A peak performer: What it’s like to be a CEO with Christine Theodorovics, CEO of Baloise Luxembourg

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“Boring is the new sexy”: this is how Dr. Christine Theodorovics, CEO of Baloise Luxembourg, describes the essence of the insurance business. Because despite all the disruptions in the financial and insurance sector, one thing remains unchanged: Customers expect reliability. But how do you reconcile this reliability with the pressure to digitalize?

The balancing act between stability and change

Baloise is not a start-up, but a 160-year-old traditional company based in Basel. Nevertheless, like the entire industry, the Group is facing a massive upheaval. “Digitalization and automation are no longer a nice-to-have, but a must,” says Theodorovics. When she took over the management of Baloise Luxembourg almost a year ago, it was clear that the transformation process had to succeed not only technologically, but also culturally.

At the same time, it is important to keep the existing business stable. With a market share of 12 to 13 percent, Baloise is a heavyweight in the Luxembourg insurance market and an important player in the country’s economy and politics thanks to its role as the largest foreign insurer.

Team building in the Sturm und Drang phase

“We are currently in a phase in which the management team is reshaping itself,” explains the CEO. Several retirements, her own start and open positions require a sure instinct. Because culture doesn’t fit into a handbook: “Professional qualifications are important, but whether someone fits into the team is just as crucial.”

Your strategy? Transparency. “If employees understand why decisions are made, they are more likely to accept them, even if they are not enthusiastic,” says Theodorovics. This principle is reminiscent of Swiss consensus democracy. No coincidence, after all, the manager has lived in Switzerland for over 20 years.

Innovation without an end in itself

Insurance companies are not exactly seen as drivers of innovation. But Theodorovics sees enormous potential, especially through artificial intelligence. “We expect to see the biggest leaps in claims processing and fraud detection. There are huge cost drivers here.” Baloise was already testing AI-supported processes a year ago “not as a fad, but because they bring real added value.”

She is relaxed about other buzzwords such as Web3 and others: “Exciting, but more of a gadget at the moment. In Luxembourg, I don’t expect customers to take out their insurance in the Metaverse tomorrow.”

Partnerships instead of competition with insurtechs

And the “young, sexy” insurtechs? “We don’t see them as enemies, but as partners,” says Theodorovics. Baloise invests selectively in start-ups and cooperates when it suits its core business. After all, innovation has to pay off: “We don’t want to be disruptive at any price, we want to make processes smarter.”

Focus on the core business – with smart technology

Despite all the modernization, the claim remains: solid underwriting and claims processes. “That may sound boring, but reliability is sexy in insurance,” says Theodorovics. At the same time, it wants to expand its market share over the next two years, both locally and internationally. In addition to its domestic market, Baloise Luxembourg also manages international life insurance business in countries such as Italy, France and Portugal.

Advice to the next generation

As one of the few women at the top of the industry, Theodorovics gives young female colleagues clear advice: “Don’t hesitate, just do it! Apply, take opportunities. If someone offers you a role, there’s a reason for it.”

Looking ahead

In two years’ time, Christine Theodorovics wants to see a well-coordinated management team steering a more efficient, digitalized organization. Her credo: “Transformation is not a project with an end date, it is a permanent state.” If you want to be successful, you have to be able to do both: manage the business stably and actively shape change.

The case of Baloise Luxembourg shows how established insurers are preserving their DNA while investing in the digital future. Transparency, team culture and targeted use of technology are not just buzzwords, but success factors.

Binci Heeb

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