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Hellas Direct - eCommerce for Beginners


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Presentation by Emilios and Alexis, co-founders of Hellas Direct, to participants of the eCommerce for Beginners Seminar organised by ELTRUN in Athens. [eCommerce for Beginners Seminar - 25 Jan 2013]

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Hellas Direct - eCommerce for Beginners

  1. 1. Hellas  Direct    eCommerce  for  Beginners  Seminar   January  2013  
  2. 2. Launching  a  new  company  in  Greece  •  What’s  our  story?  •  What  do  we  do?  •  Why  Greece?    •  Why  now?  •  Our  plans.  
  3. 3. 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’.  
  4. 4. 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.  
  5. 5. 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.  
  6. 6. 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.  
  7. 7. 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.    
  8. 8. Must-­‐see  TED  talks  20  Business  TED  Talks­‐must-­‐see-­‐business-­‐ted-­‐talks    Simon  Sinek:  How  great  leaders  inspire  acHon    Rory  Sutherland:  Life  lessons  from  an  ad  man    Rory  Sutherland:  Sweat  the  small  stuff    Seth  Godin  on  standing  out    Seth  Godin  on  the  tribes  we  lead    Kevin  Allocca:  Why  videos  go  viral    Hans  Rosling  shows  the  best  stats  youve  ever  seen