IIZI group separates businesses into 3 companies

As part of its new, long-term strategy for growth, IIZI group divided its key business units into 3 separate companies – IIZI Services, IIZI Brokers and iizi.net. This separation will allow IIZI, the leading P&C insurance service provider in the Baltic states, to penetrate new business segments and be more focused on core strengths.

“The separation of businesses will unleash several growth opportunities for IIZI Services and allow us to focus on what we have been excelling at for several years, and with greater focus and on a much larger scale,” said Risto Rossar, CEO of IIZI Services. “We already have deals in the pipeline and some already executed that would have never been possible without the separation. We have removed potential conflicts of interests between our different businesses and have placed highly experienced managers in each company who can now focus on developing the best each business has to offer.”

Igor Fedotov, CEO of IIZI Brokers, added that while “forming IIZI Services into a stand-alone BPO (Business Process Outsourcing) company for the insurance industry may create a new competitive element for IIZI Brokers in the Baltic states, the benefits of the separation far outweigh the challenges of making such a bold move.” He said there is a natural logic to the move. “A traditional brokerage advising corporate clients on managing risk and a service company focused on high volumes, cutting-edge technology and creating efficiencies in business process have completely different operating and financial models, and they require a different approach to sales and marketing, as well as in managing clients and employees.”

Both Rossar and Fedotov agree that separating the companies was one of the most important and boldest decisions the companies has made since it first began turning the traditional insurance brokerage market upside down 10 years ago when it pioneered selling insurance through the internet.

ABOUT IIZI SERVICES
IIZI Services (Insurance Broker Services OÜ) has been serving major banks, leasing companies, brokers and insurers in the Baltic States for 10 years. The company specialises in providing outsourced administration and sales of insurance policies to insurers, brokers, and various third-party points of sale like leasing and petrol stations. IIZI Services does not sell insurance directly to end customers.

IIZI Services employs 100 people and has net revenues of 2,5 million Euros in 2011
ABOUT IIZI BROKERS
IIZI Brokers (IIZI Kindlustusmaakler AS) is a leading insurance broking and risk management company in the Baltic States. IIZI Brokers will continue offering insurance solutions to all its existing clients while growing its operations in the region.

IIZI Brokers employs 22 professionals and has net revenues of 2.3 million Euros in 2011

ABOUT IIZI.NET
Iizi.net ( Online insurance broker OÜ) operates the leading insurance aggregator web sit in the Baltic states. Brands used are www.iizi.net, www.iizi.lv, www.iizi.lt

Additional information:
• Risto Rossar, CEO IIZI Services. Email: risto.rossar@iiziservices.eu, phone +372 51 19 746
• Igor Fedotov, CEO IIZI Brokers. Email: igor.fedotov@iizibrokers.eu, phone +372 51 29 424