If helps a lot report

Helping businesses stay competitive in a changing world

Sampo Group continued to deliver strong results and diversified growth in the third quarter. It is encouraging to see that If is growing in all Nordic countries and attracting more private and commercial customers in a changing market.  

The P&C insurance sector is becoming increasingly digital, with AI accelerating the pace of change. If has been part of shaping this development, consistently improving digital capabilities for more than two decades, aimed towards making the insurance experience simpler and better for our customers. We are well positioned to benefit from a faster pace and changing customer needs ahead.  

We also always have had a long-term perspective in our approach to risk. The highest standard in underwriting is deeply rooted and is the foundation of our stability and ability to adapt to evolving risks. In turn, our deep expertise and experience from multiple markets and industries also enables us to help our customers prevent risks and stay resilient. 

Customers today face risks that are changing faster than ever before. Geopolitical uncertainty creates new challenges, while new technology brings both opportunities and new risks for businesses.  

In this edition of the If helps a lot report, we take a closer look at how we help our commercial customers navigate change. Our role is to understand how risks are evolving and provide the expertise and stability our customers need to adapt and stay competitive. 

Morten Thorsrud, CEO of Sampo Group

Supporting small and mid-sized businesses for the future

Insights from the quarter with Klas Svensson, Head of Business Area Commercial at If. 

Small and mid-sized businesses (SME) in the Nordic region play a crucial role in society, providing services, creating new job opportunities and driving innovation. We are very proud to see that SME is the fastest-growing customer group in the commercial segment. This shows that we understand and meet our customers’ needs in times of change and new development.

We believe that quality will improve with the use of AI, opening up new possibilities for our customers. At the same time, we see that many customers worry about cyber threats, and they recognize the benefits of having good cyber insurance in place. 

As technology is developing at high speed, we always make sure to stay close to our customers. Our risk engineering team makes thousands of site visits each year and are a key part of building strong customer knowledge and relationships.

Making industrial investments possible

From renewable energy to new industrial technologies, major investments are shaping the future of Nordic industry. Behind these projects lies a need to understand and manage complex risks. Insurance plays an important role in making investments possible. Across the Nordics and Europe, businesses are investing in renewable energy, electricity grids, data infrastructure and new industrial technologies. At the same time, access to reliable and affordable energy has become increasingly important for competitiveness and long-term resilience. 

“Companies need to reevaluate their energy supply, their competitiveness and how resilient their operations are. Making the right long-term investment decisions ensuring future competitivness also requires better understanding of the risks involved”, says Sofia Hidén. 

Knowing the customer and their business is key to preventing risk

Technology is changing many workplaces, which means that new risks are emerging. Michael Vestergaard is leading If’s team of risk management and engineering in the commercial business area. His team does around a thousand site visits every year and he has concluded one clear principle: the better you know the customer and their business, the better you can help prevent losses.  ​

For Michael, being close to the customer, sales and underwriters is the most important part of strong risk management. A site visit gives the team the best possibilities to understand how a business operates, where its vulnerabilities are and what can be done to make it more resilient.