ALBENA RAYCHEVA, Executive Director and Member of the Management Board of UNIQA Bulgaria

An innovator in the corporate and affinity segment of the insurance industry, Albena Raycheva says that one of the most significant risks in business is to stay ahead of competitors in the market by introducing innovative products and services. "The first to market has the most challenging task, but also the privilege of being recognized as a leader. We are about to introduce such a new solution to the Bulgarian market in the SME segment very soon," she adds. UNIQA Bulgaria is a member of one of the leading European insurance concerns – the Austrian UNIQA Group, which has a 200-year tradition in the insurance business, operates in 18 European markets, and has over 16 million customers. The company has been one of the leading insurers on the market for 30 years, established as one of the most advanced in the sector with a full range of insurance products and solutions in general, health, and life insurance. Albena Raycheva believes that innovation is the most powerful tool that has opened the path to the top for leading global brands. "However, persistence, perseverance, team spirit, setting high goals, and maintaining good results are also important."

For good ideas and true innovation, you need human interaction, conflict, argument, and debate," says entrepreneur and CEO of several companies Margaret Heffernan. Do you share this opinion, and what is your personal formula for successful innovation in the insurance business?

Successful innovation is born in a good team. It is not enough just to have the right idea. It takes people, experts in different fields, who can turn the initial spark into a working insurance solution. At UNIQA, we appreciate expressing personal expertise, reasoned argumentation, and sharing ideas. The process of

The innovation champion has the toughest task but also the privilege to be recognized as a leader

creating a new product and service always goes through multiple stages so that, in the end, we are sure that the needs of our customers and partners will be met. The formula for successful innovation lies in the timely identification of needs, perspectives, expectations, and sound implementation so that the proposed solution is successful and highly appreciated by our customers. It is essential that an insurance partner backs their life, health, property, and business they can trust and provides them with security and peace of mind.

What provokes the birth of an innovation in a highly regulated industry like yours? To what extent are you also an innovator in your personal life?

The financial sector has been looking for years for opportunities to offer customer-centric, modern solutions while ensuring high security and quality of service and end product. Following the global trend, innovation is increasingly finding a place in the insurance sector. Customer demand and expectations for a new approach to buying and selling largely determine the need for innovative insurance solutions. On a personal level, I love new challenges. They energize me, provoke me to keep developing my knowledge and skills, and enrich me, opening new horizons.

How does creativity foster innovation in insurance?

Creativity and combinative thinking support the emergence of good ideas and the process of improving our services and insurance solutions. Our mission as an insurer is, through the insurance products and services we provide, to be of service to society and to support our customers and partners for a better life for them and their loved ones.

Albena Raycheva (Georgieva)'s professional career started in 1994 in a commercial company. At the end of 2002, she became part of the UNIQA Bulgaria team, beginning as an expert and moving through several positions and management positions. Since 2021, she has been Commercial Director of Corporate and Affinity Business and a member of the Executive Committee. In June 2022, he became a member of the Board of Directors and CEO of UNIQA AD and UNIQA Life AD. She holds three master's degrees: economics and trade management, law, and business administration.

This article was first published in “The Woman Is“, December 2023.