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Sylvain Ducros: Modular casco products will become important in 2023

Sylvain Ducros, General Manager and CEO of Generali Sigorta, product offerings (motor
shared his predictions for 2023 by evaluating the dynamics insurance, SME, and house),
affecting the insurance sector and the sector, particularly we have successfully re-
in the year we left behind. Sylvain Ducros, who stated that launched our complementary
the insurance sector was negatively affected in 2022 due to health product.”
geopolitical instability, the far-reaching consequences of the
ongoing Ukraine-Russia war, rising inflation, and the recession We expect the gap to
in global economies, said that the general outlook for 2023 is narrow in 2023
more positive.
Underlining that 2022 was
Basic needs came to the forefront of purchasing a challenging year for the
behavior Turkish insurance industry
in his statement, Ducros
Sylvain Ducros, General Manager and CEO of Generali Sigorta, stated that he thinks 2023
who said that the pandemic and the subsequent ongoing process will be more positive than
were dominated by very harsh competitive conditions globally 2022: “First of all, we have
and locally, which closely affected the Turkish insurance sector, a prediction that the policies issued in 2021 will have a more
noted that these conditions also made it difficult to recover positive impact compared to 2022. In addition, forecasts for the
in 2022: “After we left the pandemic behind, this new global economy follow a more positive course. Even if prices continue to
context and the harsh competitive conditions that began to make rise with inflation, this effect will be much more moderate than
themselves felt in 2021 drew attention as factors that made last year. New players continue to enter the Turkish insurance
it difficult for the recovery in the Turkish insurance market in market, and fierce price competition is evident. However, we

2022. Parallel to this new economic picture, in which many expect the gap to narrow as the players in the market focus on
people have experienced a decline in their income and purchasing adapting to the new economic conditions brought by 2022. The
power, we have experienced a change in customers’ purchasing insurance industry needs to continue automating and robotizing
behavior, in which an approach that emphasizes their basic needs tasks to simplify business processes without losing the human
and considers their budgets manifests itself.” touch in its operations and relationships with its agents and
customers. Along with the trend towards personalizing products
Emphasizing that two factors influence the upward movement and the options offered to customers, the advisory role of our
of insurance prices in 2022, Ducros said that one is inflation. agents will become necessary because the need for customers
The other is the need to restore positive margins and to be able for guidance and training is increasing. Customers want to get
to cover the increase in damage frequency after the curfews due their money’s worth, so service quality is becoming a critical
to the pandemic: “Despite all these price changes, I can say that component of decision-making processes. Our focus on service
2022 is a tough year for the insurance industry. These price quality, our modular offers, and our renewed website stand out
increases could not fully offset the negative margin created by the among the steps we have taken in line with our predictions.”
policies of 2021, affecting purchasing power with the effect of
increasing wages, resulting in a review of insurance expenditures We will support the digital transformation of our
once again.” agencies.

We have expanded our modular product range Finally, Ducros mentioned the developments in the agency
network. They stressed that digitalization would continue to be
Explaining that the year 2022 is a year in which the need for the prominent trend in this field: “We believe that our modular
digitalization is once again confirmed, Ducros stated that in product range, designed in the light of the data and feedback we
addition, a consumer trend towards personalization of products receive from our agency network, will provide a great advantage in
is also showing itself: “As a result of increasing prices, customers the context of supporting the growth of our agencies in 2023. We
began to review their needs more carefully and began to prefer are determined to continue and accelerate our efforts to support
certain guarantees tailored to their needs and budgets, rather the digital transformation of our agencies. In an environment
than getting full coverage at full price. As Generali Sigorta, at where agents are increasingly taking on a consulting role for
this point, we have achieved a good performance chart in Ekmek their customers, it is vital to implement common strategies and
Teknem, Süper Evim, and Benim Kaskom, which are our existing close cooperation on products and services. For this reason, our
modular products. To meet the needs of our customers more, we lifelong partnership strategy has never been more meaningful.
have developed our modular casco product range with different Together we have paved the way to make a difference in 2023.”
options and economic advantages. In addition to our basic