Athena Shipilli Tsingi: Life and health insurance sector has potential for growth

The life and health insurance sector will fare well in 2024 and is presenting the potential for further growth, according to the General Manager of Eurolife, Athena Shipilli Tsingi.

Shipilli Tsingi believes there will be an increase in demand for insurance, which will also be accompanied by an increase in insurance premiums.

Speaking to InBusinessNews as part of its “IN Business Forecasting 2024” series, Shipilli Tsingi said she anticipates some significant changes in the insurance sector, as it forges ahead with its digital transformation – aka Insurtech. As she explained, the aim is to fully apply technology to the entire scope of functions in the insurance sector.

As for the Cyprus economy, she said it has shown it has good reflexes in the successive crises and that it has all the means to continue to grow.

How do you see the economic environment shaping up in 2024, in light of inflationary pressures, high interest rates and unpredictable ever-changing geopolitical developments?

It is clear as day, I would say, that we will be operating in a complex economic environment for yet another year.

The challenges that you rightfully raised are enough by themselves to maintain the current uncertainty and underlying concern.

However, the Cyprus economy has shown particular resilience in the past few years and we believe that despite the adversities, it will continue to grow at a sustainable rate.

What do you consider to be the biggest and most difficult challenges that the Cypriot economy will have to face?

Beyond what you have mentioned about inflation, the Cyprus economy, and not only, will be called to adjust further to the green transition in 2024, which combined with the digital transformation are important benchmarks in the effort to achieve the major target of sustainability.

At the same time, the changeability of the geopolitical conditions may create new or reignite challenges that are in recession.

For example, we have recently started hearing concerns relating to the supply chain, which was shaken up during the pandemic.

Would you say that, taking into account the latest upgrades, the economy of Cyprus is now well on its way to growth?

The Cyprus economy has certainly shown that it has good reflexes in successive crises and it has all the means to continue to grow.

It is very important that the road to sustainability is laid out through a clear strategic plan and I am referring to “Vision 2035”, which can truly change the course of history for the small yet very promising Cypriot economy.

Furthermore, any investments under the Recovery and Resilience Plan maintain the growth potential, despite the challenges that exist.

How do you believe the industry you are active in will fare in 2024?

We predict that throughout 2024, the life and health insurance sector will follow a positive course, I would even dare to say with potential for further growth, as well believe there will be a partial increase in demand for insurance.

From there on, we expect there to be an increase on the part of the sector’s premiums.

What are the biggest trends and changes you are expecting for you sector in 2024?

Some significant changes are anticipated as the procedure to adopt the digital transformation and Insurtech is ongoing.

This concerns the total use of technology across the entire range of insurance sector functions.

A dynamic development, which brings us face to face with both the challenges as well as the opportunities of digital insurance, which cover various aspects such as basic and emerging technologies, digital distribution channels, the involvement of clients through modern platforms as well as the conversion of traditional insurance models to digital ecosystems.

The role of artificial intelligence, machine learning and data science will play a decisive role in forming the new digital insurance era.

Also, 2024 will see the further development of omni-channel customer and insurance adviser engagement through seamless, secure, and user-friendly interaction initiatives.

In a more general context, significant changes are expected in the needs and perceptions of society and consumers, as well as demographic changes.

In terms of trends, we will see ESG criteria entering even more strongly, which affect the operating models, products and services of the sector since they must be aligned with them.

What are the most significant problems affecting your industry currently, the resolution of which you consider a priority ahead of the new year?

For the most part, solving the most important problems and challenges that negatively affect our industry is beyond our control.

Inflation has greatly increased the cost of living, as have health-related expenses. The disposable income of households and businesses is greatly affected and we see that they are struggling to cope with the needs of everyday life.

At the same time, the geopolitical instability we talked about before, the energy crisis and natural disasters create a strong mix of challenges, which, as we see, forces states and businesses to move towards digitisation and green development.

In the midst of all this, there are always the issues of regulatory compliance, GDPR and the requirements of the supervisor, while at the same time we see demographic changes and the phenomenon of the ageing population burdening state pension funds.

What are your organisation's plans/strategy for 2024? Should we expect new products/services/developments and your further establishment in the market?

At Eurolife, for 34 years now, we have been standing by our customers. We care and look after them, their families and their businesses, offering them protection and security when they face life's difficulties and surprises.

The strong relationship we have built with society has established us as a leading company in the insurance sector, providing our customers with the opportunity to choose plans from three main pillars that cover all their needs, namely financial collateral, savings and health.

Today, we serve more than 140,000 individual and group clients, and to date have paid out over €1 billion in redemptions, termination benefits and life, accident and health policy claims, and more than €8.5 billion in life cover. We also have insurance reserves in excess of €650 million.

At Eurolife, we constantly invest in training and upgrading the role of our insurance advisers, so that in critical moments our clients have their own person by their side.

With professionalism, experience, training and infrastructure, Eurolife's human network offers a high level of service, providing solutions to our clients' problems and challenges.

We will continue in 2024 with the same values to make our customers' dreams for the future come true, with the reliability and trust that distinguishes us, which is certified by our award as the leading life insurance company in Cyprus, at the " Global Insurance Awards 2023" of the international economic magazine "World Finance".

Furthermore, Eurolife was awarded at the Global Banking & Finance Awards 2022 as the best Life and Health insurance companies, and the best in terms of customer satisfaction, in Cyprus.

What do you think is the role of technology, such as AI, in your industry and what changes do you expect it to bring?

At Eurolife we adapt to socio-economic developments and offer a full range of products that respond to the citizens’ changing needs.

At the same time, as a pioneering organisation, we play a decisive role in the digital transformation of the insurance industry and by extension the country.

We invest in technology by upgrading our systems and the expertise of our people, so that they fully meet the requirements of the modern era and provide new services and possibilities for a flexible and quality service.