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Topdanmark is the second largest non-life insurance company and a major life insurance company in Denmark. Topdanmark is 100% focused on non-life and life insurance in the Danish market.
In non-life insurance, Topdanmark holds a 16 per cent market share. It focuses on the private, agricultural and SME markets, i.e. market segments with high frequency but low average claims. Topdanmark has approximately 620,000 non-life insurance customers and the company offers a full range of insurance services.
In life insurance, Topdanmark has a 10 per cent market share. It serves approximately 140,000 Danish corporate and private customers. The majority of customers are company pension customers that provide compulsory pension schemes for their employees.
Topdanmark intends to continue the trend of being a leading and value-creating insurance company in the Danish market. Therefore, Topdanmark aims at continuously combining new technology, digitization and automation with competent experience within insurance and risk assessment.
In order to differentiate itself from other insurance companies, Topdanmark focuses on:
Non-life and Life Insurance within one Group
As the only player offering non-life and life insurance in the market, Topdanmark has a market share of 10 per cent or more in both categories of insurance. It aims to take advantage of the synergies by selling both non-life and life products, as well as utilizing the economies of scale providing non-life and life insurances in one group.
Going forward, Topdanmark is aiming to continuously improve customer loyalty by providing focused services on time and in a proactive manner when customer requirements can be predicted. This will be achieved by the use of experience and data. Customer loyalty is an important driver for profitable growth as existing customers tend to be more profitable than new ones.
Topdanmark pursues a multi-channel distribution strategy making use of different distribution channels that target different customer groups. This includes realizing sales through:
From 1 January 2020, Topdanmark and Nordea have started a non-life agreement for distribution on the Danish market.
A key element in Topdanmark’s strategy is risk-based pricing. Topdanmark’s pricing policy is based on the specific risk of each and every customer. As a consequence, Topdanmark is price competitive for low risk customers. The disciplined pricing approach has supported the stable development in underwriting profitability.
Topdanmark aims to achieve a combined ratio of 90 per cent excluding run-off results. The goal for the combined ratio is adjusted on the basis of a 10 per cent profit margin. The growth target for gross premiums earned is a growth that is in line with the market.