The PZU Group has created the geographically biggest sales network in Poland. It provides clients with a comprehensive product offering through synergies within the PZU Group using a variety of distribution channels. As a result, clients enjoy easy and convenient access to financial products and services. The Group also ensures quality service by upskilling the sellers and providing them with modern tools, and by removing barriers.
Insurance products
PZU has the largest sales and service network. It includes 409 branches across the country, with 189 in small communities, and tied agents, multiagencies, insurance brokers and remote distribution channels. In 2023, the PZU Group’s distribution network included:
In Poland, PZU’s own agency network consisted 8,200 tied agents and agencies. Sales are conducted through the agency channel predominantly in the mass client segment, particularly of motor and non-life insurance as well as individual insurance (life insurance). LINK4 cooperated with 624 agents not tied to any aggregator. In the Baltic Countries, the Group’s agency network comprised over 548 agents, while in Ukraine there were 250 agents;
On the Polish insurance market, the PZU Group cooperates with more than 3.8 thousand multiagencies. They perform sales operations targeted mainly at the mass market (insurance of all types is sold through this channel, especially motor insurance and property insurance) as well as individual life insurance. LINK4 cooperated with 61 multiagencies, while in the Baltic Countries, Group companies cooperated with 20 multiagencies and in Ukraine with 26 multiagencies;
In Poland, the Group, in particular PZU’s Corporate Client Division, cooperated with over 1,000 insurance brokers. In the Baltic Countries, where the brokerage channel is a major insurance distribution channel, the Group companies cooperated with 447 brokers and in Ukraine with 38 brokers;
In the insurance area in 2023, PZU cooperated with eight banks and eleven strategic partners, PZU Życie with six banks, TUW PZUW with two banks and nine strategic partners. LINK4 cooperated with six banks within various distribution models for mostly motor insurance and six strategic partners. In the Baltic Countries, the cooperation included five banks and eleven strategic partners, and in Ukraine – eleven banks;
Non-life insurance sales through this channel is conducted in particular by LINK4 and comprises cooperation with price comparison engines, a website and a call center. This channel also includes the PZU sales hotline and mojePZU portal.
Distribution network
Branches and agencies
The bulk of PZU’s clients prefer direct service by the agent and in the agent’s office.
The network of standardized PZU branches is evenly distributed across Poland in carefully selected locations. PZU branches are the only distribution channel ensuring comprehensive sales and aftersales service of PZU Group’s non-life, life and pension insurance and investment products in each outlet. The offering in PZU branches is targeted at individual clients as well as businesses from the small and medium-sized enterprise (SME) segment.
PZU continues to develop the professional agency sales network. Agent offices offer spacious and modern layouts and the quality of service appreciated by millions of clients. PZU is working on a new visualization standard for branches; the standard will combine modernity and functionality. Continuous work is conducted on professionalizing the network and improving the quality of customer service, through attractive training courses and workshops. Agents actively use modern CRM and remote service systems such as mojePZU. Most agents running offices offer advice regarding the clients’ property, life and health insurance. They provide clients with comprehensive service as part of the product offering of the entire PZU Group.
PZU supports agents by developing and promoting their online presence, as clients show great interest in seeking contact with an insurance consultant using this particular channel. The agentpzu.pl site is continuously developed together with agent websites in the agentpzu.pl domain. Support is also provided through management of Google business cards of the agency establishments and joint administration of agents’ professional Facebook profiles.
Changes continued in 2023 with the separation of resources for sales support and the creation of teams to support agents. Care was taken to ensure development (training and a new work model) and an attractive remuneration model for agents. In the new structure, the sales function is clearly separated from the administrative and support functions. The purpose was to ensure that all sales managers are able to focus more on supporting their agents in retaining existing clients and attracting new ones.
The separation of underwriting processes and handling fleets at the channel level have brought more inquiries and significantly reduced response times. The changes have improved the efficiency of underwriting and sales processes. The agent segmentation and the bonus system were modified in 2023 to increase the influence of the sales network on remuneration levels and to better align remuneration with performance. Simplification of the system, stronger dependence of remuneration on goals and plans as achieved, allowed to increase remuneration for more than 65% of Tied Agents.
