Challenge that led to the founding of NOVIS
Problem
The 2008 financial crisis revealed that complex financial products are often unduly risky, and difficult for the investing public to understand. They can even endanger the stability of the world’s financial system.
Solution
NOVIS was founded in 2012 with the sole focus of solving these fundamental problems within the insurance industry. The company set out to create genuinely innovative products based on a novel business model.
Unburdened by legacy product constraints, NOVIS was able to direct all efforts towards exploiting new business opportunities.
Since then, NOVIS has evolved tremendously and continues to expand internationally. In addition to fast growth, NOVIS was profitable from the first year.
In all countries where NOVIS operates, it has been able to win over distribution partners interested in the uniqueness of its product offering.
Evolution of NOVISLAND
Growth Strategy
From our headquarters in Bratislava in the heart of Europe, we serve clients in 11 countries, adding new cooperations systematically. We look to continue to expand internationally and work closely with local partners to take advantage of business and distribution opportunities in Europe and beyond.
FINANCIAL results
Positive financial results are based on a combination of factors:
1. Ability to fully concentrate on a novel and profitable product without the burden of legacy product problems.
2. Very strong fixed cost degression by operating out of only one headquarter for all European markets.
We manage capital to ensure solvency financial stability. According to legislation, solvency of an
insurance company is its ability to permanently secure with own resources (Eligible Own Funds)
the coverage of all liabilities arising from its insurance contracts. This is defined as Solvency Capital
Requirement (SCR).
Early MARKET SUCCESS
NOVIS tries to capture market opportunities wherever they may arise.
The first example is Hungary, where in 2014 a very attractive tax support regime for life insurance was introduced. NOVIS adapted its basic product in such a way that it fulfils all tax requirements and achieved a high market share.
The latest success story arrives from Iceland, where NOVIS started in February 2018 and within only half a year has become the dominant market player for new life insurance contracts.
Compliant with heavy regulation and as a result, provided with a European passport to 31 countries NOVIS interacts with financial regulators in every country where it operates. Its homeland regulator is the National Bank of Slovakia.
Over the first 5 years, NOVIS had been audited by PwC and Mazars.
The solvency ratio at the end of 2019 was 159 %, and is steadily improving as a result of its novel product concept and business model.
Regulatory compliance with:
European Directive for the Insurance Industry (Solvency II), and all national implementations
Anti-Money Laundering (AML) and Know-Your-Customer (KYC)
Consumer Protection in the Financial Service Industry
General Data Protection Regulation
Sustainable Financial Disclosure
Adaptive Approach
Our products are built to adapt and evolve with client needs over a lifetime. We aim to
become the singleentry point for a client´s financial needs in connection with insurance – replacing
the need for repeated conclusion of various financial and insurance products.
As still a young insurance company, we have brought dozens of innovations to the marketplace.
These can be grouped into five key areas that enhance client satisfaction:
Adaptability to change almost anything in the contract, including the ability to cover an unlimited number of co-insured persons.
Access to a diverse range of long-term investment options provided through internal funds of the insurance company – NOVIS Insurance Funds.
Personal insurance coverage for death, illness, or injury. Some of our products may also cover disability and can be used for annuities.
During the insurance relationship, you have access to your accumulated capital (through request for a partial surrender) and you may even stop paying premium for some time (see General Terms and Conditions of certain products for details) while the insurance coverage remains active of your accumulated capital.
Organization
We are one of the few private insurance companies in Europe, but our independence does not mean we stand alone. Our success is built upon a strong partnership network throughout Europe.
Strong partnerships with in-country experts are critical as we adapt and expand into new markets. Our success relies upon local distribution partners who have deep networks and solid understanding of market trends and opportunities.
We have used the friendship and support of thought leader across banking, investing, insurance/reinsurance, audit and law to keep us focused on executing the full potential of the business.
Headquartered in Bratislava with insurance activities in 10 further markets via the principle of Freedom of Service or registered branches.
Sale of NOVIS’ insurance products are exclusively realized through independent brokers and advisory networks. When brokers/agents provide their objective analysis and advice, the unique features of NOVIS’ Wealth Insuring offer can be most readily appreciated by potential clients by comparing it with standard products on the market.
Management Board
NOVIS is led by its founder Siegfried Fatzi, who serves as Executive Chairman. He started an insurance company for the first time at age 33, and today draws on extensive experiences from involvement with seven insurance companies in six countries.
Supervisory Board
Freimut Dobretsberger, Chairman
Karel Zvolský, Vice-Chairman, Employee representative
Štefan Gyurik, Member, Employee representative
Kristína Kupková, Member, Employee representative
Deborah Sturman, Member
Slobodan Ristic, Member
Stanislav Kamenár, Member
Alfred Finz, member
Trausti Ágústsson, member
Michael Schönberg, member
Michal Knap serves as Chief Financial Officer and Vice Chairman. He is 14 years involved in the insurance industry with working experience as an external auditor for Big 4 auditing companies, Head of Risk Management or Head of Finance in two insurance companies.
Rainer Alt is the third active member of the board and serves as Chief Insurance Officer. He is a trained actuary with 18 years of experience as an executive in the reinsurance industry.
Shareholders
More than 20 shareholders (including private persons and legal entities) from six different countries provide the capital to run and grow our business. No shareholder holds more than 10% on share capital, but the founder Siegfried Fatzi has his share since inception, and some of the shareholders are also members of the Board of Directors or the Supervisory Board.
