EXECUTIVE SUMMARY

At the beginning of the semester, our team from the Institute for Entrepreneurship and Innovation specialization (SBWL) was commissioned by Vienna Insurance Group (VIG) to develop a project aimed at creating a „front-end solution“ for consumers across all VIG subsidiaries. This project focused on a consultancy-based conceptualizing and collecting ideas to enhance customer interaction and streamline processes within the insurance sector.

Goal

We identified a significant issue within the insurance industry: the loss of contact between the insurer and the customer post-contract, with interactions often limited to claims or complaints. This contact gap affects all VIG subsidiaries in Central and Eastern Europe, leading to two primary opportunities:

1. Increasing touchpoints

2. Using scaling effects

Methodology

To deepen our understanding, we conducted 10 interviews with leading figures (e.g. C-level officers) from various subsidiaries of VIG, focusing on innovation, technology, and customer orientation. Additionally, we performed a best practice analysis by examining and understanding various companies in related and unrelated markets to identify successful strategies for customer engagement and technology integration.

Results

We developed the concept of a „Framework“, being a first step on our way. The further developed „Front End Toolkit“ is an application acting as an intermediary between VIG and its subsidiaries (B2B). The final product (B2C) is then developed from the Toolkit for the individual customers in the localities. This approach supports the immediate short-term implementation of these systems and provides assistance to less developed subsidiaries.

To visualize our solution, we created simulations depicting both the Front-End Solution and the Front-End Toolkit. Throughout the project, we frequently presented interim and final results to our project partners, maintaining close collaboration with our academic advisors.

Our innovative and autonomous efforts resulted in a realistic and practical project. By focusing on increasing customer touchpoints and sharing resources, we provided a scalable solution to enhance customer engagement and operational efficiency for the Vienna Insurance Group and its subsidiaries.

Cooperation Partner

• Vienna Insurance Group

• Schottenring 30, 1010 Wien, Österreich, Austria

• https://group.vig/en/

Contact Person

• Ulrike PRAUN - ulrike.praun@vig.com

Student Team

• Ajdin CAUSEVIC

• Nicolas FRITZ

• Elias FRONHOFER

• Ann-Sophie KÜHNER

• Florian MESAROS

• Oleksandr ONIUSHKIN

Project Manager

• Caroline FABIAN

• Melina MAZZUCATO