A new recruitment and deployment offer for new agents was prepared in 2023. Vendors wishing to cooperate with PZU can receive full support: additional remuneration for sales during the first 12 months of induction, and a client base. The induction process for new agents also changed; in addition to the standard on-site training, new vendors can extend their knowledge through webinars or e-learning. As at 31 December 2023, the agency network had 4,354 Tied Agents and 4,400 OFWCAs (Natural Persons Performing Agency Activities).
Tied Agents cooperate with PZU in two models: as field agents and office agents, and they meet strict client service standards. The number of tied agent offices in Poland amounted to over 1,400 as at the end of 2023. Improvement of the professionalism and quality of customer service in the agent’s offices, and increasing their physical presence in the field are the priorities of the network development. Training in service quality standards, substantive support for the sales teams, and even financial support from PZU.
PZU Życie Tied Agent network
In 2023, PZU Życie continued the development of the PZU Życie Tied Agent network, improving client service standards and implementing new products. These activities are primarily aimed at high quality and availability of products and services to the client.
The operations of The MDRT.PZU Club were continued in 2023. It is a mentoring program aimed at supporting salespeople in achieving sales goals that enable them to join the Million Dollar Round Table (MDRT), an organization of the top 1% of the world’s best financial agents and advisors. The program includes development activities to improve participants’ sales skills and competence in organizing and managing their own work. The Mystery Shopper program was also continued, with the aim to implement targeted development and management activities based on detailed information on compliance with sales and client service standards.
In 2023, work was in progress on an electronic application to support the referral conversation during a sales meeting and to ensure that the referrer is comfortable with providing the agent or advisor with contacts to third parties. This will result in the use of an electronic process for communicating with the referral before direct contact is made, obtaining confirmed consent from the referrer for the referral, and a secure and GDPR-compliant process for processing and archiving personal data.
PZU sales hotline
In 2023, sales hotline consultants handled nearly 2.5 million calls. Text messages announcing a call from PZU and notifying of an unsuccessful attempt to contact the client were also launched. Clients’ trust in the brand is also strengthened by other system solutions, such as the use of technology that identifies the hotline number using the PZU logo. 90% of clients highly rate the knowledge and competence of hotline consultants. The same percentage of clients positively rated their commitment and willingness to help when talking about insurance purchase. Overall satisfaction with the purchasing process is expressed by as many as 80% of clients.
Customer Experience in the Remote Sales Office
The Remote Sales Office is pursuing, as a matter of priority, the optimization of customer-focused processes. The breakthrough in this aspect was the implementation of the property inspection process via the Video Inspector application. This solution provides the option to purchase insurance for a car or property remotely, although their technical condition must be verified by a PZU employee. Remote inspection is mostly applicable to the purchase of MOD insurance. Work is ongoing to further improve this process by incorporating AI-based tools. In 2023, it became a standard in the process of purchasing insurance through the PZU hotline to provide a client with a quick payment link, so that the client can pay for their policy in a convenient way; also, the option was introduced to pay the premium with a BLIK code. This solution is especially needed by clients who use travel insurance and decide to purchase it on the day of departure.
mojePZU (myPZU)
Launched in 2018, the mojePZU (myPZU) portal is a way to interact more with clients. This is a one-of-a-kind dashboard enabling clients to check their insurance cover at any time, manage their medical coverage and appointments as well as their investments. Through the mojePZU portal, PZU Group clients may:
- purchase a policy;
- receive an insurance offer from an agent;
- view their policies you have, along with the ability to apply for a change, as well as the pension products their have;
- make an appointment with a physician;
- collect a referral for examination or an e-prescription;
- check their medical records;
- invest their savings;
- report a claim and check its current status;
- pay online for insurance with a payment method as preferred;
- use the sports and recreation subscription of PZU Sport.
Platform MojePZU is still being developed and enhanced with further functionalities and services, among others, in sales and renewals of insurance products, claims and benefits handling in health and investment, as well as the expansion of the online payment module. MojePZU also features Klub PZU Pomocni, a loyalty program thanks to which clients have access to discount codes and additional benefits.
