Cost savings at NN Insurance

The goal of the project was to execute a structured, enterprise-level cost savings program that operated as a portfolio consisting of 29 independent projects.
The program covered a cost base of more than 3.5 billion HUF, and the projected savings reached hundreds of millions of HUF annually.
Some of the initiatives provided an immediate financial impact, while others ensured sustainable, multi-year savings.
The projects ran under board-level control with clear responsibilities and quantified targets. During the implementation, the standard of customer service and internal operations was maintained.
As a result of the program, the company’s operation became more measurable, transparent, and cheaper to scale in the long run.

The covered areas and specific interventions:

• Operations & customer service: digitalization, rationalization of letter and document management, channel switching
• IT: rationalization of application and IT operations, reduction of license and provider costs, digitalization of manual processes
• Finance: renegotiation of bank fees, transformation of payment and collection processes
• HR: reduction of administrative capacity, optimization of training costs
• Marketing: reduction of external communication, research, and printing costs
• Facility & procurement: rationalization of office and branch network, renegotiation of lease and service contracts