Outlook
and life insurance policies to both private and corporate clients. Interpolis is Rabobank's biggest supplier
and the two enterprises collaborate closely on product and service innovation.The collaboration with
Eureko continues to be a strategic pillar in the adjusted Strategic Framework.
Rabobank largest Dutch insurance agent, high customer satisfaction at Interpolis
In the Netherlands, the local Rabobanks are the largest insurance agent. At least one in five private
Rabobank clients has insurance cover from Interpolis, and one in four among corporate clients. In 2008,
Interpolis launched a new 'Glashelder' advertising campaign with 'Helder Moment' as the motto.
Focusing on prevention, the campaign supports Interpolis'and Rabobank's aim to identify risks together
with their clients, after which clients may take deliberate decisions as to what they wish to insure.
This also prevents duplicate insurance. In addition, Interpolis wishes to distinguish itself in the event
of a claim by truly solving the problem rather than just reimbursing the loss.
The local Rabobanks and Interpolis aim for high customer satisfaction.To ensure high-quality and
swift client service, the systems of local Rabobanks and Interpolis have been interlinked. Interpolis has
been awarded high ratings for customer satisfaction, particularly for its speedy and accurate claims
processing. In addition, it was presented with the'Customer Contact Award 2008'from the Customer
Contact Magazine in recognition of its customer contacts organisation.
Private clients
In spite of fierce competition in the non-life insurance market, the number of Alles in één insurance
policies sold by local Rabobanks increased by 2% in 2008, to reach 1,297,000 (1,272,000).The number
of clients holding three or more sections in this policy increased from 52.6% to 54.4%. The number of
motor and legal expenses insurance policies, as part of the Alles in één Polis policy, was up from 2007,
whereas the demand for multi-trip travel insurance was lower. The'Partner Kind verzekeringen'
insurance policies, which were introduced in 2007 as part of the Alles in één Polis policy, showed some
growth. Non-life insurance policies are increasingly taken out through direct channels, such as
telephone and the Internet.
Client demand for investment-based insurance fell in 2008 as the debate on fee transparency of these
products raged and the stock exchange sentiment dropped. The fall in the number of life insurance
policies sold was also due to the launch of bank savings products by local Rabobanks. The number of
clients holding Interpolis'ZorgActief Polis health insurance policy rose by 24%, to 150,000 (121,000),
due in part to the fact that Rabobank members enjoy a premium discount. Another contributor was the
introduction, in late 2008, of the StudentenZorgverzekering health insurance, a competitively priced
policy that offers supplementary cover for students.
Corporate clients
Competition in the insurance market for the small and medium-sized enterprises segment was
exceptionally fierce. Nevertheless, the number of Bedrijven Compact Polis policies sold by the local
Rabobanks increased by 5%, to 195,000 (185,000). As part of the Rabo OndernemersPakket (Rabo
Entrepreneur Package), business start-ups are granted a premium discount on Interpolis' most important
insurance policies.This prompted more new businesses to purchase insurance products.
A new insurance solution for small businesses was launched in 2008, named 'Interpolis ZekerVanJeZaak'.
This package offers quick and comprehensive cover for all business risks, while clients receive their policies
in digital format. Entrepreneurs can gather information about risks and insurance products through
either a face-to-face advice meeting or via the Internet, Using online advice modules, calculations and
scans, they can generate a quick and clear overview of their business risks. For example, the'RisicoScan
Verzekeren' (Insurance Risk Scan) identifies the most frequent risks for 75 branches of industry and
suggests measures that entrepreneurs can take to cover these.
The Dutch insurance market is a mature market, and opportunities for growth are relatively limited.
There is strong price competition in the non-life insurance market. Sales and services through direct
channels, i.e. telephone and the Internet, are expected to grow even further.The life insurance market
will remain under pressure because of the discussion on transparency and the availability of bank saving
as an alternative. In its advice activities, Rabobank intends to focus more on bank saving products and
will cease to offer life insurance products if comparable banking product are available. Rabobank plans
to intensify its collaboration with Eureko in the area of insurance. Rabobank and Interpolis focus on
offering innovative and transparent, high-quality products in order to maintain, and potentially
strengthen, their market position.
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Rabobank Group Annual Report 2008
