“I do see a trend towards greater digitization and innovation in the insurance and pension sectors”
FIAA: You are the Chief Executive Officer of SIGAL Uniqa Pension Fund. How challenging is to operate in a field which is still rather unknown to the Albanian citizens? Why does it make sense to look for private pension solutions in Albania and what is the Austrian experience in this regard?
Mr. Ponari: Operating in a field that is still unfamiliar to many Albanians can indeed be challenging, but it also presents an opportunity to educate and inform citizens. Private pension solutions offer individuals the chance to take control of their financial future, rather than relying solely on state pensions. By understanding the benefits of private pensions and dispelling any superstitions or misconceptions, Albanians can make right decisions that will benefit them in the long run.
One of the recent achievements in your sector has been the passing of the law on private pension funds. As the Chairperson of the Association of the Life and Pension Insurance and Investment Fund Companies, did you have to use any secret handshakes or special passwords to get this law passed?
While I can’t reveal any secret methods, I can say that lobbying for the law on private pension funds was rather a collaborative effort method. The Association of the Life and Pension Insurance and Investment Fund Companies worked determinedly to educate policymakers and the public about the importance of private pensions in ensuring financial security in retirement. It was a challenging process, but ultimately a rewarding one, as the law has had a positive impact on the industry and the people of Albania.
Your initial professional experience has been with SIGAL Uniqa Albania. The company, which is one of the early members of FIAA, recently celebrated its 25th anniversary and has been confirmed as the leading company in the insurance sector in Albania. What are some of the most impressive statistics that you can share from the insurance market development in the past 25 years and SIGAL Uniqa Albania’s contribution to it?
SIGAL Uniqa Albania’s contribution to the insurance market development in the past 25 years has been significant. The company has been at the forefront of introducing innovative products and services that have helped drive growth and increase insurance penetration in Albania. While I haven’t heard of anyone insuring their mustache or pet rock, I can share some impressive statistics, such as the significant increase in the number of insured individuals and the overall insurance premium volume, which have both grown steadily over the past 25 years.
As someone deeply involved in the insurance and pension sectors, what are some key trends or innovations you foresee shaping the industry in Albania in the coming years?
While I can’t predict the future with certainty, I do see a trend towards greater digitization and innovation in the insurance and pension sectors. We’re already seeing the use of AI and data analytics to streamline processes and enhance customer experiences. As technology continues to evolve, who knows what exciting developments lie ahead! Perhaps one day we’ll be insuring our hoverboards against crashes and injuries, or even setting up retirement funds for our robot assistants!
You often appear in events wearing Austrian traditional costumes, which to people who know how Austrians value their costumes and how they enjoy wearing them in any type of occasion, is a clear sign that you are personally related to Austria. Could you share about your background and your connection to Austria apart from leading one Austrian-Albanian business?
While I can assure you that I am not an undercover Austrian spy, I do have a deep appreciation for Austrian culture and traditions. Wearing traditional costumes, is my way of celebrating and honoring that rich heritage. Plus, who wouldn’t want to rock dirndl or lederhosen at a party?!
With your background and experience, what advice would you give to young professionals looking to enter the field of insurance or finance in Albania?
My advice to young professionals would be to approach their careers with curiosity, resilience, and yes, a good sense of humor! The insurance and finance industries can be complex and challenging, but having a positive outlook and the ability to find humor in tough situations can go a long way. Plus, who doesn’t appreciate a colleague who can lighten the mood during a tense negotiation or a stressful day at the office?!