Risk management pays off: it helps companies prevent and reduce damages and disruptions. Sometimes it all 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 disturbances 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 realization of a company's long-term goals. Financial risks are related to the company's financial situation, such as profitability and liquidity. Operational risks result from internal or external processes, systems, or personnel. Damage risks relate to, for example, personal safety, property, or the environment.
The situation of each company is best understood through a survey that identifies the threats and opportunities affecting the company's operations. If necessary, a LähiTapiola risk manager can visit the company, and matters are reviewed at a very concrete level. Sometimes, the solution to a problem can be very simple.
– Problems related to damages can, at their simplest, be solved by placing a rubber mat on a slippery stair to reduce the risk of slipping. Sometimes, however, a new sprinkler system or fire suppression solution is required, says Rytö.
“Our customers know that we are present and easy to reach.” Raimo Rytö
Rytö outlines that personnel are the company's most important resource. It has a decisive impact on business development and the company's success.
When a company knows the risk factors related to its personnel, they can be reduced. For example, employee well-being can be supported through comprehensive occupational healthcare. In addition, work ability insurance is available, which guarantees quality and rapid access to treatment for staff to restore reduced work ability.
The last few years have brought interest in new types of products, such as cyber insurance, which provides protection against various scams and identity thefts. In the turmoil of recent years, companies have also been interested in business interruption insurance, which ensures business continuity even in crises.
The insurance industry is a competitive field, and to stand out, one must do things differently from others.
LähiTapiola Varsinais-Suomi has invested heavily in having expertise and service competence on-site in Turku.
– We are a genuinely Turku-based company, and that is reflected 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 retell their entire business story from the beginning, says Rytö.
Locality is a significant advantage in many matters, as people typically turn to an insurance company in problem situations. Often, there is also an urgency. Because LähiTapiola Varsinais-Suomi’s claims adjusters work in the Turku area, they can reach, for example, a fire scene quickly if needed to assess the situation. This allows for claims to be processed promptly.
Often, it is also good to go through insurance-related matters face-to-face.
– The contact person supports the customer in investigative work and helps with making claims. Some damages are such that insurance does not cover them, but it is important that the entrepreneur understands the basis and background of the decision in such cases, 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 customers, ranging 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 on the rise the whole time, so that is a very 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 embedded in 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, services from local operators. We also want to support culture and sports, as this supports the well-being of people in the region,” Rytö says.
He credits the support of sports as an effective way to network among regional operators and find new clients. 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 particularly utilized the versatile Cave theatre as well as the opportunities Joki provides for staff recreational days.
“We are very pleased with the collaboration with Joki. Carita Varjonen is a brilliant professional who understands the soul of businesses. Furthermore, she has the skill to bring regional actors together,” Rytö says.
LähiTapiola Varsinais-Suomi
Industry: Non-life insurance
Founded: 1867
Employees: 148
Revenue: €79.6 million (2023)