Omniasig Asigurari de Viata, part of Vienna Insurance Group, plans to grab around 10% of the private pensions market from the very first year both on pillar II (compulsory private pensions) and pillar III (optional private pensions), considering that this market's potential ranges between 2.3 and 3.5 million people.
"We want to enter both pillars, but I cannot disclose the amount to be invested, but I believe one must make massive investments to be efficient. I believe most companies that will operate on both segments will invest more than 10 million euros in the development of the private pensions network," stated Monica Pavelescu, marketing manager with the Private Pensions department of Omniasig Viata.
The insurer will begin a countrywide advertising campaign in mid this year to entice as many customers as possible for private pensions.
"The most important channel will be television given that it is the fastest way to create awareness and the value of the brand," says Pavelescu. She did not reveal the value of investments Omniasig Viata will pour into this campaign, but believes an efficient campaign requires net investments of around 1 million euros.
In a bid to draw in as many people as possible who should opt for private pensions, Omniasig will make use of all distribution channels available, from Omniasig general and life insurance agents, to insurance brokers or banking partnerships.
Though it has already started recruiting its own agents for the sale of private pensions, Omniasig will hire most of them during July-August period, when the network will start developing extensively and when the firm is due to register the biggest number of customers. Omniasig will have thousands of pension agents aged above 25.
Among the first people Omniasig will target for optional pensions will be those who already have a life insurance policy since they understand this financial product better, they have heard of domestic insurance companies and find it easier to use this product.
"Pillar II is more important as it creates a mass of customers from all income categories, while as regards Pillar III we will focus on the corporate segment in the first year, particularly on companies wanting to offer a more complex benefits package to their employees," believes Pavelescu.
"Smaller companies will also enter the private pensions market, but I believe only large companies, with important budgets, will make it on the long term. From the 10-12 companies that will tap into the private pensions market, I do not believe more than 7 will survive on long term. Companies with strong advertising and distribution are going to do well," concluded the marketing manager of the private pensions department within Omniasig Viata.
Omniasig Viata
Controlled by Omniasig (50%) and TBIH (49.9%)
Has almost 100 employees and 2,000 agents
Is going to increase its share capital soon to be able to enter the private pensions market; its current share capital stands at 8.1m RON
Plans to gain 10% of the private pensions market from the very first year
Will start an advertising campaign in this year to lure customers for private pensions
Will use all distribution channels available
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