Among other things, new payment methods – ApplePay and Google Pay – were added in 2023. An online RTF payment module for PZU Życie was made available, giving customers access to numerous payment methods such as: BLIK, fast transfer, payment card, Apple Pay, Google Pay, but also the possibility of using subscription payment options in the form of recurring payments. While ensuring the full security of transactions, mojePZU enables full online payment processing in the PZU Group payment gateway, which is particularly important in the era of growing cyber threats. The information architecture in the PZU Sport area was unified with the rest of the application, a new sales and service space and a view for the status of the claim were made available.
Premium refund service was made available in the process automation category. The details of full insurance cover and the document preview for the Individual Continuation product were made available in the life area.
In 2023, mojePZU was a winner in the competitions – e-Commerce Poland Awards 2023, in the Best Online Insurance category, and the Banking & Insurance Forum’s Leader of the Banking and Insurance World, in the Best Digital Insurer category.
Cooperation with banks in the area of distribution
Distribution of insurance via the banking channel is an important element of the PZU Group’s business model. Cooperation with the banking segment forms an additional plane for PZU to build lasting client relations at every stage of their personal and professional development.
PZU’s bancassurance and assurbanking business is based on cooperation with the PZU Group banks: Alior Bank (in PZU Group since 2015) and Bank Pekao (in PZU Group since 2017), as well as in distribution of bancassurance insurance products through banks outside the Group. At the end of 2023, more than 8 thousand banking advisors (4.6 thousand in Bank Pekao and 3.4 thousand in Alior Bank) were enrolled in the Register of Insurance Agents.
The overriding objective of the cooperation is to reach the largest number of clients using multiple distribution channels and provide insurance cover to bank clients. In the PZU Group Strategy for 2021–2024, the cooperation with banks and other non-financial partners is one of the Group’s priorities. By actively cooperating with Bank Pekao and Alior Bank, PZU continues the implementation of a comprehensive offering using the banks’ distribution networks. This cooperation has allowed PZU to steadily expand the offering and scale of its sales of insurance products linked to bank products, including insurance coverage for cash and mortgage loans.
Within bancassurance, cooperation with Bank Pekao and Alior Bank covers the sales of the following products:
with Bank Pekao:
- non-life and life insurance with mortgage loans, cash loans, personal bank accounts (RORs) and credit cards;
- investment products,
- travel insurance;
- motor insurance;
with Alior Bank:
- non-life and life insurance for cash and mortgage borrowers;
- travel insurance;
- ADD insurance with health package.
In 2023, PZU Życie continued its cooperation with Bank Pekao and Alior Bank in selling unit-linked and single premium endowment(SPE) products. In Q2 2023, PZU Życie started cooperation with the VeloBank to offer SPE insurance “PZU Bepieczne Jutro (PZU Stable Tomorrow) to the bank’s clients. In Q3 2023, the unit-linked insurance offering was expanded to include a guaranteed fund, as a response to the current macroeconomic situation.
Thanks to the cooperation with these banks, the high level of sales of SPE products, which take advantage of the potential of high interest rates, continued in 2023, and a gradual increase in sales of unit-linked investment products was observed. In Q4 2022, PZU Życie extended its offering with individual life insurance for those who took out a housing or mortgage loan from Bank Pekao. PZU Życie solutions may be used by both those who want to take out a loan or mortgage, as well as those who are already repaying it. Insurance is purchased for four years, and the premium is paid monthly. Bank clients may extend cover for another four years after the insurance period. In the event of death, PZU Życie may repay the housing loan in full or in part at Bank Pekao, and any excess benefit payable will be paid to persons additionally insured, e.g., the close relatives of the insured. What is important, in this situation, persons additionally insured receive excess benefits without testament proceedings or inheritance and donations tax.
Bank Pekao also offers PZU motor insurance. Bank clients who are car owners, depending on their needs, may at any branch of the bank in Poland purchase a TPL insurance and selected voluntary insurance products: MOD, ADD, Windshields, PZU AUTO Assistance, PZU Health Assistance. PZU has prepared an offer for drivers with an option to adjust cover to individual need. Since November 2022, Bank Pekao has been offering LINK4 motor insurance as well. An advisor may present the insurance offers of both insurers. Offers are compared within one process, leading to the selection of predefined packages or offer personalization.
