EuroLife: Technology takes center stage

Interview with Avraam Pekris, EuroLife General Manager

What will be the major trends and challenges facing the insurance industry in the coming years?

All around the world, the insurance industry is significantly affected and will, in the coming years, continue to be affected by rapid technological development. New digital technologies are forcing insurance companies to adjust and change the way they interact with their customers in order to remain competitive.

Digital technology can bring multiple benefits to our industry, such as better identification of customer needs, customized experience, better risk management and optimized corporate processes.

The evolution of digital technology comes with several challenges at the local level. These challenges affect our industry and include demographic aging, the impact of which on private retirement will be a reality for thousands of our fellow citizens in the near future. The full implementation of the new health system also brings important changes and a similar impact on the insurance industry.

In this ever-changing environment, we aim to maintain and enhance the relationship of trust we have built with our customers for 30 years now.


What are your company goals for the coming years?

The company’s continuous innovation is its strong relationship with its customers. Our primary goal is to stand by our customers and provide them with security and peace of mind.

To achieve this, our Company has adopted a dynamic improvement plan in order to always be one step ahead of the challenges we face. This plan includes actions such as continuous technological modernization, digital transformation, the development of new innovative insurance solutions, and the continuous evolution and development of our insurance advisors.

At the same time, we are closely monitoring industry developments, market trends and needs and are adapting the solutions we offer to our customers, just like any organization that wants to be a leader in its industry would do.


In which area do you think you can offer your services and products more effectively?

There is no doubt that the pensions sector will be of concern to the average Cypriot in the near future, as there is a major problem with the adequacy of pension benefits. In turn, this will result in different categories of retirees.

Today, many companies in Cyprus, regardless of size, maintain their own provident fund. This results in many small funds not having the ability to apply a sound investment policy and entails quite high costs.

Following stricter supervisory requirements on provident funds, it is natural to expect a further increase in demand for pension plans with the right management and governance, as we expect that most provident funds in Cyprus will not be able to meet these requirements.

The EuroLife Occupational Pensions Plan is equivalent to a Provident Fund in terms of tax treatment and protection, but with additional benefits such as the ability for the employer and employee to customize the plan according to their own needs.

By choosing EuroLife, governance and management responsibility are entrusted to industry experts with long-term expertise, experience, specialization and professionalism.


What keeps you up at night? What is your biggest business concern?

There is no doubt that in order to be successful, one must work hard and efficiently. I personally work several hours every day but at the same time I find it important to maintain the right balance between my professional and personal life.

My biggest and most important professional concern is how to do the best I can for my people every day, since I know very well that EuroLife’s people are its most important success factor.