Outsourcing disclosures

The outsourcing disclosures required under § 156 (1)(1) in conjunction with § 109 VAG are discussed in more detail below.

VIG Holding

A resolution was adopted allowing internal and external service providers to provide IT services for VIG Holding. Outsourcing agreements that had been approved by the supervisory authority existed in 2018 with IBM Austria (Internationale Büromaschinen Ges. m.b.H.), T-Systems Austria GesmbH and with the internal Group IT system provider twinformatics GmbH, all headquartered in Austria. twinformatics GmbH was also engaged in 2018 to assume overall responsibility for all IT services for the Austrian VIG companies, and to perform the sub-outsourcing necessary for this purpose taking into account statutory and regulatory requirements and report them to the Austrian Financial Market Authority (FMA). The reports to the FMA and FMA approvals also took place in 2018. In addition to these outsourcing agreements, Vienna Insurance Group Holding has not outsourced any critical or important functions or business activities.

VIG Group

Outsourcing took place in the following areas, in particular, in the Group:

  • IT area (in particular the operation and maintenance of operating modules, computing centre operation, application development services, data storage)
  • Claims handling area

The four governance functions were individually outsourced by the operating insurance companies of the Group, in particular the internal audit and actuarial functions and related activities.

While governance functions in the Group were, with few exceptions, outsourced to other Group companies, critical or important activities in the IT and claims handling areas were outsourced both inside and outside the Group.

The notification of local supervisory authorities about the outsourcing of critical or important functions or activities and the approval of such outsourcing by these authorities was done by the companies concerned in accordance with applicable national legal requirements.