Group travel insurance for Pekao Visa Infinite credit card holders and users was introduced to the Bank Pekao’s offering in 2023. The insurance allows the Bank’s wealthiest group of Private Banking clients to enjoy comprehensive insurance cover during their travels. The product is distinguished by very high sums insured, which reach up to EUR 6 million for medical expenses.
PZU is one of the largest Bank Pekao’s external partners acquiring new clients for the Bank in the sales of personal bank accounts (RORs) via the bank’s Pekao360 app.
In 2023, PZU increased the scale of sales and expanded the banking product sales network to include more PZU branches. It also continued sales of end-to-end individual and corporate accounts in the remote and on-site channels and acquiring loan leads. Pilot sales of a cash loan to the bank’s existing clients were implemented at the PZU Call Center, and technological work was completed on adapting Bank Pekao’s sales application for PZU Tied Agents, with the aim of starting to sell banking products in this distribution channel in 2024. PZU and Pekao service desks were integrated, allowing for the transfer of requests concerning the Bank’s applications.
Since 2019, PZU, together with Alior Bank and now also with Bank Pekao, have been developing the Cash Portal, a unique platform on the Polish market with financial product offerings for employees of companies and members of institutions. In 2023, the portal was made available to further groups of clients, including new bodies corporate, reaching a total of 1 million retail clients who can use the Cash platform. In addition, another product was added to the Cash Portal offer: the Alior Bank currency exchange office. PZU Cash is also proud to have created and further developed its first own product. The MiniCash cash loan acts like an advance on the monthly income, and allows employees to cover smaller, unexpected expenses.
The Cash Project is a good example of synergy and leveraging the strengths of the two companies in the PZU Group, especially when it comes to relations with work establishments, and also of banking product competencies within the PZU Group. Further, the Cash Portal is an example of implementing an innovative business model and following market trends – in this case the trends pertaining to financial well-being and digitization of finance product distribution channels.
Strategic partnerships
The PZU Group strives to create an ecosystem in which the overriding objective is to manage client relations skillfully by offering clients solutions in all venues accessible to them. This contributes to intensifying activities in strategic partnerships with companies operating on the Polish market, among others, telecommunication operators, power utilities, retail chains and airlines, regarding joint offering of non-life and life insurance to the clients of such institutions.
Within the framework of its strategic partnerships, PZU offers a number of insurance contracts to the business partners’ clients, including:
- electronic equipment insurance and phone insurance;
- assistance insurance guaranteeing services of professionals, e.g. electrician, plumber and brown goods/white goods servicing staff, who provide help in the case of a failure in the household;
- insurance of photovoltaic installations;
- travel insurance.
In 2023, PZU cooperated with 11 strategic partners. Those are leaders in their respective industries and they have client bases offering the possibility of extending the PZU’s offering with additional innovative products geared towards those clients. For example, PZU cooperates with power sector companies to offer assistance services – assistance of an electrician, a plumber, or health assistant. PZU’s insurance offering is also present on the e-commerce market through cooperation with PLL LOT, iSpot and Cortland.
In 2023, PZU expanded its insurance offer by launching the sale of electronics insurance in the Cortland store chain, and also introduced a modified insurance offer in the iSpot store chain. In both cases, Apple-branded electronic equipment is covered for post-warranty failure, damage, and loss due to robbery or burglary. In addition, clients have options to purchase display insurance for iPhones in case of a broken or cracked display.
Health products
Health products – in the form of life & health and property insurance as well as non-insurance products – are distributed through all sales channels of the PZU Group, including the corporate and agency network of PZU and PZU Życie and the sales network of PZU Zdrowie.
The COVID-19 pandemic also contributed to an increase in sales through the digital channel of the mojePZU website where clients may choose from the new offering of prevention packages and individual medical subscriptions as well as individual medical consultations delivered both in the form of teleconsultations and stationary appointments.
