Vzajemna

What Vzajemna does

Vzajemna zdravstvena zavarovalnica d.d. is the largest specialized health insurance company in Slovenia, founded on 1 November 1999 as a mutual insurer and converted to a public limited company (delniška družba) via demutualisation in 2025, with shares listing on the Ljubljana Stock Exchange under ticker VZZR on 4 March 2026. The company serves approximately 500,000 individual policyholders across Slovenia, operating through a hybrid distribution model of 39 physical branch offices nationwide, a field agent network, toll-free customer service, and the digital self-service portal 'Moj Varuh zdravja' (My Health Guardian). Its product portfolio spans the Zdravstvena polica (health policy providing fast access to specialist care), accident insurance, annual multitrip travel insurance, critical illness coverage, dental insurance, pet insurance, home assistance insurance, and foreigner-targeted Welcome S/M travel insurance for non-residents. Revenue is generated almost exclusively through recurring health insurance premiums (monthly or annual billing), with coverage tiers ranging from €30,000 to €50,000 in the travel line and customized limits in the core health product.

The company's technology stack centers on the Moj Varuh zdravja online portal, the Dr. Posvet 24/7 telemedicine consultation service delivered via consumer messaging platforms (WhatsApp, Viber, Facebook Messenger, Telegram), the E-zdravnik remote GP service with multi-slot scheduling, and a digital claims processing system. Vzajemna operates a vertically integrated healthcare provider ecosystem via subsidiaries Barsos MC (medical services, Ljubljana) and Dentalni center Varuh Zdravja (dental), complemented by an external network that includes Terme Krka, Medikol Polyclinic in Croatia, Aristotel, Artros, Avelana, Terme Olimia, and Zdravilišče Rogaška. The Varuh zdravja loyalty program provides a member benefits layer including discounted family insurance purchased online, free online gym (Spletna telovadnica), partner discounts at hotels (Eurotas, Terme Vivat), and sports event sponsorships (Blitz Bovec Marathon). The company is headquartered at Vošnjakova ulica 2, Ljubljana, employs 251-500 staff, and reports no AI/ML differentiation or proprietary AI products in its stack.

Name

Vzajemna

Legal name

Vzajemna zdravstvena zavarovalnica d.d.

Website

https://vzajemna.si

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

251–500 employees

Short description

Vzajemna is Slovenia's largest specialized health insurance company, offering health, accident, travel, dental, pet, and home assistance policies to approximately 500,000 individual policyholders through 39 branches and a digital portal, recently converted to a public company via IPO.

Ownership category

akta.pro rank

Product category

Supplemental Health Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Accident & Health Insurance (6321), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Self-Funded (ASO) Group Health Plans & Stop-Loss (FSAIAFAB)

Keywords

• Supplemental health insurance
• Accident insurance
• Travel health insurance
• Loyalty wellness program
• Telemedicine consultations

Headquarters

HQ city

Ljubljana

HQ country

Slovenia

HQ region

Europe

Offices32 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Health Insurance Premiums: Vzajemna generates revenue primarily through health insurance premiums collected from policyholders. The company offers various insurance products including Zdravstvena polica (Health Policy), accident insurance, critical illness insurance, travel insurance, dental insurance, pet insurance, and home assistance insurance. Premiums are collected monthly or annually depending on the payment arrangement chosen by the customer.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Vzajemna is a Slovenian health insurer that underwrites and distributes a portfolio of supplemental health and ancillary insurance products — anchored by its flagship Zdravstvena polica (Health Policy) — and packages them with digital self-service (Moj Varuh zdravja portal) and 24/7 telemedicine (Dr. Posvet, E-zdravnik). Its offering spans accident, critical illness, dental, pet, home-assistance, multitrip travel, medical-treatment-abroad, and foreign-traveler (Welcome) insurance, all tied together by the Varuh zdravja loyalty program and a contracted provider network in Slovenia and Croatia.

