PZU's transformation: from bureaucracy to agility

For decades, PZU, Poland's largest former monopoly insurer, operated in a market where customer service was secondary, paper-based bureaucracy dominated, and competition was weak. By 2008, however, its once unchallenged market share had fallen to 40% as international players such as Talanx, ERGO, Allianz, and AXA entered the market. Internally, the company was siloed, with its two main entities, PZU SA (P&C) and PZU Zycie (Life), operating independently and relying on outdated legacy systems.

To defend its position as a market leader, PZU needed radical change – an ambitious strategy, top-class management, and a capable team that could drive transformation at scale. The company went public, streamlined operations, and reduced administrative costs from 11.6% in 2008 to 6.5% in 2015, supported by the digitisation of paper-based processes.

At the heart of this transformation was Project Everest, the most significant overhaul in PZU's history. It was not just about replacing the core system and automating processes; it was a complete reinvention of the way the insurer did business. Previously, tariff changes took months and cost millions, financial reporting expended for weeks across more than 100 sub-ledgers, and even counting unique customers required days of cross-departmental checks.

Just one year after the inception phase, PZU issued its first policy on its new core system for its primary motor product through its main tied-agent channel. Within four years, the entire transformation, covering all P&C lines of business (retail, corporate, bancassurance etc.) and all channels (tied-agents, multi-agents, branches, brokers, external partners and direct) was completed on time and within budget.

PZU's transformation: from bureaucracy to agility

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