Health products distribution network
Amenities for patients receiving medical care from PZU Zdrowie
Development of the scale of PZU operations
Contact channels
A patient can make a doctor’s appointment or an appointment for any other medical service provided by PZU Zdrowie through:
Investment products
TFI PZU acquires assets for management within the framework of the following four business models:
- the first one of these, the most important one, is based on obtaining funds through strengthening the company’s market position in the pension market within the framework of EPSs and ECSs, whose assets exceeded a total of PLN 12 billion;
- the second model involves cooperation with external entities, such as banks, brokerage houses, insurers and independent financial advisors (IFAs) that distribute TFI PZU funds to retail and institutional clients. The external distribution model was launched in 2011 and is rapidly expanding in scope by acquiring new partners in traditional and remote channels. As at the end of 2023, TFI was working with 19 institutions in this channel;
- the third model is based on the use of own and partner networks related to PZU – a network of PZU insurance branches, PZU Group member banks (Bank Pekao and Alior Bank) and TFI’s own sales network.
- the fourth and youngest distribution model is the online inPZU platform launched in 2018 along with the launch of the first umbrella of passive funds in Poland, which at the end of 2023 was comprised of 22 asset classes. In November 2023, sales of actively managed funds (PZU FIO Parasolowy and PZU FIO Ochrony Majątku were launched on the platform.
inPZU
The online platform, inPZU.pl, launched in 2018, enables clients to independently invest in the first fully proprietary passive funds and actively managed funds in Poland.
The platform is available 24/7, both in the desktop version and on any mobile device, and since 2020 also an English language version has been available. On the inPZU website, users may compare funds, define their investment objectives and personalize them. inPZU also enables users to search for funds and ready-made model portfolios as well as pay for their orders online. The platform is available to both individual and institutional clients. This is an attractive tool both for advanced investors and persons who are just starting to invest their savings.
TFI PZU provides a dedicated hotline to serve clients, participants, TFI PZU fund distributors and Employers. The hotline is open Monday through Friday on business days, and the number of calls received on the hotline in 2023 reached about 200,000.
The scope of information provided by the consultant on the hotline depends on the caller’s level of identification. Clients can receive public information about the Funds or the rules of participation in the Funds. Information related to the handling of a register of a specific Participant can be provided after they are identified by a Consultant (the Consultant authorizes the Participant during the call by verifying the selected sets of data recorded in the Participant’s register). Participants who are fully verified in the IVR system, and in the next step, by a consultant can place orders and instructions by phone in selected products. Participants in this service have a wide range of financial orders and non-financial instructions at their disposal.
PTE PZU
Payments to OFE PZU originate from pension insurance contributions transferred by the Social Insurance Institution (ZUS) in accordance with the decision made by the insured, under the second pillar of the pension system.
Client acquisition for individual pension security accounts by DFE PZU is carried out through five distribution channels:
- PZU Życie;
- Bank Pekao;
- PZU CO;
- own sales network of PTE PZU;
- the Internet.
The online contracting tool is the Contract Wizard, available at http://ikze.pzu.pl. With this solution, clients may easily open their individual pension security accounts without the need to send any documents. Sales activities carried out in 2023 indicate that Bank Pekao’s branches and online actions have the greatest sales potential.
In 2023, educational activities were carried out; they were related to communication of contribution limits on individual pension security accounts, information on the possibility of taking advantage of the tax credit, and building awareness of pension security and retirement saving.
In 2023, PTE PZU started its efforts to introduce a new individual product: Individual Retirement Account (IRA) at DFE PZU. The product is scheduled to be launched in the first half of 2024.
Banking products
Bank Pekao
The Bank Pekao’s clients can use a broad network of branches and ATMs, which provides convenient access throughout Poland, as well as a professional call center and a competitive Internet banking and mobile banking platform for individual and corporate clients, and for small and micro businesses.
As at 31 December 2023, the bank had 574 own branches and 1,306 own ATMs.
In 2023, Bank Pekao consistently executed the digital transformation process, comprising initiatives focused on development of sales and improvement of the quality of service in the remote channels, automation and robotization of the processes and enriching the offering to include state-of-the-art digital services. A digitization rate of nearly 100% is one of the bank’s key strategic aspirations.
