Stakeholder engagement78
We cultivate responsible and sincere relations with all our stakeholders. In doing so we follow the recommendations and rules of public reporting, the code of ethics and internal rules.
Additionally, we seek out opportunities to simplify access to information and opinion sharing, making use of information technology, which is unconstrained by time and space.
In the Sava Re Group, employees, policyholders, cedants, shareholders, prospective investors, regulators, the trade union, media, suppliers and the community are recognised as the stakeholders that play the key role in its existence and successful operations.
78: GRI 102-40, 102-42, 102-43, 102-44
type of engagement
content and objective
idea box,
personal contact,
opinion polls/questionnaires,
internal training/consultations,
strategic conferences,
informal meetings,
team building events,
management by objectives (annual appraisal interviews)
information, awareness,
opinion sharing,
stimulating ideas for improvements to the work environment and the business process,
two-way communication,
feedback loop,
culture building,
improving relations
one-on-one counselling,
contact centre,
market communication through different channels,
expert meetings/conferences
quality service,
customer focus,
quick problem solving,
customer-friendly attitude,
identifying actual market needs,
modern sales channels
Shareholders and prospective investors
supervisory board meetings,
general meeting,
public notifications (SEOnet and,
financial reports,
letter to shareholders,
investor conferences and webcast
equal access to information,
clear dividend policy,
in-depth information on business operations,
sustainable operations,
strategic policy,
credit rating
regular and extraordinary reporting to the Insurance Supervision Agency (ISA) and Securities Market Agency (SMA),
regular and extraordinary reporting to the Competition Protection Agency (CPA)
compliance with legislation,
transparency of operations,
security of policyholders,
compliance of business operations
Trade union
regular quarterly meetings,
cooperation (coordination) in preparation of internal acts,
employee engagement in governance,
employee benefits,
employee remuneration,
ensuring a friendly working environment
press releases,
press conferences,
answers to journalists’ questions
providing information to the general public,
strengthening the positive realistic image of the Company/Group
calls for tenders
invitations to participation
environmentally friendly materials,
paperless operation,
digitisation of operations,
payment reliability,
honouring agreements
supporting local economy and craftsmanship
collaboration in joint activities/projects,
financial support (donations, sponsorship),
material support (supply of devices required for their work),
meetings with decision-makers
assistance in providing for basic needs,
co-financing of projects important for the local community,
awareness raising among the population,
concern for improving the safety of the population
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Responsibility to employees

The Sava Re Group nurtures common values that are reflected through creating a positive work environment and sound business culture. We pursue them through adopted strategic policies, in our daily work, behaviour, communication, relationships and decisions.
Our responsibility to employees is also reflected in our efforts to build a work environment that respects the dignity and integrity of each employee. One of the Sava Re Group’s strategic guidelines in the field of human resources management is to ensure a safe, diverse and sustainable work environment. Our leaders are expected to lead by their example and encourage the creation of the right conditions. Furthermore, our HRM policy dictates that HRM objectives be aligned with sustainable development policies of the Company and the Group, promoting equal opportunities and diversity of our workforce.79

For this reason, a leadership model was set up for the Sava Re Group, defining the key competencies expected of leaders in a modern organisational culture that promotes constructive collaboration, open communication, openness to change and continuous development. The leadership model serves as the basis for steering the development activities of leaders, who are key to creating and maintaining a secure, diverse and sustainable work environment.
At the end of 2017 we launched a management by objectives project, where objectives were defined for individual areas and for individual employees. The objectives will be monitored on a quarterly basis upon annual interviews with employees.

In accordance with the GRI standards, sustainable development with a view to human resources is monitored using several indicators as presented below.

For more information on HRM see section 10 “Human Resources Management” and section 20.3 “Human Resources Management”.80
79: GRI 405-1
80: GRI 102-41, 401-1, 403-2, 404-1, 404-3, 405-1
Employee benefits81
Sava Re companies in Slovenia pay a voluntary supplementary pension insurance premium for their employees − the second-pillar pension scheme.

The Macedonian subsidiary Sava osiguruvanje also pays the voluntary supplementary pension insurance premium for its employees.

Sava Re pays the voluntary pension insurance premium − the third pillar − and the collective accident insurance premium for its employees.

Sava Re and Zavarovalnica Sava employees and their family members can take out health insurance on particularly favourable terms.

Sava Re employees are also protected through an additional business travel accident insurance scheme.

