Following the presentation of Interamerican’s results for 2020 and the response of the organisation, through its transformation, to the great challenges of these changing times, the remarks regarding the insurance activities at an event held by two management executives, Tasos Iliakopoulos, General Manager for Sales and Marketing, and Vincent Teekens, General Manager for Insurance Operations were particularly interesting.
Interamerican’s head of Sales, in reply to a question on the noted balance in the company’s distribution networks, said that diversity offers customers a range of choices on the ways they wish to be insured, given that there are important differences between the physical broker networks and the online or direct sales. These differences lie not only in the distribution features but in product features as well, since those products that require consultancy services are very different from standard products. As Mr Iliakopoulos noted, all networks have their place. Referring to physical networks, he stressed that their future is secure but will be quite different than their past. “The traditional insurance agent is also transforming today, along with customer needs, and rapidly turning into an insurance consultant. And since customers are now becoming digital, at least when it comes to researching insurance products, when they wish to obtain insurance, they will seek out an insurance consultant because of the complexity of the product.”
It should be noted that, last year, the contribution of Interamerican’s networks to the total premium turnover, amounting to €372 million, was 33.4% from the company agency network, 31.4% from the agent and broker network, 31.4% from Anytime and 23.6% from B2B, while other channels (central, direct group, bancassurance) contributed 11.6%. In its physical networks, the company is enhancing the quality characteristics of its brokers, with digital offices and digital training.The company network comprises 32 sales offices and a total of 1,100 associates. The agent and broker network includes 982 associated agencies, with a balanced sector portfolio (55% Motor insurance, 45% other Non-life insurance). Anytime, the first direct insurance in Greece, has more than 400,000 insured vehicles in Greece and 32,000 in Cyprus.
Vincent Teekens, speaking on the company’s expectations in insurance operations following the organisational and structural transformation, noted that “the transformation already has an impact on everyday management activities; in pricing, for instance, where until recently the decisions were taken based on the chain of command after quiet preparation, whereas now, through teams, everyone has a say: marketing, actuaries, financial services, operations.” The head of Insurance Operations specifically mentioned the functionality of the Mobility & Convenience tribe, which made quick and accurate assessments of the vehicle usage data during the pandemic, adjusting premiums to the financial benefit of customers. As Mr Teekens stated, the company expects an improved business outcome in the near future through an increased customer response, “since our greater sensitivity towards their needs, which are better served by the new model, will lead to increased satisfaction.”