The PeoPay app, which provides fast and secure access to personal and business accounts, cards and savings from a smartphone, celebrated its 10th birthday in 2023. The app is actively used by 2.9 million users.
In 2023, Bank Pekao added numerous new solutions and options to its online banking Pekao24, PeoPay and PeoPay Kids, for instance:
- new self-service process “I forgot my Pin” on the PeoPay login screen, allowing clients to regain access to the app themselves;
- process of selling an home savings account for children 13+ in the Parent Panel;
- option to redirect a client, when served by an employee, to the PeoPay app or Pekao24 service – to any screen in the app or the service, including to sales processes;
- new version of the currency exchange office;
- innovations in transfers: implementation of Sorbnet instant transfer, implementation of split payment with future date – disclosed and undisclosed split payments, transfer between own accounts of a natural person and a one-person business;
- option to update company data from PeoPay and Pekao24;
- request for an auxiliary account in PLN and foreign currencies for one-person businesses;
- pekao24 integration with the Accounting with Bison service, a debit card request for businesses;
- launching a Merchant Portal for companies leasing terminals, to handle payment and settlement of payment transactions;
- notifications to corporate clients;
- option to verify the identity of a Bank employee in the PeoPay app and Pekao24 service, by a client during a phone call;
- a device counter that allows PeoPay to be installed on up to three devices;
- an educational game for children aged 7-13 in the PeoPay Kids app.
Alior Bank
At yearend 2023, Alior Bank had 522 outlets (161 traditional branches, 7 Private Banking branches, 13 Corporate Banking Centers and 341 partner centers). The bank’s products were also offered in the chain of 10 mortgage centers and a network of roughly 3 thousand intermediaries. The Bank also conducts its business through a Branch in Romania, where customer service is provided through remote channels.
By the end of 2023, Alior Bank upgraded its 85 branches to the new format. The role of the new branches is primarily to digitize clients and branch processes, provide convenience and privacy for clients, and improve bankers’ convenience. The distinguishing features of these branches include their innovative design and the use of modern technologies. Alior Bank’s traditional branches are located throughout Poland, in particular in cities with more than 50 thousand residents. They offer the full range of the bank’s products and services. Partner centers are located in smaller towns and in selected locations in Poland’s major cities. They offer a broad range of services and deposit and credit products for retail and business clients.
Cooperation between the bank and its partner centers is based on an outsourcing agency agreement. Agents provide exclusive agency services to the bank in respect to the distribution of products. These services are provided in locations owned or leased by agents approved by the bank. The bank’s products are also offered through the networks of financial intermediaries.
Alior Bank also uses distribution channels based on a modern IT platform incorporating: online banking, mobile banking, call centers and the DRONN technology. Online channels make it possible to enter into agreements for: savings and checking accounts, currency accounts, savings accounts, deposits, debit cards and brokerage accounts. These channels are also used to accept applications for credit products: cash loans, credit cards, overdraft limits and mortgage loans. Via Internet, the bank also offers installment loans in an on-line process and offers services of a currency exchange office.
As part of the Bank’s new “Bank for Everyday, Bank for the Future” strategy, the year 2023 focused on the preparation and first implementations within the new inclusive mobile app. In parallel, the Bank continued its work on optimizing the existing and introducing new solutions for Alior Online and Alior Mobile.
In 2023, the Alior Mobile app and Alior Online banking underwent a number of changes in their image, in handling of deposit and loan products, and more new features were implemented. Much of the change was directed at increasing sales in the mobile channel.
As expected by Alior Mobile app users, further options for its personalization were added, including the option to select products shown on the start screen or the option to create shortcuts to the most frequently used functions.
In December 2022, Alior Bank launched Alior Pay, a service with a credit limit to defer and spread payments made with a card, BLIK in stationary and online stores or by transfer from an account with Alior Bank.
As at September 2023, the option to apply for an Alior Pay credit limit was made available to any interested Alior Bank client. Once this Alior Pay service had been made available to all Alior Bank clients, there was a 68% increase in sales, as well as a 14% increase in transactions on the accounts of clients who use the service. On average, 22% of Alior Pay clients took advantage of the installment option.