Modern, customer-oriented Insurance
EuroLife is a leading force in the insurance industry. It was established in 1989 and is a member of the Bank of Cyprus Group. It serves over 100.000 customers and commands a market share of almost 26%. It has an extensive network of 235 insurance advisors and 14 offices throughout Cyprus. EuroLife has so far paid over €1 billion in redemptions, benefits at maturity, and claims on life, accident and health policies.
Plans covering all needs
Our private clients can select bundles of plans from three basic pillars in order to cover everyday needs – including financial security, savings or health. We create value through retirement plans, life cover, plans for children and more. We protect our customers in the event of inability to work, and offer effective choices for those looking for tax benefits.
Further, our business customers can design retirement strategies to protect their staff, and also plan for general healthcare.
New software
The insurance industry is changing drastically in line with the rest of the world. Since 2017, EuroLife has been implementing a strategic development plan that includes actions addressing today’s facts and tomorrow's changes.
An integral part of the development plan is technological modernization and the company’s digital transformation, as well as the implementation of new ways to work.
More specifically, we have chosen to modernize our work environment using new software that supports the full life cycle of our policies and contributes to our strategic goal of being a modern and customer-centric organization. This new software was successfully implemented last year.
In addition, the myEuroLife online portal was recently launched; in conjunction with our website upgrade, the platform allows EuroLife customers to find answers to anything related to their policies and plans.
At the same time, the development of digital sales tools, like Lifeneeds, offers countless options such as indicative costs and categorization of each customer’s specific characteristics.
Further, EuroLife advisors can be at all times connected to customers and the company using the Agents Portal communication platform. This platform is available online 24 hours a day and allows insurance advisors to meet the needs of their clients and associates even more efficiently.
Finally, the company’s Facebook and LinkedIn accounts are constantly updated with useful information and offer an even more direct channel of communication.
Continuous growth
Our goal this year is to grow and improve our customer experience and value to customers.
We give high priority to the customer service offices that are ready to host our insurance advisors and customers, by turning visits into an impressive experience.
We also promote digital transformation at all levels and are working steadily towards the continuous growth of our insurance advisors. We also place great importance on product development by maintaining high levels of quality in the underwriting, claims management, investment performance and investment experience areas.
Understanding customer requirements
What sets our young customers –especially the millennials– apart from older customers, is that young customers have more complex demands. They seek more information and details, and require plans that are tailored to their own uniqueness. They seek control at all times as they are very familiar with technology. They choose by taking into account both individual and corporate credibility and sincerity.
For this reason we are constantly adapting our plans and processes; we introduce technology into our daily lives so that we can be closer to their needs and help them see life again with vitality and optimism!
The challenges
Demographic changes, population aging, digital technology and new international regulations are issues of concern to our industry. International institutional pressure for greater accountability leads to new ways of active customer engagement. At the same time, the digital revolution and globalization are changing things in terms of services, customer service, and competition. We are entering a new world in which we will continue to be the protagonists.
Customer protection
The new General Data Protection Regulation (GDPR) introduces drastic changes in all industries and businesses. These changes have introduced new ways of approaching both business plans and insurance plans. At the same time, innovation and the legal framework are challenges for all of us. As a life insurance company focusing on providing the best possible customer service, EuroLife has always focused on protecting customer privacy. Following the introduction of GDPR, handling our customers’ data has become even more transparent, with emphasis given on respecting rights and protecting data.