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Digitalization a key factor behind If’s strong financial performance

11-02-2022, 10:33

QUARTERLY RESULT If P&C Insurance presents a strong quarter, with a 5.7 percent growth in gross written premiums and a combined ratio of 81,6. The times are challenging, with high inflation, rising interest rates and a war raging in Europe. If handles the turbulence well. One key factor is the hybrid model that combines the most digital insurance company with a non-digital, physical delivery.

Morten Thorsrud, CEO at If.

The technical result during the third quarter increases to 2 498 MSEK, the combined ratio is well below its target level and all business areas see a growing number of customers. Customer satisfaction and retention remains very high.

– An important part of If’s robust result, despite the turbulent times, is the strengthening of our position as the leading digital insurance company on the world’s most digitalized market. This position as a digital leader is largely based on a superior physical delivery, in particular in the claims area, says If CEO Morten Thorsrud.

The Nordics is the world’s most digitally mature insurance market. Both our societies and the Nordic customers are world-leading in digitalization. We use digital payment solutions, have digital registers for cars and homes, and the digital maturity among customers is very high.

Digitalization drives the insurance industry forward fast. The rapid development benefits tech-oriented companies that are large and established, due to three factors:

1. Size enabled investment. If’s tech community consists of more than 1 000 highly qualified and motivated professionals. If invests over 1 billion SEK per year just on IT development.

2. A large insurance collective gives access to a significant competitive advantage: data. Data provides information that makes it possible to calculate and handle risks, and to set the right prices. For example, If insure a fifth of all cars in the Nordic region. That gives more insight into traffic behavior and risk factors than anyone else.

3. Insurance is necessarily a hybrid product where digital solution can enhance the customer experience and make many insurance matters much smoother, but the delivery is still often physical. If can develop digital tools for the customer to take pictures of their dented car and book an appointment with the auto shop without speaking to anyone at If. So far this year 39 000 photo inspections have been registered, up 86 percent from last year.But if a car breaks down on the highway digital solutions are not enough. A tow truck must arrive at the scene as soon as possible to solve the problem.

– Year after year, If remains the largest P&C insurance company in the Nordics. Our client base keeps growing. Customer satisfaction remains very high. The result presented today is an effect of this, says Morten Thorsrud.

Nordic results for the third quarter

The largest P&C insurance company in the Nordic region presents a stable result, despite weak car sales and more large claims than usual. The result is in line with the previous year when covid-19 effects are taken into account. There is a positive effect from the rising interest rates, for the part of the claims reserve that are discounted, primarily in Finland.

Going forward, it is important to adjust prices to reflect expected inflation, as If is offering customers a 12-month fixed price. On a Nordic level If expects claims inflation of 4-5 percent.

  • Combined ratio for Q3 is 81.6 (80.2 during Q3 2021)
  • Technical result for the quarter: 2 498 MSEK (2 448)
  • Gross written premium: 11 537 MSEK (10 536)
  • Topline growth: 5.7 percent during Q3, 7.0 percent during the first nine months of the year, compared to the same period last year




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Jessica Balksjö Nannini



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