DallBogg: the insurance virtuoso

We are among the leaders in Motor Third Party Liability, says the insurance company’s CEO

Todor Todorinsky has been CEO of DallBogg: Life and Health since 2023 – a representative of the younger generation in the company. He is a lawyer with specialisations in international law and international relations and in insurance regulatory regimes.

– Mr. Todorinsky, does the fact that you love music help in insurance?

– I would say music and insurance are inextricably linked. To me, they are both arts of different natures: on the one hand, romantic and highly emotional, and on the other, based on strict mathematical and legal principles. In both, harmony and outcome are ultimately what matters most.

– Something like harmonious results. And what is your balance sheet at the end of the third quarter of 2023?

– During the first nine months of the year, DallBogg continued its upward development as a leading insurer in Bulgaria and has already established its presence in half a dozen European markets. In all foreign territories where we operate, we recorded double-digit sales growth in robust regulatory compliance and sound risk management. In 2023, we also saw an impressive start to operations in Poland and Romania.

Meanwhile, on home soil, the company continued its significant growth and consolidated its leading position in the Bulgarian insurance market. The company is gaining the trust of a growing number of insurance customers who define us as a safe and reliable partner.

– During the floods in September in Southeastern Bulgaria you announced a campaign to support the victims? How did it go?

– As a socially responsible company, we could not remain indifferent and not get involved with support for the victims. With care and empathy, DallBogg started a major charity for diagnosis and treatment. Selected medical teams from hospital and pre-hospital care carried out primary examinations and referred the victims to the appropriate specialists when necessary, and they examined not only the insured persons free of charge.

Unfortunately, the natural disasters have once again proved that we must continue to work hard to raise the insurance culture of Bulgarian society, especially with regard to products outside motor insurance. In many countries in Europe, home contents insurance is compulsory for owners. We believe that if a minimum property insurance for all homes is legislated to be affordable for owners, and with a guarantee fund similar to car insurance, it will contribute to alleviating the financial impact of natural and other disasters.

Although property insurance is currently not compulsory in Bulgaria, people should plan ahead and insure their property before it is damaged. In this regard, our promotional campaign for taking out home contents insurance continues.

– And this year, DallBogg is one of the leaders in Insurance Guarantees.

– It is and we will climb further. And in 2023, businesses have again embraced us as a guarantor of public contract performance through Warranties insurance. Unlike in Western Europe, where this product is well developed, it is still establishing itself here. However, the trend is positive. All users of insurance services (guarantees) – both beneficiaries and contractors – are increasingly convinced of the advantages and benefits of this class of insurance.

– Yet, motor insurance continues to generate the highest premium income.

– Yes, according to the Guaranty Fund, with a total of 3 482 976 active motor third party liability insurance policies, our company reports over 519 508 active policies (as of 6 October 2023). This places us among the leaders in this segment.

We should not forget another pressing issue in our society – the multitude of serious traffic accidents resulting from speeding and under the influence of alcohol and drugs. We will not tire of appealing and working for zero tolerance of reckless driving and for conscientious driving – always wearing seat belts, properly fitted child seats and obeying traffic rules. As a company clearly aware of its social responsibility, we have initiated and participated in numerous campaigns against the war on the roads over the years and will continue to do so with all our strength in the future. We rely on the winning combination of experience, bold ideas and continuity in the implementation of each project.

– You talk about social responsibility and continuity. How is this achieved in such a competitive business environment?

– DallBogg is the insurance virtuoso, no exaggeration. Although licensed relatively recently, our insurance company combines the experience, wisdom and gumption of three generations of experts, and even among the trainees we see a lot of fresh talent that we are developing. The results are telling. Most important: clients are satisfied and confident in our capabilities and dedication, achieved with open, prompt and informative communication.

The overwhelming desire and satisfaction to offer quality products and to work to raise the insurance culture in society never ceases to inspire and motivate us. With the youngest pension company in the country, from the end of 2021, DallBogg also contributes to expanding the choice of pension insured persons and savers, as well as increasing the pension insurance culture in the country. We take it as our long-term mission that Bulgarian citizens achieve high returns on their pension contributions through forward-looking investments in their own future.