Zavarovalnica Sava employees can enjoy the benefits of sponsorship agreements (Maribor Football Club, Tennis Slovenia, Koper Handball Club, Festival Ljubljana, Festival Lent and similar).
Zavarovalnica Sava also offers paid absence from work for employees introducing their children into kindergarten or accompanying their child on the first day of school (from the 1st to the 3rd year of elementary school). Sava Re also offers paid absence from work for parents accompanying their first-graders on the first day of school.

Zavarovalnica Sava, which holds the full Family-Friendly Company certificate, carries out a number of other selected measures that help employees improve their work-life balance. Employees returning to work after a prolonged absence are offered assistance through interviews and a work reintegration plan.

Sava Re and Zavarovalnica Sava offer company-owned holiday facilities on favourable terms.

Sava osiguruvanje, Macedonia, set up an open-type sports club that promotes employee membership.
Financial assistance received from government82
The Group companies received no financial assistance from the government in 2017.
Definition of other government incentives
Zavarovalnica Sava receives a monthly bonus for employing more employees with disabilities than prescribed by the quota and also claims exemption from paying the contribution for pension and disability insurance for these employees. The total amount from these incentives in Zavarovalnica Sava was €112,058.

In 2017, Sava Re claimed reduction in the payment of employer’s contributions for pension and disability insurance for employing persons younger than 26 years of age for indefinite time (first employment), namely for the first two years of employment. The Company was entitled to a 50% refund on employer’s contributions for pension and disability insurance for the first year of employment and up to 30% on the contributions for pension and disability insurance for the second year. The total value of these refunds was €8,369.
Sava Re also set up a collective voluntary supplementary old-age pension insurance scheme funded by the employer and has a contract in place on the accession to the pension company’s pension scheme, registered in the pension scheme register at the Financial Administration of the Republic of Slovenia. Based on said contracts the Company pays, for the employees who joined the pension scheme, a voluntary supplementary pension insurance premium. Thus, it is entitled to a reduced income tax base, namely for the amount of the voluntary supplementary pension insurance premium paid in the tax year for its employees to the pension scheme provider. The total value of this tax relief is €84,077.
81: GRI 201-3
82: GRI 201-4
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Responsibility to policyholders and cedants83
Trust is the foundation of any quality long-term relationship. The Group takes its commitments very seriously.
In 2017 we devoted increased attention to communication with policyholders across the region. Upon the merger of the Slovenian and Croatian insurance companies and simultaneous revamp of the corporate identity we informed the customers and the general public of the change through contemporary media channels and in person, through our agents. The message “Never alone” conveyed the Group’s strategic policy – people focus. It is a promise to all our stakeholders that we will always be there for them – with socially responsible products, with products tailored to our clients’ actual needs, with friendly gestures, with concern for our employees, humanitarian actions, with support for social activities, with an environmental-friendly policy – in short, a commitment to providing comprehensive care for each individual.
Just before the end of the year Zavarovalnica Sava entered the supplementary health insurance market with a supplementary health insurance plan. With Zdravje and Zdravje Plus products it promises faster access to specialist examinations and simple procedures, thus offering better options to utilise the Best Doctors insurance scheme that provides for a second opinion and health treatment abroad.

Access to services is essential for users, so most of our insurance companies offer also online user support. With its revamped website Zavarovalnica Sava offers policyholders the option to report their claims online, to take out insurance and to chat with an online consultant. The website also provides the opportunity for users to share their opinions, proposals, commendations and complaints. The assistance centre provides assistance to policyholders who are travelling. Detailed information is always available online, at, and from our toll-free phone helpline, at 080 19 20.84
83: GRI 103-1, 103-2, 103-3
84: GRI 417-1
Client communication and information85
As regards their relationships with the insured, Group members follow the rules and procedures on complaints, which are compliant with the directives issued by the European Insurance and Occupational Pensions Authority (EIOPA).

As the largest insurer in the Sava Re Group, Zavarovalnica Sava complies with all provisions of the Consumer Protection Act and other acts governing communication of information to clients entering into contracts for financial services, including insurance contracts. Applicable legal provisions and regulatory frameworks are observed also when pursuing development activities.

The Insurance Act (ZZavar-1) prescribes disclosure of information on policy conditions and the obligation of notification of policyholders. A policyholder must be aware of the content of the insurance contract and general policy conditions upon entering into the contract and subsequently throughout the duration of the contract.

We also fully comply with the Personal Data Protection Act (ZVOP) and the regulations that require responsible handling of personal data of customers. Already in 2017, the insurance company started to actively prepare for the new legal bases that are to come into force in 2018.
It therefore makes every effort to ensure transparency, clarity and access to information both in developing new products and in client notification. Communication takes place via various channels adapted to different target groups. Customers are placed at the centre in order to build partnerships with them that will permeate all aspects of their lives. This can only be ensured through a wide range of insurance products and with services that are readily available at any time. In 2017 the Group entered the health insurance market and began to intensely develop assistance products.

