Vienna Insurance cuts costs by 7m euros a year

Austrian group Vienna Insurance is currently working on a plan to create synergies among five out of the seven companies it owns on the local market in order to cut costs by 7 million euros a year. This project includes Omniasig, Omniasig Life, Unita, Agras and Asirom; the group has two more recently acquired companies as BCR Asigurari (BCR Insurance) and BCR Asigurari de Viata (BCR Life Insurance), which were recently acquired from the Erste Bank Group. The implementation of the project started in September 2007, and will be completed in September 2010. “The plan is very sophisticated and involves the joint use of some of the departments, such as claims settlement, IT, acquisitions of administrative equipment and accounting, which will generate savings worth at least seven million euros a year,” Constantin Toma, chairman of Omniasig, the second largest player on the insurance market and the largest company held by Vienna Insurance in Romania, told ZF.