Gjensidige Forsikring (GJF) Investor Update summary

Claims savings program achievements

• Achieved NOK 812 million in claims cost savings, surpassing the NOK 800 million target two years ahead of schedule, with 75% of savings in Norway and the rest in Denmark.

• Programme structured around fraud prevention, procurement, operational excellence, and RedGo initiatives.

• Savings driven by strategic, data-driven approaches, strong collaboration, and operational enhancements.

• AI-powered fraud detection, procurement optimization, and digitalization were key contributors.

• Fraud savings reached NOK 71 million, with AI models increasing control cases by 186% and hit rates by 65%.

Procurement and supplier management

• Procurement initiatives delivered NOK 248 million in savings, including renegotiated supplier contracts and optimized partner networks.

• Automated customer steering to preferred workshops and increased share of repairs, reducing average repair costs.

• Health insurance in Denmark saw a 9% reduction in average claim cost through renegotiated supplier terms.

• Travel insurance supplier network restructured, with new partners reducing invoices by up to 50% in Turkey.

Technology and operational improvements

• AI and automation enhanced claims handling, with increased automation and digital claims reporting (99% in Norway, 89% in Denmark for health insurance).

• Achieved NOK 425 million in operational excellence savings, reorganised property claims, and introduced AI tools for recourse assessment.

• Integration with RedGo improved roadside assistance and claims management, saving NOK 68 million.

• Image recognition and advanced analytics are being further developed for future efficiency gains.

• New AI tools in Denmark increased recourse claims by 9% and improved operational efficiency.