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The ongoing war has significantly changed the business environment in Ukraine. Despite all the challenges, businesses have managed to adapt to the new reality thanks to effective insurance solutions. How insurers are helping businesses overcome major issues during the full-scale invasion is explained by Irina Hevel, Deputy Chairwoman of the Board of VUSO Insurance Company.
Our main task is to respond promptly to customer requests and create insurance programs that ensure the financial stability of Ukrainians during this difficult period,
says Irina Hevel.
Ukrainian insurers quickly learned how to operate in wartime conditions, though this process came with its own challenges. A growing demand for insurance against war risks became a key trend in the market. Insurance companies have been actively developing new products for individuals and businesses to ensure financial balance during these tough times.
VUSO was one of the first to launch auto insurance against war-related damages back in 2022. The “Patriot” comprehensive car insurance policy covers financial losses resulting from damage caused by rocket strikes or other objects, shrapnel, landmine explosions and gunfire. Moreover, the product was updated to allow clients to sign contracts with full coverage of war risks without limits on the number of claims.
With the onset of war, Ukrainian businesses faced serious challenges. One of them was the shortage of labor, as many citizens left for foreign countries. Consequently, competition in the labor market increased, and ensuring proper working conditions became crucial for attracting and retaining employees. This led to an increased demand for health insurance for employees.
Since the beginning of the full-scale invasion, the number of requests for employee health insurance has increased, as evidenced by the statistics: in 2023, the number of VUSO’s clients in this category grew by nearly 90%,
comments Irina Hevel.
Voluntary health insurance is becoming a benchmark of social responsibility for business leaders, not only improving working conditions but also contributing to employee loyalty and increased productivity.
Stress-related illnesses, along with physical and psychological trauma, have significantly increased in Ukraine since the war began. This impacts the efficiency of businesses, as sick employees often take sick leave, which lowers productivity and increases costs.
Corporate health insurance is becoming an essential tool for businesses, ensuring the stability of their operations and supporting employee health,
concludes Irina Hevel.
VUSO is actively working in this area, providing access to a network of clinics and pharmacies for its clients. The company’s mobile app allows for various services, including doctor appointments, medication orders, consultations and other healthcare-related services.
Russian aggression has caused significant losses to Ukrainian businesses, including property damage. In response, VUSO developed property insurance against war risks, covering damages from rocket strikes, drones, munitions and debris.
This type of insurance protects corporate clients from losses due to the damage or destruction of property caused directly or indirectly by rockets, drones of any kind, munitions, and anti-aircraft or anti-missile defense systems,
explains Irina Hevel. The insured amount can reach up to 10,000,000 UAH per individual property complex.
Additionally, in collaboration with the international broker WTW, VUSO developed a cargo insurance program that also covers war risks. This product was designed taking into account global reinsurance market restrictions and contributes to maintaining Ukraine’s economic stability.
To ensure uninterrupted operations during the war, VUSO implemented a range of technological solutions, including those for remote work. This allows managers to provide client support under any circumstances.
We have built an effective remote work system that allows our managers to continue providing support to clients, regardless of their location,
says Irina Hevel.
The Ukrainian insurance market is undergoing rapid transformation, and we can expect even more changes in the direction of digitalization and automation of processes. Given the new realities, insurers are increasingly adapting their products to meet the individual needs of clients, offering personalized solutions tailored to the specifics of each business or individual.
Key changes are taking place in the direction of digitalisation and automation of processes, which simplifies the interaction between insurers and clients,
sums up Irina Hevel.
