Operational processes, with insurance business as the key element, are at the core of the PZU Group’s value creation model. The offering is supplemented by health, banking, investment and pension products. Equity management in the PZU Group is implemented in accordance with the PZU Group’s strategy. This is why aspects related to the core business – insurance offered by PZU and PZU Życie – are of greatest importance.
In 2024, the PZU Group for the first time applied a dual approach in assessing materiality (in accordance with CSRD regulations), including both a financial perspective (risks and opportunities) and an impact on the environment. This analysis not only deepened the understanding of issues important to stakeholders, but also ensured better alignment of operational activities with the challenges of sustainable development. For the purpose of this process, the PZU Group has defined a nine-element value chain that includes:
- Supply chain: managing relationships with suppliers or corporate service providers (e.g., IT contractors), and relationships with third-party brokers or agents;
- In-house operations: human resources, IT, facilities and property protection;
- Property insurance: property insurance offerings, their marketing and distribution, claims and benefits handling;
- Life and health insurance: life and health insurance offerings, their marketing and distribution, claims and benefits handling;
- Own investments: asset management of own investments;
- Mutual and pension funds: asset management, marketing and distribution of mutual and pension funds;
- Business banking: banking services offered to business clients, including loans, bond issuance and cash management services;
- Retail banking: banking services for retail clients, including daily banking and a portfolio of loans including mortgages;
- Health-care: operations of private medical facilities operated by PZU Życie and the offering, marketing and distribution of medical care packages.
The value chain includes a number of processes, resources and relationships that enable the Group to conduct its business.
The value chain also reflects and is closely lin ed to the life cycle of the Group’s products, creating a comprehensive structure, which covers all stages: from product conception, through product handling, to the end of the life cycle, and in the case of insurance, the latter can still last for several years after the end of coverage. Value moves along the chain, driven by collaboration, innovation and process improvement, and thus plays its role in the Group’s growth, in strengthening its market position, and in building shareholder value.
The PZU Group cooperates with suppliers from many industries, in such business areas as administration, real property and information technology. The largest group of suppliers are business partners for IT, real property, utilities and energy purchases. The spectrum of supplies is wide, i.e., from comprehensive orders in the area of information technology and consulting to conventional goods and services.
PZU Group’s processes involve employees, partners and platforms. The main areas of operations include: insurance, banking, investment, health. Key processes related to processes in the insurance area: market research, client needs and expectations; creation and development of products and services; sales and distribution; claims handling; settlement of benefits and liabilities; client service and client relationship management; operations (sales handling and settlement, contract processing); data security; management of the Company’s financial resources.
Support processes (insurance business): human resources management; information management; IT management, development and maintenance; accounting; financial services; administration and logistics; corporate support (including legal services, corporate governance, marketing and communications, investor relations, etc.).
The PZU Group provides its clients with a comprehensive product offering through synergies within the conglomerate companies, offering access via a variety of distribution channels. Among all insurers operating in Poland, PZU provides its clients with the access to the largest sales and service network (as part of the insurance offering).