Risk management pays off: it helps prevent and reduce damage and disruptions in companies. Sometimes everything comes down to small insights.
In a changing world, insurance services help companies manage various risks. Risk management supports management and decision-making, as identifying risks that affect goals allows for preparation.
– Systematic risk management can prevent or reduce various disruptions and damages, says Raimo Rytö, Business Director at LähiTapiola Varsinais-Suomi.
Corporate risks can be divided into strategic, financial, operational, and damage risks.
Strategic risks affect the achievement of the company's long-term goals. Financial risks are related to the company's financial situation, such as profitability and liquidity. Operational risks stem from internal or external processes, systems, or personnel. Damage risks relate to, for example, personal safety, property, or the environment.
Each company's situation is best understood through an assessment that identifies threats and opportunities affecting business operations. If necessary, a LähiTapiola risk manager can visit the company to go through matters at a very concrete level. Sometimes the solution to a problem can be very simple.
– Problems related to accidents can, at their simplest, be solved by placing a rubber mat on a slippery step to reduce the risk of slipping. Sometimes, however, a new sprinkler system or fire protection solution is required, says Rytö.
“Our customers know that we are present and easy to reach.” Raimo Rytö
Rytö outlines that personnel are a company's most important asset. It has a decisive impact on the development of business and the success of the company.
When a company knows the risk factors related to its personnel, they can be reduced. Employee well-being can be supported, for example, with comprehensive occupational health care. Additionally, options like disability insurance are available, guaranteeing staff high-quality and quick access to care to restore reduced work capacity.
The last few years have brought interest in new types of products, such as cyber insurance, which provides protection against various scams and identity theft. In the turmoil of recent years, companies have also been interested in business interruption insurance, which ensures business continuity even during crises.
The insurance industry is competitive, and to stand out, one must do things differently than others.
LähiTapiola Varsinais-Suomi has invested heavily in having expertise and service capability on-site in Turku.
– We are a genuinely Turku-based company, and it shows in our ways of working. Our customers know that we are present and easy to reach. A personal contact person ensures that our customers receive the help they need without having to tell their entire company story from the beginning, says Rytö.
Locality is a significant advantage in many matters, as one typically turns to an insurance company in problem situations. Often, there is also a sense of urgency. Because LähiTapiola Varsinais-Suomi's claims adjusters work in the Turku area, they can, if necessary, quickly reach a scene, such as a fire, to assess the situation. This allows compensation claims to proceed rapidly.
It is often good to go through insurance-related matters face-to-face as well.
– The contact person supports the customer in investigation work and helps with filing compensation claims. Some damages are such that insurance does not cover them, but it is important that the entrepreneur then understands the grounds and background of the decision, reflects Rytö.
Presence in the region and investments in personal customer service have paid off, as LähiTapiola Varsinais-Suomi has grown into the region's most popular insurance partner. In the Turku area alone, it has thousands of corporate customers, from small operators to listed companies.
– The Entrepreneur Barometer carried out by Varsinais-Suomen Yrittäjät at the beginning of the year showed that we are the market leader in the region: as many as 37 percent of the region's companies are our customers. Our market share has been rising all the time, so that is a quite clear message that we are doing things right, says Rytö.
Improving the well-being and vitality of the Turku region is important to LähiTapiola Varsinais-Suomi.
“We are a genuinely Turku-based company, and it shows in our operating methods.” Raimo Rytö
– Responsibility is written into both our values and our strategy. Our starting point is to build sustainable well-being for local communities and society, and we always use, for example, the services of local providers. We also want to support culture and sports, because that is how we support the well-being of the people in the region, says Rytö.
He appreciates that supporting sports has also been a successful way to network among regional actors and find new customers. The Joki Visitor Centre has also played an important role in networking. Joki has served as a platform for many of LähiTapiola Varsinais-Suomi's events, and the company has especially utilized the versatile Cave theater and the opportunities Joki provides for staff recreational days.
– We are very satisfied with our cooperation with Joki. Carita Varjonen is an absolutely brilliant professional who understands the soul of businesses. Furthermore, she has the skill to bring regional actors together, Rytö praises.
LähiTapiola Varsinais-Suomi
Industry: Non-life insurance
Founded: 1867
Employees: 148
Revenue: €79.6 million (2023)