This decision is also the starting signal for a new phase of restructuring within the BARC Group, a process started in mid-1997. The UNIQA Project will continue the progress achieved in the company's reorganisation and lead to a future-oriented group identity.

Herbert Schimetschek, CEO, explains that "UNIQA not only stands for a new name but also for a brand new programme. Numerous and detailed measures will ensure that we can cope with new developments faster and more efficiently. By virtue of united and unique know-how, products and solutions, the companies operating under the BARC Versicherung Holding are predestined to lead their customers, employees and shareholders into the new millennium. The excellent work of our employees and our high expectations in quality, service and competence will be reflected by this new name."

The essentials of the UNIQA Project are:

• further integration and specialisation of Austria Collegialität (health/casualty/life) and Bundesländer Versicherung (non-life)
• development of new services and innovative product families
• intensive training for all employees to offer them optimum preparation for future challenges
• employment of highly professional tools to anticipate and deal with trends and life styles of people at the threshold to the 21^st century.  

While the main organisational steps in the UNIQA Project will be taken by the autumn of 1999, filling the frame with content – i.e. adapting the services to individual needs and expectations – will be an ongoing process.

The main objective of the UNIQA Project is to achieve unique and outstanding quality in services and products. Herbert Schimetschek, CEO, says that "BARC had always been considered a provisional name and was an acronym of the four initials of our operative companies (Bundesländer, Austria, Raiffeisen, Collegialität). The new name UNIQA will demonstrate that our group is much more than the sum of its parts and that the basis of our future success lies in merging the qualities of all our companies into one single brand."

Renaming the Holding Company “UNIQA” is planned for the autumn of 1999.