Koray Erdoğan Publishes a New CEO Note: The Sad Story of a 57-Year-Old Giant

When we set out in 2015, there was a phrase we used: “The sad story of a 57-year-old giant.” Because the situation of a company that was one of the sector’s major players was truly a sad story.

For nearly 10 years, the company had continuously lost market share. While it had once been among the sector’s top 10 players, it had fallen to 17th place. It had declined to a size of nearly one-fifth of the companies it had once competed with in the same league, recorded significant losses, and its reputation had weakened further with each passing day. In short, the picture was far from bright. 📉

But we had a belief.

The 57-year-old giant would rise from the ashes. It would reclaim the position it deserved.

The climb was beginning. And we would take back what belonged to us.

The metaphor we used when setting out was Everest. Because the journey ahead was not going to be easy. A long, challenging, and patience-demanding climb awaited us.

Everyone has their own Everest. Ours was clear. First, to enter the top 10… Then, to rise into the top 6… 🏔️ And within our own group, to become one of the top 5 companies.

Our first base camp was to reach the top 10 in 2020. Our second summit was to enter the top 6.

And we believed in this…

As long as we put in the same effort…

As long as we shared the same hope…

As long as we showed the same commitment…

There was nothing we could not achieve.

We said this in every meeting. We explained it in every presentation.

Without giving up… Without backing down… Without getting tired… Again and again… Until everyone believed.

However, ranking was never our only goal. Our Everest was to become one of the preferred, top-of-mind, trusted, and sustainably profitable insurance companies.

Because we knew that growth alone was not enough. We needed to grow in the right way. Gaining market share alone was not enough. We needed to earn reputation. Delivering financial results alone was not enough. We needed to become a company that employees were proud of, customers trusted, and business partners wanted to move forward with.

It was not easy. At times, we moved faster than we expected. At other times, we felt as if we were standing still. But we never changed our course.

Because those who reach the summit are not the ones who walk the fastest; they are the ones who never lose their direction.

Meanwhile, the external environment was hardly supportive either.

It was almost like an “Arabesque” movie…

The attempted coup in 2016…

The Brunson crisis in 2018 and the economic volatility that followed…

The pandemic in 2020…

The deepening economic crisis from 2021 onwards…

Wars…

Currency shocks…

Inflation shocks…

Countless flood, hail, and snow load claims…

And finally, the two largest earthquakes of the century, which occurred only nine hours apart…

In short, the outside world was not exactly on our side either.

So, what was the result?

We took back what belonged to us.

The company, which had fallen to 17th place, had been losing market share for years, and had been making losses, has today become one of the sector’s strongest players.

By rising to 7th place in the sector, we achieved the company’s best-ever ranking.

We transformed from a company generating approximately EUR 150 million in premiums into a company generating around EUR 1 billion in premiums as of the end of last year. Moreover, we achieved this without the backing of a bank or a ready-made holding company structure, with a highly balanced portfolio consisting of 45% motor and 55% non-motor business.

We transformed from a loss-making company into a company generating approximately EUR 100 million in profit before tax.

Within our group, we also became one of the five largest companies.

We achieved all of this without any capital increase, without merging with another company, and through entirely organic growth.

But our achievements went beyond the numbers.

We were recognized three times by Brand Finance among Türkiye’s most valuable brands.

We were named among Türkiye’s best employers by GPTW twice.

We were selected as Türkiye’s most reputable insurance brand.

We received excellent customer satisfaction awards on multiple occasions.

Our innovative practices and projects were also recognized and awarded three times by our Group.

In summary, we grew again. We became profitable again. We regained our reputation.

And most importantly…

People started believing in this 57-year-old giant once again. 🌳

The lesson learned…

Sometimes, what a company needs most is not more capital. Nor is it more people.

Sometimes, the greatest need is to be able to write a story that everyone can believe in again.

Because people do not follow goals; they follow stories they believe in.