2011 Activity report
Jean-Marc Pillu, CEO of Coface: "In 2011, we achieved our goal of refocusing our operations on credit insurance"
2011: A major strategic turning point for the group
In 2011 we marked an important change in the Group's history by refocusing our operations on credit insurance, which is our traditional core business. Thanks to the high level of buy-in from our employees, this project is now complete. We have reached the ambitious objective that we set for ourselves: we are now able to finance our growth in a way that is more profitable and autonomous.
A new strategic scope around credit insurance
The Group's strategic scope now consists essentially of credit insurance. Due to their profitability, some South American and Central European companies that specialise in business information and receivables management remain within this scope, as do our factoring companies in Germany in Poland, which deliver added value to credit insurance thanks to shared customers and risk pooling.
Finally, we have retained within our strategic scope two additional profitable activities: marketing deposits, notably in Italy, and special guarantees for political risks in France, Singapore and the United Kingdom.
A refocusing accompanied by a new organisation…
This refocusing strategy required an organisation adaptable to the new challenges and which could face up to the aspirations of our customers, who legitimately expect close communications and optimal quality of service from us. We implemented a matrix organisation comprising seven geographic platforms and nine group functions: commercial, underwriting, disputes & information, communication, legal, information systems, finance, organisation and general secretariat (human resources, re-insurance and asset management). This matrix organisation has been mirrored at an international level, by platform and by country.
Jean-Marc PilluCEO of Coface