Interamerican is a member of Eureko Group, one of the largest and most powerful financial groups in Europe. Its strategy is to build a strong European financial services group, based on its core business of insurance. Its portfolio focuses on selected European countries, with a balance between mature and developing markets. Eureko shares its experience and know-how with all the companies of the Group, in every local market.
Financial strength preserved
2009 was an eventful time for Eureko. Following unprecedented market conditions in 2008, numerous initiatives were started throughout the Group in the knowledge that every crisis offers the opportunity for a new beginning. At year-end 2009, it reported a net profit of €1.4bn, while the gross written premiums increased slightly during 2009 by 2 percent to €19.6bn against €19.3bn in 2008.
In a sector where financial health is a prerequisite for doing business, Eureko made this its priority in 2009. The capital support from shareholders, Vereniging (Association) Achmea and Rabobank, a clear sign of confidence in the Group, took effect in April and laid the foundation for the subsequent firm rise in solvency. The timely investment helped Eureko overcome turbulent economic times as one of a select group of institutions that did not resort to state support.
As a result, the Group’s solvency position rose steadily through 2009, ending the year at a reassuring 216 percent with insurance activities at 251 percent, also supported by its decisive de-risking strategy. Eureko’s total equity improved 36 percent, from €7.5bn at year-end 2008 to €10.1bn at year-end 2009.
With a wide range of products and services that reflects the company’s considerable experience and knowledge, Interamerican is in a position to offer customers solutions which ensures:
– Family’s quality of life
– Income protection
– Guaranteed private pension
– Savings and capital accumulation
– Property protection (car, home, business, etc)
Innovation and achievement
Interamerican is ensuring a competitive position in the Greek insurance market via ways such as:
– Developing new innovative products in all areas, increasing both customers as well as network’s satisfaction, contributing to the success and competitive position of the Company in the Greek insurance Market.
– Having “smart” & flexible pricing is a key factor in the new financial environment and the debt crisis that Greeks are facing. The annual renewable health programs are aiming to provide insurance even to target groups that cannot afford high premiums.
– Strengthening Sales Network distribution.
– Reengineering of Operations in order to decrease cost and increase service levels to both customers as well as sales networks.
Referring to Interamerican’s course and immediate prospects, the CEO of the Group, Mr George Kotsalos, stressed the following:
At Interamerican, we have consolidated the need for constant change, in the spirit of on-going adaptation to the conditions of the economy and society. We follow the rationale of daily development, our steady objective being for Interamerican to be modern. For us, being a modern company means making suitable insurance proposals, being flexible and being innovative. It should be noted that the restructuring of the organisational and administrative functions of the Company, cost control, expansion of the promotion of company products and services through multi-channel distribution that began five years ago prepared Interamerican for Solvency II in the best possible way and, at the same time, shielded the Company during the economic crisis of 2008-2009. Interamerican will proceed along four strategic pillars:
A. Modernisation of all procedures with decentralisation of back office operations.
B. Utilisation of technology, in which the Company has already invested a substantial amount in order to have a client-centric management system.
C. Enhancement of commercial activities, aligning sales with profitability.
D. Promotion and utilisation of human resources.
“Our first priority is to serve an extensive range of customers from every location all over Greece, by taking advantage of our broad multichannel network, such as Agency branches with Financial Advisors, collaborated Brokers, as well as Bancassurance synergies, and Direct channel via internet & call centre, offering them innovative and best value for money products, with high quality service.
It should be mentioned that Interamerican was the first company that launched direct channel in the Greek Insurance Market with Anytime Insurance Online, contributing to the 24h service, reducing cost and providing immediate service.
Focusing on what our customers expect from us in combination with the flexibility to be attuned to the changing market, as well as the company’s economic results, we strongly believe that the Group is on track to succeed its goals” says the CCO Mr. G. Mavrelis.
Finally, Interamerican has also proven in practice, its sensibility in the sector of social responsibility through its activity to the benefit of the community, along with its business reliability. To that purpose, it has planned and implemented a far-reaching and multidimensional Corporate Social Responsibility programme: “Acts of Life”, offering support to vulnerable social groups and contribution with every possible way to the protection of the environment.
