The Greek insurance industry is still facing its own particular set of challenges over the coming months and years including: the valuation of investment portfolios, the development of a second pillar in Social Security, achieving compliance with Solvency II capital requirements, a new supervisory role by the Bank of Greece, new legislation covering intermediation, internal auditing and controls and an increasingly competitive environment.

These challenges are affecting all aspects of insurer business in Greece from operations to commercial strategy, from product development to risk management. For Interamerican, a member company of the Eureko/Achmea Dutch Group, a number of strategic decisions have already been taken (some predating the crisis) and are in the process of being implemented. Among these strategic choices are the implementation of a de-risking strategy and the development of a multi-distribution model. 

In terms of its pro-active de-risking strategy Interamerican is the only player in the insurance sector which would not need additional capital in case of a partial sovereign default. This is in alignment with Eureko goals of becoming the most trusted insurer in the market.

In terms of distribution, Interamerican is already the first and only true multichannel insurer operating in the country serving hundreds of thousands of customers, from every location all over Greece, via four separate channels consisting of agency branches with financial advisors, the independent insurance broker network, the bancassurance channel, and the company’s direct channel, via internet and call centre.

Tied Agency Channel
The Interamerican Tied Agency Network was Interamerican’s first distribution channel and currently accounts for the largest part of production. Over the last two years a restructuring programme of the channel was actioned in order to increase productivity. Today, the channel numbers 57 branches and 1,500 tied agents.

It is a part of Interamerican’s corporate vision to develop a unique network of professional Financial Planners, who offer excellent customer service and high value to the customer and the Company. Financial planners have a critical role in guiding and advising clients especially in areas with complex financial decisions such as life, income and health insurance planning, investment, retirement and college funding.

Brokers channel
Interamerican first started developing a broker distribution channel in late 2005 and today works with more than 800 professional insurance brokers across the whole of Greece. The collaboration with brokers has helped the company modify and ameliorate the procedures, the systems and the people’s mentality, but most of all the company’s culture. The broker channel initially focused on selling Interamerican’s non-life and group insurance products. Today the channel promotes a wider range of insurance products including health insurances and savings and investment plans.

“Anytime” Direct channel
Interamerican is the first and only insurer to date to develop a direct sales channel. Interamerican promotes the “Anytime” brand of products through its direct channel, using the internet, telephone and mail to transact and communicate with clients. Originally, the company launched motor insurance products under the anytime brand, however the range of products has grown to include both assistance services, property and health insurances.

The company has invested heavily in building the required infrastructure and in promoting the channel. Anytime has already attracted a sizeable client base and is continuing to grow at a tremendous rate.

Bancassurance channel
Interamerican has also developed a fourth distribution channel through banks. The company currently collaborates with Millennium Bank, Hellenic Post Bank and Pireaus Bank. At the same time the company is actively seeking further collaborations with other Greek banks.

Interamerican offers competitive products and an extensive range of services to banks, which is unique in the Greek market.

Corporate Profile

Established in 1969, Interamerican is one of Greece’s leading insurance companies.

It holds the number-two position in the Greek life and non-life market, and it has strong health product lines.
Interamerican is one of the most widely recognised insurance brands in Greece.

• The most famous brand in the Greek insurance market (several awards)
• Highest brand awareness (98 percent)
• Second position, with a market share of 9.4 percent (2010 data)
• Successful implementation of multi distribution model
• The first Direct Insurer in Greek Market
• The most profitable agency sales network
• Balanced presence in Non Life, Health and Life business lines
• The only insurer with its own Health and Assistance infrastructure
• Innovative products in Investments, Health, Assistance
  Almost 1,000,000 unique customers