Vienna Insurance Group, the largest insurance investor in Georgia, marks its bicentennial anniversary.
In a bid to respond to the changing landscape of journalism in the Caucasus region, a newsroom powered by readers is being built. This initiative is spearheaded by the Wiener Städtische Group, a European insurance and banking conglomerate with a rich history dating back to 1824.
The Group, which now operates in nearly 30 countries, has always placed a strong emphasis on change management, restructuring, and adapting to new market strategies. This focus on organizational change, driven by restructuring, cost management, and internationalization, reflects a shift from traditional to more dynamic leadership approaches. This dynamic approach is expected to continue into the future, with increased importance on change management within the insurance and banking sectors.
The Group's commitment to its customers is evident in its use of modern service facilities and customer support and assistance systems, which are expanded continuously. This customer-centric approach extends beyond service delivery, with the Group demonstrating a commitment to affordable housing and other social causes.
Gender equality is another important topic for the Group. Over half of the Group's board team are women, and in Serbia, three out of four board members are female. The Group's dedication to gender equality has earned them awards in this area.
The Group's operations in Georgia have played a significant role in the development of the country's insurance market. In addition, the Group has been supporting artists and promoting culture since the 1930s, with cultural activities in the Czech Republic deserving particular mention.
The Group operates on the principle that premiums earned by a company should be reinvested in that particular country to prevent a form of 'economic colonisation'. This approach has helped stimulate growth, secure jobs, play a positive role in economic development, and invigorate the local capital market in the countries where the Group operates.
The Group's multi-brand strategy involves entrusting responsibility to local managers, a practice that continues today. The Group does not rename companies it acquires if they have a good name and strong brand, as they often enjoy strong brand recognition in their markets.
In the Caucasus region, the Group's operations have a history of responsible development, stable growth, and long-term investments. However, independent voices in the region are under threat. In response, the Group is building a newsroom powered by readers to ensure diverse and independent perspectives are represented in their reporting.
The Group, which is headed by Austria's most successful insurance manager, Günter Geyer, does not consider itself a corporation but rather a group. With approximately 30,000 employees, the Group is committed to partnerships and communicates on an equal footing throughout the Group, avoiding a top-down style.
The Group's approach to niche policies has proven to be very successful within its operations. The Group's commitment to culture, gender equality, and responsible business practices makes it a leader in its industry and a valuable asset to the communities it serves.
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