Product overview

Vzajemna is a Slovenian health insurance company operating under the Varuh zdravja brand, offering a comprehensive portfolio of health and insurance products. The core offering is the Zdravstvena polica (Health Policy) providing quick access to specialist services through a network of contracted providers in Slovenia and Croatia. The product lineup includes accident insurance, annual multitrip travel insurance, serious illness insurance (covering cancer and cardiovascular diseases), home assistance insurance, dental insurance, pet insurance for dogs and cats, and medical treatment abroad coverage. Supplementary services include Dr. Posvet (24/7 chat/video consultation with doctors via WhatsApp, Viber, Facebook Messenger, Telegram), E-zdravnik (remote video/telephone GP consultations), and the Varuh zdravja loyalty program offering discounted family insurance, sports/health benefits, and free online gym. The company operates through 39 branch offices across Slovenia and maintains partnerships with healthcare providers including Terme Krka, Medikol (Croatia), and other specialist networks.

Differentiator

Problem solved

Functional benefit

Products and services

• Zdravstvena polica (Health Policy) Health insurance policy providing quick access to specialist health services — from general practitioner consultations to necessary physiotherapy — for individual and family policyholders, via Vzajemna's verified network of providers in Croatia and Slovenia.
• Nezgodno zavarovanje (Accident Insurance) Accident insurance covering injuries occurring outside work, sports injuries, injuries caused by third parties, traffic accidents and work-related injuries for individual policyholders in Slovenia.
• Celoletno zavarovanje za tujino Multitrip (Annual Multitrip Travel Insurance) Annual multitrip travel insurance policy covering illness, injury, lost luggage, flight delays and other unexpected events abroad throughout the year for Slovenian residents.
• Zavarovanje za težje bolezni (Critical Illness Insurance) Critical illness insurance for individual policyholders covering serious diseases such as cancer and cardiovascular disease.
• Pomoč na domu (Home Assistance Insurance) Home assistance insurance for policyholders who need help with daily activities due to illness or injury, including household tasks and transport to medical appointments.
• Zavarovanje za male živali (Pet Insurance) Pet insurance for dogs and cats that reimburses veterinary expenses, available in co-participation options Package M and XL.
• Zavarovanje Dental (Dental Insurance) Dental insurance providing coverage for dental services within Vzajemna's Varuh zdravja network of healthcare providers.
• Zdravljenje v tujini (Medical Treatment Abroad Insurance) Insurance covering healthcare services received outside Slovenia for Vzajemna policyholders.
• Travel Insurance Welcome (Welcome S / Welcome M) Health insurance for foreigners coming to Slovenia for work, tourism or business that covers urgent medical and related services; tiered as Welcome S (€30,000 sum insured) and Welcome M (€50,000 sum insured) with corresponding sub-limits for emergency dental, search and rescue, accommodation and legal aid.
• Dr. Posvet (24/7 Chat With Doctor Service) 24/7 GP consultation service that lets Vzajemna policyholders speak to a general practitioner via chat or video call on smartphone or computer, accessible through WhatsApp, Viber, Facebook Messenger and Telegram.
• E-zdravnik (Remote GP Consultation Service) Remote general or family medicine service providing video or telephone consultations with appointment slots scheduled throughout the day, including early morning, morning, afternoon, evening and late evening hours, for Vzajemna policyholders.
• Program Varuh zdravja (Loyalty / Wellness Program) Loyalty and wellness program for Vzajemna policyholders offering cheaper family insurance rates purchased online, sports and health discounts, free online gym access, free events and counselling, contingent on membership with at least 12 months of insurance coverage.

