The recipe for the future.
Text Sarah Büchel
Photos Kostas Maros
Fabian Rupprecht wants to take Helvetia in a new direction with the recently presented strategy. The motto is to focus and make good things better. If we are to achieve this, it will need every employee to get on board.
Fabian, Helvetia presented its new strategy a few weeks ago. Why was this strategy necessary?
What brought us here is not necessarily the recipe for the future. We find ourselves in the strong position we are in today because we have succeeded in growing internationally and have tried out many things. However, this has led to us now being too broadly based. If we carry on with everything, we won’t have enough money in the future. There is also the fact that competitive pressure is intensifying and shareholders’ requirements are changing. The time is therefore ripe for something new.
Driven by Strength is the underlying motto. Which strengths are these? Our proximity to our customers and our expertise in the global specialties business. By building on these strengths, we will be able to focus on a large part of our existing business. Both of these strengths are applicable to all country markets, making it a common strategy.
As a Local Customer Champion, we want to be there for our customers throughout their lifetime. But what does this mean in concrete terms?
Until now, we have focused on attracting young customers and lending them support at pivotal moments in their lives, for example when moving into their first home or upon the birth of their first child. Today, we can see that a significant proportion of our customers are 50 years of age or older, and this proportion will increase further in the years ahead. After all, people are getting older and older. These customers usually have everything they need. While we still have them in our portfolio, we do not provide them with in-depth advice on their potential needs. It is vital that we analyse these needs and offer a helping hand. Otherwise, someone else will.
Does that mean that existing customers are more important for the new strategy than new customers?
No. It goes without saying that acquiring new customers remains important. However, we want to do much more with our existing customers. After all, they are loyal and are usually more open to taking out new insurance cover than new customers. Our goal is therefore to win customers when they are young and keep them for life.
On the other hand, as a Global Specialist, we want to offer tailored solutions worldwide. What is the difference to what we have been doing so far?
This is an existing business segment which we believe in and in which we see opportunities for further growth. The difference is that we are now clearly committing to it. We are no longer a Swiss insurance company that “also” writes global business. We now generate as much non-life premium volume in the specialties business as we do in Switzerland. This means it is now a large part of our business that we want to expand further and that we can take pride in.
We want to be a Local Customer Champion and Global Specialist. At the same time, we want to become more focused in what we do. Is that not a contradiction?
No, as we don’t have ten priorities, but rather two. I believe that a company of our size can absolutely have two priorities, especially as these now apply consistently to all markets and we do not have a different priority in each market. The two priorities go very well together, both from a customer perspective and at a strategic level. We are experiencing ever more weather-related disasters, and these in turn are causing more and more damage. By capitalising on the volatility of the global specialties business, we can utilise diversification to counter these risks and remain profitable. This makes our model unique.
“The time has now come to embark on a new path.”
Helvetia has also announced a number of efficiency measures with the new strategy. Why are these necessary?
Growing isn’t enough on its own. We also need to remain attractive and profitable. To do so, we have to have our underwriting business under control. We will do so by managing our claims well and pricing risks appropriately. There is also the factor of operational efficiency. A high cost ratio is not attractive from the standpoint of our customers. We need to reduce it if we want to remain competitive. This means that we are working to streamline processes so as to ensure that as many as possible of the Swiss francs we receive in paid premiums flow into effective cost coverage. This will allow us to become more attractive for our customers while at the same time generating a better margin. Thanks to this measure, we will be able to create the freedom to invest in the strategy. You might refer to this as housekeeping, so to speak.
Which other points will be key to achieving the strategic goals?
Technology and HR. With respect to technology, it is important that we push ahead with digitisation and automation. This will involve utilising synergies and data across national borders in order to optimise business processes and boost efficiency, for example through AI.
When it comes to HR, I am convinced that employees are the key to success. By working together and living our values, we can shape the future of Helvetia. It is therefore important here that we support our employees and remain attractive as an employer.
Do you have a favourite value?
I would have to say “passion”. This is because I really am firmly convinced that we can help people. We simply have to succeed in communicating this internally and externally.
What exactly is needed from the employees?
I believe that everyone can see things in performing their role that are inefficient. We ask that our employees help us in identifying them! Everybody needs to contribute. I am convinced that the sooner we recognise and eliminate the problems, the less marked the consequences will be for everyone
You always say that the strategy is fundamentally pretty simple. Can you give us a summary?
The time has now come to embark on a new path. The good thing is that we have a plan in place and are prepared to invest in the future. However, we have to get our house in order if we are to remain profitable. And very importantly: we can do it if we pull together.
How will you contribute personally to achieving the strategy?
By allowing my day-to-day actions and decisions to be guided by our strategy and values.