A cash machine at which car insurance can be taken out quite easily in just a few minutes? Travel insurance by text message? Individual insurance advice before the next riding or walking holiday? No problem: Austria’s insurance landscape is diverse, innovative and has a long tradition. And it is also strongly represented internationally, and especially in Eastern Europe.
Tradition and stability
The insurance companies and banks in Austria have grown traditionally, with a corresponding structure. The banking landscape in Austria is very strongly characterised by regional credit institutions and provincial banks. Insurance companies in Austria have a long history and a lot of experience in the area of protecting people, animals and property, as well as provision and capital formation.
The collecting of deposits and the award of loans is a core business of Austrian savings banks and banks. The banking industry thus also acted as a stabiliser in the latest financial crisis.
The products of the Austrian insurance companies are divided into the home and mobile sector, into insurance that relate to the security in old age and pension, and in products that ensure health and nursing care.
The providers of the various Austrian insurances are insurance companies that are subject to state supervision and for the area of health and nursing care insurances these are regional or company health insurance funds.
Security on many markets
The countries of Central and Eastern Europe are on a good path when it comes to living standard and quality of life. This means that also the demand for reliable services from the financial and insurance sector is growing. Innovative services and offers are in demand and Austrian companies in the banking and insurance sector can offer them. Many Austrian companies have long been active in this region and known the markets and the customer requirements.
Innovations for people
Product and service digitalisation are a decisive success factor. But particularly in the insurance and the banking sector where the focus is on people, a good balance between classical sales routes and digital innovation is important.
The buzzwords "FinTech" and "InsurTech" summarise a large number of developments that are spreading in the banking and insurance industry. These include the multibank approach as well as the usage of mobile digital communication systems that determine everyday life of banking and insurance customers. Simple insurance products are, for instance, largely concluded via recommendation systems on the Internet.
The traditional companies of the industry have to adapt to the high pace of innovation and the disruptive potential of new technologies. Bank customers benefit from a modern range of services such as in the area of digital payment or through mobile banking platforms, whilst enjoying a high quality of personal consulting. Banking should be simple yet secure. And that is the core competence of traditional banks because they offer competent consulting, long-term relationships and reputability. And today for insurances, it is even more necessary to recognise the requirements and wishes of the customers
The financial and insurance industry makes a contribution to the economy and society at several levels:
- as service providers for their customers
- as companies for the economy
- as corporate citizens for Society
Austrian banks and insurance companies take on this responsibility and thus acquire one of their most precious assets: the trust of their customers.