As regards their relationships with the insured, Group members follow the rules and procedures on complaints, which are compliant with the guidance 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 investment (insurance) contracts. Applicable legal provisions and regulatory frameworks are observed also when pursuing development activities.
We also fully comply with the Slovenian Personal Data Protection Act (ZVOP) and the regulations that require responsible handling of personal data of customers.
On 1 October 2018, the Insurance Distribution Directive (IDD) entered into force in all EU Member States. With the aim of ensuring greater transparency and comparability of insurance, enhancing consumer protection and increasing confidence in the insurance market, the directive provided for greater transparency in the development and sale of insurance and information to customers. The fundamental principles of the directive are the transparent operation of insurance companies and other sellers of insurance products in accordance with the best interests of policyholders, and the provision of fair, clear and non-misleading information about insurance products. One of the requirements of the directive is the insurance product information document (IPID). It is a short and stand-alone form with all key information about the product (insurance cover, excluded risks, restrictions, etc.). A customer is provided with better transparency and easier comparability of products. Prior to the conclusion of the contract, the agent must also determine the suitability of the insurance product for the client, and each policyholder must sign that they are acquainted with the content of the insurance product information document and the insurance product has been fully and accurately presented.
Therefore, every effort is made to ensure transparency, clarity and access to information both in developing new products and in client notification. Zavarovalnica Sava does not make use of fine print.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.
Insurance companies also 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 give instructions, setting out for our policyholders the right course of action.
In reinsurance underwriting business, we pay due regard to internal underwriting regulations, risk taking and claims processing, and internal underwriting policy. We maintain relationships with our business partners. Meetings are arranged during international conferences and individual meetings all over the world. From time to time, 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. Participants attend from across the world, including Asia, Africa and a number of European countries. At the seminar, participants deal with topics related to reinsurance, actuarial science, modelling and solvency-related issues, also through practical examples and a closing workshop.
The Sava Pokojninska pension company reports on all regulated information on supplementary pension insurance of all of the bodies (Information Commissioner of the RS, Insurance Supervision Agency, Ministry of Labour, Family, Social Affairs and Equal Opportunities) that appear on its website (pension scheme, rules on pension fund management, appendix to the management rules, investment policy statement) or on the websites of national bodies.
In most countries outside the EU where some of the Sava Re Group companies are based, labelling and product or service information is governed by the law with minimum requirements. All these companies have websites that provide all information regarding their services. They also have channels established to communicate with different target groups (phone, email, social networks, etc.).
99: GRI 103-1, 103-2, 417-1