Insurance companies avoid the fine print in advertising, offering their clients adequate information on the advertised product. Product information is always available on official websites together with statutory notifications and related news. In the event of mass losses we publish a notice and instructions explaining to the policyholders the right course of action in such cases.

In reinsurance client relationships, we pay due regard to internal underwriting regulations and internal rules for account managers. We maintain relationships with our existing business partners. Meetings are arranged during international conferences and individual meetings. Every year we organise the Sava Summer Seminar, a training programme in reinsurance-related areas, in an effort to provide our business partners with an insight into our activities and the characteristics of our business. In 2017, the Company organised the eighth consecutive seminar for reinsurers. The seminar was attended by 20 participants from existing and prospective cedants from across the world, including Asia, Africa and a number of European countries. At the seminar, the participants look into reinsurance, actuarial science, modelling and solvency-related issues, with practical examples.
85: GRI 103-1, 103-2, 417-1
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Responsibility to investors

As a public limited company, Sava Re is responsible for ensuring that its shareholders have equal access to information and that communication is conducted in accordance with recommendations and legislation.
With regard to the financial community, we pay special attention to our shareholders and other potential investors. We communicate with this group of stakeholders by organising regular meetings with analysts and investors, directly or through events organised by the Ljubljana Stock Exchange and other organisers, and by participating in local and international roadshows. We ensure prompt disclosure of information to all investors also via our official website at, the SEOnet portal of the Ljubljana Stock exchange, via the media, press conferences and the letter to shareholders, in which we keep them up to date with recent developments, invite them to the general meeting and similar. In all our announcements we comply with the standards applicable to the prime market of the Ljubljana Stock Exchange. More information about investor relations is provided in section 3.3 “Investor relations”.
In 2017, Sava Re conducted over 30 one-on-one and group meetings with investors in Slovenia and abroad.
Relations with suppliers and the purchasing policy86
Group companies prioritise cooperation with local suppliers. The local market of an individual Group member represents the total geographical area of the country in which it is registered. Group companies’ suppliers are mainly providers of consulting services, office supplies, small tools, computer hardware, software and similar, and company cars.
The adopted Group-level purchasing policy entails strategic guidelines and principles governing a transparent procurement process, including the anti-corruption clause.

In 2017, Sava Re also adopted the rules on procurement, which are to be revised and supplemented in 2018 with the sustainability criterion (concern for the environment and society) for a supplier in the selection procedure.87 This criterion was not integrated in the selection criteria in 2017. In terms of procurement the Company takes into account also a number of other internal acts defining procedures and other instructions: fleet management policy in the Sava Re Group, rules on procurement, use and maintenance of company vehicles, systemic procurement procedure in the Sava Re Group, rules on company mobile phones and devices, and similar.

Sava Re ensures transparency of the selection procedure, and fair cooperation and relationships with its suppliers. Its liabilities are fully settled within agreed deadlines.

Present in all major towns across the Republic of Slovenia, Zavarovalnica Sava is by nature − its business being life and non-life insurance − obliged to work in cooperation with local suppliers; as a result it maintains good business relationships, something that is reflected also in terms of transaction costs, which are lower than they would be if the company worked with suppliers outside Slovenia.
Although some of the purchases are made outside Slovenia, they are limited (mainly to the goods and services that cannot be sourced in Slovenia or are offered here at non-competitive prices).

A similar trend or local market specifics are observed in Croatia, where our branch also works with local suppliers (if such cooperation is based on competitive prices or justified in view of the company’s business).

Environmental responsibility is taken into account in the selection process, but the criteria for such have not yet been set.

In its General Purchasing Conditions Zavarovalnica Sava requires suppliers to deliver goods with prescribed safety mechanisms and in compliance with applicable safety, environmental and other regulations (such as restrictions on the use of certain hazardous substances in electrical and electronic equipment and similar) as well as technical rules. The goods must bear the CE marking.

Based on said procurement conditions suppliers are also obliged to alert the company of the possibility or occurrence of hazardous waste in the goods delivered, and indicate the manner and potential options of its removal. At the request of Zavarovalnica Sava, the supplier is obliged to accept, free of charge, any waste created in the proper use of the goods supplied.

The company also uses environmentally-friendly electric vehicles, although not on a regular basis. To this end the company engaged a provider of such vehicles.
86: GRI 102-9, 103-1, 103-2, 103-3, 204-1, 308-1
87: GRI 414-1
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