Quantifiable outcome

• Satisfaction rating of 4.84/5 for treatment by partners in the Varuh zdravja Network

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Terme VivatminorGTM or Marketing PartnerTerme Vivat (5-star spa hotel in Moravske Toplice, Slovenia) offers 15% discount on all packages for Varuh zdravja loyalty program members. Members need to mention their program membership during reservation and show their Varuh zdravja card upon arrival.
• Eurotas HotelsminorGTM or Marketing PartnerEurotas Hotels d.o.o. (hotels in Slovenia including Hotel Piran, Barbara Piran Beach Hotel, Boutique Hotel Portorose, Hotel Evropa Celje, Hotel Arena Maribor, Hotel Kranjska Gora, Hotel Piramida) offers 10% discount for Varuh zdravja loyalty program members. Discount available via direct reservation with loyalty card or booking portal with VARUH code.
• Blitz Bovec MarathonminorGTM or Marketing PartnerSports club organizing the Blitz Bovec Marathon (September 5, 2026). Varuh zdravja loyalty program members receive €10 discount on registration fee. Vzajemna has a presence at the event as sponsor.
• Medikol PolycliniccoreStrategic or Co-development PartnerHealthcare provider network partner in Croatia with locations in Zagreb, Osijek, Rijeka, Split, and Čakovec. Provides specialist medical services for Vzajemna policyholders under the health insurance network.
• Terme KrkacoreStrategic or Co-development PartnerHealthcare provider partner offering services at Dolenjske and Šmarješke Toplice locations. Part of the Varuh zdravja network of healthcare providers for insured services.
• Barsos MCcoreStrategic or Co-development PartnerSubsidiary company of the Vzajemna Group providing medical services in Ljubljana. Part of the integrated healthcare provider network.
• Dentalni center Varuh ZdravjacoreStrategic or Co-development PartnerSubsidiary company of the Vzajemna Group providing dental services. Part of the integrated healthcare provider network for Varuh zdravja insurance services.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• NN Slovenija: NN (formerly Delta) operates in Slovenia offering life and health insurance products to individuals, directly competing with Vzajemna for personal insurance customers with backing from the NN Group.
• Zavarovalnica Triglav: Triglav is the largest Slovenian insurance group and the primary domestic competitor to Vzajemna in supplemental health and accident insurance, offering overlapping products to the same Slovenian consumer base through its own health insurance subsidiary (Triglav zdravje).
• Zavarovalnica Sava: Zavarovalnica Sava is a major Slovenian insurance group offering health and accident insurance products to individuals and corporates in Slovenia, directly competing with Vzajemna for the same domestic customer segments.
• Generali zavarovalnica Slovenija: The Slovenian arm of Generali Group offers health, accident, and travel insurance products to Slovenian consumers, directly competing with Vzajemna in the supplemental health insurance market with greater capital backing.
• Adriatic Slovenica: Adriatic Slovenica is a Slovenian insurance company offering personal lines including health and accident coverage, operating in the same domestic market as Vzajemna and competing for similar individual consumer segments.
• Wiener Städtische zavarovalnica (VIG Slovenia): VIG's Slovenian subsidiary offers health and personal insurance products to Slovenian consumers, competing directly with Vzajemna with the backing of the larger Vienna Insurance Group's capital and product portfolio.
• Uniqa zavarovalnica Slovenija: Uniqa's Slovenian operation provides health, accident, and travel insurance products, directly competing with Vzajemna in the Slovenian supplemental health insurance market with support from the Austrian parent.
• ERGO Slovenija: ERGO Slovenija offers accident and health insurance products in Slovenia, directly competing with Vzajemna's accident and supplemental health lines for the same individual consumer base.

Broad incumbents

• Allianz Slovenija: Allianz's Slovenian subsidiary is part of the global Allianz Group offering a broad portfolio of insurance products including health coverage, overlapping with Vzajemna but as part of a much wider international insurance franchise.

Regional players

• Croatia osiguranje: Croatia osiguranje is the leading Croatian insurance company, serving as a regional benchmark for cross-border insurance partnerships relevant to Vzajemna's Croatian provider network and potential Adriatic expansion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Varuhzdravja
• Facebookfacebook.com/Varuhzdravja
• LinkedInlinkedin.com/company/vzajemna-zdravstvena-zavarovalnica-d-v-z-
• Instagraminstagram.com/varuhzdravja

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vzajemna