Hellas Direct eCommerce for Beginners Seminar January 2013
Launching a new company in Greece • What’s our story? • What do we do? • Why Greece? • Why now? • Our plans.
Hellas Direct: what’s our story? Ge>ng people to invest in Greece – not easy. • Started three years ago. • Over 2,500 emails with 300+ investor meeHngs. • Travelled to the USA, Germany, Switzerland, Russia, Israel, the Middle East and the United Kingdom. An impressive group of internaHonal shareholders: • Total net worth of EUR 4bn. • Seven diﬀerent countries. • Experience in insurance, technology and Greece. Munich Re: A long-‐term strategic partnership. • Seven-‐year agreement. • 50% of our balance sheet. • Exclusive relaHonship in the region. Who are we? • A young and passionate team. • Entrepreneurs at heart. • Believe in the vision of a ‘New Greece’.
Hellas Direct: what do we do? We are a new insurance company, based in Cyprus and with a regional growth plan. We are highly specialised: • We only underwrite motor insurance. • We are not for everyone – not the cheapest for all. • Aim to oﬀer aﬀordable insurance for the right type of driver. We live and breathe technology: • Eﬃciency through innovaHon. • As much a technology company as we are an insurance one. • Our own Development Centre in the UK. We love numbers: • Complex staHsHcal analysis. • Understand the enHre market. • Our own Research Centre in Cyprus. The leading insurance companies in the world all agree: • It’s all about the consumer. • An agile strategy is a must – insurance 2.0. • Solvency the key driver behind any strategic decision.
Hellas Direct: why Greece? Direct insurance will pick up in Greece over the next few years: • Consumers: frustrated by the poor quality of service, the lack of professionalism and the ‘one price ﬁts all’ mentality. • Insurance companies: large, rigid and averse to change. • Intermediaries: fragmented and no consistency in service. • Regulatory environment: Solvency II and new EU regulaHons facilitaHng e-‐commerce. These characterisHcs have been the same in other countries. The direct market now represents: • 85% in the UK. • 30% in Spain. • 25% in Italy. The Greek market is changing and it is changing fast. An average country takes 10 years to reach 20% direct. We think that this will be a much shorter period for Greece. Is this a big enough market? There are 4.8m private vehicles in Greece. A healthy motor insurance market will consist of 5-‐6 direct players.
Hellas Direct: why now? Cliché: in every crisis, there are opportuniHes. The Greek crisis really is a catalyst for change. Challenging Hmes for tradiHonal insurance companies: • Undercapitalised (Greek bonds, real estate assets). • High cost base (overheads, obsolete technology). • Old ways (tradiHonal distribuHon channels, mentality). Consumers need more ﬂexible soluHons: • FrustraHon with lack of transparency and hidden fees. • Restricted by standardised products. • Expect more – looking for a ‘value-‐for-‐money’ service. People turn to the Internet: • People are online – 65% internet penetraHon. • People search online – thousands of searches for insurance products. • People buy online – EUR 2bn per year online. The right Hme to oﬀer an alternaHve to the consumer, to challenge all assumpHons and to focus on quality service. The Greek consumers do not trust their insurance company and for good reason. We aim to change that.
Hellas Direct: our plans Consumer – best service, delivered one policy at a Hme. Our people – intelligent, passionate, driving change. Employer of choice for all young graduates. Internships and conHnuous personal development. A company that fosters innovaHon. The broader community – acHve involvement, with scholarships, start-‐up mentorship and charitable contribuHon. Keep our feet on the ground. As a company, we want to keep learning, to adapt and to improve with Hme. On the ﬁnancial side, we want to focus on the mispriced part of the market. There are some frustrated good drivers out there who are currently subsidising everybody else. We want to ﬁnd them and we would be delighted to service 3-‐5% of the Greek urban market over the next 5 years.
Must-‐see TED talks 20 Business TED Talks www.businesspundit.com/20-‐must-‐see-‐business-‐ted-‐talks Simon Sinek: How great leaders inspire acHon www.ted.com/talks/lang/en/simon_sinek_how_great_leaders_inspire_acHon.html Rory Sutherland: Life lessons from an ad man www.ted.com/talks/lang/en/rory_sutherland_life_lessons_from_an_ad_man.html Rory Sutherland: Sweat the small stuﬀ www.ted.com/talks/lang/en/rory_sutherland_sweat_the_small_stuﬀ.html Seth Godin on standing out www.ted.com/talks/lang/en/seth_godin_on_sliced_bread.html Seth Godin on the tribes we lead www.ted.com/talks/lang/en/seth_godin_on_the_tribes_we_lead.html Kevin Allocca: Why videos go viral www.ted.com/talks/lang/en/kevin_allocca_why_videos_go_viral.html Hans Rosling shows the best stats youve ever seen www.ted.com/talks/lang/en/hans_rosling_shows_the_best_stats_you_ve_ever_seen.html