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BUSINESS in cyprus
Facing Today’s Insurance Sector Challenges Regulation, technology and the implementation of the National Health Scheme are just some of the issues that are having an impact on the local industry, says Maria Fysentzides, Financial Controller, Trust International Insurance Company (Cyprus) Ltd.
What types of service does Trust Insurance International (Cyprus) offer clients? Trust Insurance International (Cyprus) Ltd provides general insurance and reinsurance business. The company was established in 1990 and it provided reinsurance and management services to the Direct Insurance companies of the Nest Group until August 2009, when it entered the local market, offering a full range of personal and corporate general insurance and medical insurance products.
opted from the beginning of its local operations, have contributed positively to its growth. Our philosophy and our vision are “To Lead Through Innovation and Service Excellence”. At the core of everything we do are our customer-centric values, our integrity, our reliability, our accountability and an unparalleled team spirit that allows us to always opt for the best. Failure is never an option. For us, striving for optimum results – both for the Company and our clients – is the only way. Our associates and clients have recognized our focus on, and dedication to, these entrepreneurial values and they have rewarded us with their trust.
Since it began its local operations 10 years ago, Trust has been one of the fastest-growing insurance companies in Cyprus. What is the company’s What are the main challenges curbasic philosophy and how has this rently facing the insurance industry philosophy enabled the business to and how are they being tackled? grow so successfully? I would say that the main challenge is Trust International Insurance (Cythat of increased regulation and comprus) Ltd has, indeed, raced its way pliance, which places a burden on the into the big league of the insurance operational costs of every company. industry and been flirting with IFRS17 – Insurance Contracts the top. For nine consecuwill place an additional Insurance tive years it has been burden on insurance the fastest-growing incompanies because companies can surance company in it will require sigsurvive only if Cyprus and is curnificant investment they have staterently ranked third of-the-art systems, in systems and in the general insurpeople. Continuous which ensure ance sector with a changes to techautomation market share of 9%. nology constitute and maximum The Company belongs another important efficiency to the Nest Group and challenge and, of course, our Group’s expertise and the implementation of the insurance know-how, as well as National Health Scheme will the corporate governance structure adaffect our medical line of business.
ACCOUNTANCY CYPRUS
All these challenges are being tackled through strong leadership and versatility, so that our people can embrace the necessary changes to systems and procedures. Insurance is a quite competitive sector. Why should someone or a company come to Trust? What does Trust have/do that other insurance companies don’t? Trust has been built on a robust corporate governance structure, which is also consistent with the Solvency II regime. All the Company’s operations are based on procedures and service level agreements, which aim for consistency, transparency and reliability. The Company has a strong financial position; it is profitable with very high liquidity and a satisfactory solvency ratio. Technology has changed the way many businesses operate, including insurance. How is Trust adapting to this new reality? Technology is one of the pivotal adaptation factors as it increases efficiency and ensures that information used for decision-making is reliable. Trust Cyprus has continuously been upgrading its systems and processes. It has a Business Intelligence system which is used for management reporting and during 2017 it implemented a powerful Finance system (SAP S/4Hana). It is currently developing a new insurance system, based on the latest technology, which is expected to be
