EuroLife is constantly evolving by building a relationship of trust with its customers
Interview with Avraam Pekris, EuroLife General Manager
1) What are the main issues facing the insurance industry today?
First, all around the world, our industry is being affected by political, technological and demographic developments. One of the biggest challenges that will continue to concern us in the future is how to adapt the industry to new technological realities. There is a pressing need for companies to invest in their digital transformation and to educate existing and potential customers about their new capabilities. Through digital evolution, we benefit both ourselves and our customers.
In our country, our industry must address even more practical issues, such as aligning with new regulations and improving legislation.
The most recent examples are the application of IFRS 17 and the Provident Funds legislation. The former relates to the accounting treatment of our policies; and because it will be implemented in 2021, it triggers changes in the business models used by companies in the industry. Regarding Provident Funds, we seek to enable those that are currently insured in Funds to be able to transfer their pensionable funds to the occupational pension plan of their new employer, should they decide to move to another job.
Another issue we are called upon to address is demographic aging, which has several consequences for the society and the economy. Complementary private pension will be a necessity for thousands of our fellow citizens in the near future. We will be there to support them.
At the same time, we are looking forward to the full launch of the NHS and plan our alternative offering for quality care and exceptional service.
By operating in an ever-changing environment, we aim to maintain and enhance the relationship of trust we have built with our customers for three decades now.
The new era requires adaptability, and at EuroLife we are doing just that –by keeping the relationship of trust we have built with our customers intact.
2) How has the ever-increasing sector supervision affected the industry?
The establishment of a Single Insurance Supervisory Authority is a prerequisite for the proper functioning of our market. The more efficient operation of the industry by means of regulations makes our operations stronger and healthier. European rules for a European country like Cyprus should be both desired and welcomed.
Adjustments may need to be made. A modern legislative framework will always help the industry grow, evolve and offer more to the society and the economy.
At EuroLife we are implementing a dynamic improvement plan so that we are always one step ahead of upcoming developments. We intend to stay at the top for many more years, so everything contributes to the common goal.
3) How has the introduction of the NHS affected the insurance industry and what other changes are expected?
Undeniably, the implementation of the NHS brings changes that affect both the industry and policyholders.
All this time, we have been closely monitoring developments relating to the system’s implementation and progress. The health sector’s overall positive course has shown that the people, together with the NHS, understand the confidence, quality, speed and comprehensive coverage that the private sector offers them, without queues and hassle, both in Cyprus and abroad. For this reason, we intend to continue moving forward, enriching and personalizing our services to the benefit of our customers.
We stand by our policyholders by giving them multiple options with our most popular plan –Medica. Medica is being enriched and updated to give clients the ability to build the protection grid that suits them best, whether or not they choose to use the services provided by the NHS.
We provide full medical and hospital coverage, and options for personal, specialist doctors and hospitals throughout Cyprus and abroad without waiting lists. We also offer outpatient, primary care that upgrades and complements existing NHS services with coverage in Cyprus and abroad.
EuroLife is constantly evolving to deliver cutting-edge, competitive products that support both individuals and their families.
4) What are your company’s future plans?
At EuroLife we believe it is our obligation to always be several steps ahead of developments. For this reason, we have over the years worked on three pillars: first, on our digital transformation and the new services and capabilities we will provide to our clients; second, on the continuous education and training of our insurance advisors; and third, on upgrading our customer experience.
The road to a satisfied customer goes through them feeling that they have received privileged and special service.
Through myeuroLife, our clients have a complete picture of their policies and their status. And a visit to our modern customer offices would be enough for them to experience EuroLife’s pioneering culture.
2020 will be the year of our new Customer Loyalty Sceme: ourlife. With ourlife, our customers feel as they deserve –privileged and at the center of our attention. We reward their trust and strengthen our long-term relationship in a way only we know: by offering them unique privileges and hands-on benefits that increase the value of their insurance policies. All this in a simple and straightforward way, without cards, calculations, or points.
2020 will be yet another year with ambitious productivity targets for EuroLife.