Ricardo Garcia, PROMEA Sozialversicherungen CEO: “We fulfill our mission in a human, secure and sustainable way with a high level of personal commitment”

The Silicon Review

A society’s sense of security and well-being is greatly enhanced by social insurance. It is a system that offers financial security and assistance to people and families dealing with unforeseen circumstances like disease, unemployment, or disability. Social insurance helps to create a safety net that reduces the adverse impact of life’s uncertainties by distributing the risk over a broader population. Recognizing the need of protecting and improving social insurance programs is crucial as societies develop in order to make sure that they continue to benefit everyone in society and adapt to the evolving requirements of the people. Globally, various companies deliver excellent social insurance services, but PROMEA Sozialversicherungen stands out from the rest. PROMEA’s history stretches back to 1948, following a national vote on July 6, 1947, which sought to improve social insurance in Switzerland. This pivotal vote laid the foundation for today’s Swiss compensation funds, which expanded upon the social insurance provided for military personnel during World War II.

PROMEA offers comprehensive social insurance to members of 16 Swiss economic associations, encompassing over 3,000 companies and 100,000 individuals. The range of insurance coverage provided by PROMEA includes pensions, death benefits, family allowances, disability benefits, and contributions to children’s education. The organization is composed of several institutions, including the compensation fund, family fund, and pension fund, each dedicated to delivering targeted support and financial security to its members. PROMEA’s commitment to excellence in social insurance ensures that its members receive reliable and robust financial protection. By addressing the diverse needs of a substantial portion of the Swiss population, PROMEA plays an integral role in the nation’s social safety net. Through continuous improvement and adaptation to changing societal needs, PROMEA exemplifies the critical importance of social insurance in promoting the well-being and stability of individuals and families in Switzerland.

The PROMEA Difference

PROMEA’s Compensation Fund simplifies the process for its affiliated companies and their employees through its enterprise resource planning software, AKIS. Co-owned and developed with other Swiss compensation funds, AKIS allows social insurance processes to be conducted digitally, independent of time and location, and in various languages. This digital tool facilitates a highly industrialized processing platform, resulting in very low administration costs for PROMEA’s clients. Despite the emphasis on digital processing, PROMEA continues to offer personal advisory services, integrating the efficiency of technology with the invaluable human touch.

To maintain transparent and reliable communication with its members and stakeholders, PROMEA takes several measures. Regular client surveys are conducted to assess performance, identify areas for improvement, and measure communication effectiveness. These surveys evaluate aspects such as transparency, reliability, and overall communication quality. The latest survey results indicate that 84% of clients view PROMEA as transparent, and 92% perceive the organization as reliable. Additionally, communication attributes such as timeliness, frequency, and the client magazine receive over 90% satisfaction rates. The surveys also revealed a very high net promoter score of +66, significantly surpassing the industry average of +20.

PROMEA continually strives to enhance its communication strategies. Ongoing projects aim to elevate communication

standards, including the introduction of an educational client website for the ERP software AKIS and the development of an external sales team within the PROMEA pension fund. These initiatives demonstrate PROMEA’s commitment to providing clear, consistent, and reliable communication, ensuring that clients and stakeholders are well-informed and supported.

Key Benefits of Being a Member of the PROMEA Pension Fund

Joining the PROMEA pension fund offers numerous advantages, particularly for companies in commercial and industrial sectors. Here are the key benefits:

Diversification of Risk: By pooling resources, the pension fund mitigates individual risk, ensuring stability and security for all members.
Personalized Service: Despite significant digitization efforts, PROMEA continues to prioritize personal interactions, offering tailored support that stands out in a digital world.
High Client Satisfaction: Recent client surveys revealed a net promoter score of +66, significantly above the industry average of +20, indicating exceptionally high satisfaction with the fund’s services.

Satisfaction with Forms and Costs:

Forms: 88% client satisfaction with the ease and clarity of provided forms.
Benefit Costs: 86% satisfaction with the cost-effectiveness of the benefits.
Comprehensive Coverage:
Retirement Benefits: 86% satisfaction with the retirement benefits.
Death and Disability Benefits: 86% satisfaction with the provided benefits in cases of death or disability.
Low Administration Costs: 83% client satisfaction with the fund’s administration costs, reflecting efficient and cost-effective management.
Defensive Investment Strategy: The fund adopts a defensive investment approach, which minimizes losses during bear markets, providing greater financial security.
Sustainability Leadership: Following a significant transformation in 2023, PROMEA has emerged as one of the most sustainable pension funds in the country according to the Swiss Climate Alliance. This includes halving the running costs for equities and bonds, making it both sustainable and cost-effective.

By focusing on these key areas, PROMEA ensures that its members benefit from a secure, cost-effective, and sustainable pension fund, tailored to meet the needs of companies in the commercial and industrial sectors.

Path Ahead

PROMEA is set to diversify its investments to enhance stability and safety for its clients by expanding on infrastructure and including new asset classes such as insurance-linked bonds. The company is also improving its communication channels with an updated web design, better telephonic reachability, and a new headquarters in Zürich, planned for 2025. This move is expected to reduce rental costs, thus boosting competitiveness. Recognizing the importance of employees in achieving success, PROMEA has implemented numerous measures to retain talent and plans further initiatives to enhance workplace attractiveness. This approach aims to minimize employee turnover and hiring costs, ensuring that clients benefit from consistent and knowledgeable service representatives. Additionally, PROMEA is committed to maintaining top-notch quality and leading the industry in sustainability, solidifying its position as a trusted and forward-thinking provider in the social insurance and pension funds sector.

Meet the leader behind the success of PROMEA Sozialversicherungen

Ricardo Garcia, CEO

Ricardo Garcia has a Masters in Finance from the University of Zürich as well as an MBA from INSEAD. In addition, he has a Swiss federal diploma as pension fund CEO (with distinction). Having joined the organization only in the summer of 2022 as CEO of PROMEA Sozialversicherungen, he was awarded Most Influential CEO in the Swiss social insurance industry by CEO Monthly in 2024. Under his leadership, the company also earned its first ever certification as Great Place to Work in 2024 and became one of the most sustainable pension funds of Switzerland according to the Swiss Climate Alliance.