 2008, in order to increase the brand awareness of Eureko Insurance in the minds of the target group, in a well-directed and productive way. Utkueri continued: “In this campaign, Eureko Insurance encourages people to live to their heart’s content and distinguishes itself among the competitors through the high emotional benefit it promises.”

For Information:
Zuhal Doğan / Eureko Insurance Press Consultant
0 212 393 12 35 / 0532 277 39 40 / Zuhal.Dogan@eurekosigorta.com.tr

Aylin Taşkıner / Bersay Communication Consultancy
0 212 337 5141 /0532 252 54 60 / aylin.taskiner@bersay.com.tr

About Eureko Insurance
Founded in 1989, with 100% ownership of Garanti Bank, Garanti Insurance’s 80% share was acquired by Eureko B.V., the largest insurance group in Netherlands, on March 21, 2007. While Garanti Bank still has a partnership with a 20% share, the company was renamed Eureko Insurance Inc. on October 15, 2007.

Operating in the non-life areas, Eureko Insurance is known as the leader in the Turkish insurance industry, with its 25% market share. Eureko Insurance provides insurance services through its nationwide agent and broker network, as well as via bank distribution channels.

In 2007, Eureko Insurance achieved 14% growth, in parallel with the insurance industry and ranked among the most profitable insurance companies, by closing the year with technical profit of 43.8 million YTL and net profit of 31.0 million YTL. The company’s premium generation was 415.4 million YTL in 2007.

Eureko Insurance has long-established and deep-rooted relations with international reinsurers and works extensively with companies such as Munich Re, Swiss Re, Everest Re, and Transatlantic Re. Eureko Insurance also works in close cooperation with Milli Re, the largest Turkish reinsurer.