Providing peace of mind
TrygVesta’s vision is to be perceived as the leading peace of mind provider in the Nordic region. This year’s annual report features a themed section with four articles that describe the four areas where we will launch new initiatives - for customers, employees, the climate and environment, and society. As the basis for the other articles, Stine Bosse, Group CEO, talks about the current challenges and recent developments in the Group.
How has the past year measured up to the expectations you had 12 months ago?
The past year went according to plan and expectations, though with some positive surprises. Growth rates in our corporate business and Swedish business exceeded our expectations. I was also positively surprised by our ability to innovate: While creating solutions for our own needs, we have developed solutions for our customers. To illustrate, like many workplaces, we’ve felt the need to address the issue of stress, and have put this topic on the agenda throughout the organisation. One initiative was to develop an e-learning programme that provides employees with more information on stress, relaxation techniques to help alleviate the problem, and the chance to communicate with colleagues on the subject via games and other initiatives. Originally, we wanted to find a solution for our own use, but have actually developed a new product that will also benefit our customers. The product StressStop is a telephone line with stress consultants ready to give advice and guidance on stress. We have so far lanunched the product for employees on Danish workplaces.
What would you say is special about the current period? What does TrygVesta do in order to be abreast of the development?
The focus on our customers and employees has increased and is on the rise. In all four Nordic countries where we provide peace of mind, the labour market has changed in recent years. The competition for the available workforce is intense. Fortunately, we still attract and retain the best employees, so we can provide the highest level of customer service. We need to find new talent groups with new ideas and competencies. And we must always maintain and develop TrygVesta as an attractive workplace. This also involves employee participation in work processes, our physical work environment and our scope for enjoying a good social atmosphere at work and a good work-life balance.
Many companies are talking a lot about Corporate Social Responsibility (CSR). How do you see TrygVesta’s position in this field?
CSR has always existed in TrygVesta. It’s intrinsic to our way of thinking. We provide peace of mind. Our product is a direct provision to society and we’re an integral part of the Nordic welfare system. Insurance is based on the idea that everyone accepts their responsibility and contributes. CSR is therefore a very natural topic of conversation. We’re very serious when we say we provide peace of mind.
How does TrygVesta differentiate from other players in the market?
That question brings us back to our employees. The largest point of difference is our employees because they decide how we meet the customers. By that I mean the way they talk, write and communicate with customers. We need the most skilled and friendly employees and that is exactly what we have.
BusinessLab is the name of TrygVesta’s centre for innovation and product development. Although a lot of the innovative work takes place online, in physical terms BusinessLab is based in Ballerup, Denmark. And "the laboratory" certainly doesn’t look like the other offices in the Group. What do you think about BusinessLab?
I love BusinessLab. I like slightly off-the-wall scenarios. With its own special colour scheme and interior design (read more in article 2) it probably
looks more like a theatre stage or a studio than anything, but as the name suggests, we use it to explore business opportunities. I think BusinessLab stimulates good ideas. You’re confronted with the fact that you can think outside the box. In a way, the setting cleverly symbolises that off-the-wall thinking is allowed. The management wants to encourage lateral thinking and creativity in its employees. Innovation is a leadership style. We must also embrace diversity. I believe diversity is exactly what we need to integrate tradition and renewal. Both are the vital for continued growth.
BusinessLab is also the physical setting for the new Innovation Driver training programme. A programme that teaches employees to use the creative side of their brains as much as the logical side. How seriously do you take the Innovation Driver principles? Is it an isolated experiment or is the idea that this should spread?
We definitely want this idea to spread. I’m convinced that this way of facilitating other dimensions is crucial for future success. We must use feelings and intellect in every development process. This area contains great scope for innovation.
Another point is that in a company with an innovative mindset, you have to accept that mistakes can be made. There could be occasions when, with hindsight, we may say we probably shouldn’t have done that. But innovation requires courage and learning from mistakes. We can’t have a "no mistakes" culture and also be an innovative company at the same time.
Many of TrygVesta’s customers need increasingly individualised health and peace-of-mind services that are not covered by the public sector. What do you think of the relationship between public-sector and private services?
We’re already a part of the welfare structure. We’re used to providing welfare services and will be doing so even more. We’re well aware that this responsibility is based on trust. Expectations about what the welfare system can provide are increasing, but taxes probably won’t. This development opens up new opportunities. Over the past few years, I’ve seen unique opportunities to develop new models that expand the solid public foundation of the Nordic welfare society.
As well as social welfare, the environment and climate change are issues that seriously concern TrygVesta’s customers. What impact do you think the climate and environment will have for TrygVesta in the years ahead?
I believe the environment and climate change will mean a great deal - in a number of areas. Naturally, we should make sure we remain a sustainable company that cares about the environment. But climate change also has a serious effect on our customers. In recent years, we’ve experienced violent storms, and high levels of rainfall that have caused extensive damage. First and foremost, we want to help our customers prevent damage by advising customers on what precautions to take and focusing attention on sub-standard building, bad drainage and other factors that can contribute to wind and water damage. We specialise in this field and it would be irresponsible not to share this knowledge with the general public and our customers in particular. We also make sure that our own emergency systems are constantly upgraded so that we can deal with a wider range of and more extensive damages.
What do you consider the major challenges facing TrygVesta in the coming year?
Challenges and opportunities go hand in hand. We must do a lot to maintain the momentum we already have. As I mentioned, innovation will be a larger and larger part of our mindset. We develop new ways of servicing customers, new products and new initiatives that reinforce profitable growth. Providing – that is clearly my focus for the year ahead. TrygVesta’s vision to provide peace of mind applies to our customers, shareholders, employees and society at large – all four perspectives are included. A totally solid financial foundation is vital if we are to provide peace of mind.
Peace of mind
“Insurance is based on the idea that everyone accepts their responsibility and contributes.
CSR is therefore a very natural topic of conversation. We’re very serious when we say we provide peace of mind."
Responsibility and innovation
TrygVesta in a Nordic collaboration on CSR driven innovation
Klausdalsbrovej 601DK-2750 BallerupTelephone: +45 7011 2020Fax: +45 4420 6700E-mail: ir@trygvesta.com