ERGO Hellas: “Transparent communication is one of the key factors for success”

“In its growth strategy with Piraeus Bank, ERGO Hellas Bancassurance is focusing primarily on digitalisation”, say CSO & ExCo member Stathis Tsaoussis, in an interview with ERGO News.

For its contribution to the ERGO Ambition 2025, Global Bancassurance is focusing on digital technologies and new market trends as a way to expand existing and build new partnerships in financial services. This was the key message of the Global Bancassurance Summit in Athens in May 2022. A prime example of this strategy is ERGO Hellas’s successful partnership with Piraeus Bank for more than ten years.

Mr Tsaoussis, how would you assess the partnership with Piraeus Bank so far? How is it developing and what are your main achievements?

We can be very satisfied with the progress we’ve made over the last decade, as we are experiencing continuous growth despite the economic crisis and challenging environment. We mainly owe this accomplishment to our sales force and their resilience.

That holds especially true during the pandemic, when physical access to bank branches was restricted. Our employees immediately switched to remote sales and were extremely motivated. That’s why we are a leader in property and casualty insurance. The bancassurance product mix of property, personal accident, motor, several small ticket products and mortgage insurance has also contributed to our success. We have now acquired more than 770,000 additional customers through this channel – that’s a great achievement!

“We work closely with our banking partner to develop innovative solutions that will serve our customers by providing the best possible quality, transparency, and fairness. Our vision is to be part of our customers’ everyday banking life, regardless if the transaction is physical or remote, and to offer added value insurance solutions with an excellent customer experience.”

Mr. Tsaoussis, , what is your strategy for generating growth and achieving customer satisfaction?

Stathis Tsaoussis: We focus on five core topics: products and services, marketing and acquisition, sales development, customer experience, and tools and automation.

• For products and services, the focus is on simplicity, meaning easy products that can be attached to Piraeus Bank transactions. This is very well received by our customers.
• In marketing and acquisition, we follow a combined strategy with the bank, for example when it comes to look and feel, image campaigns and data analysis. We also exploit our upselling and cross-selling potential to the max.
• Employee qualification through regular training and network incentive systems are at the top of the sales development agenda. We have a special team to take care of this.
• We want to create positive customer experiences at every customer contact point, either on a personal level or digitally via the e-banking platform.

That brings me to the fifth point: tools and automation. Looking to the future, this is one of the most important topics. We live in a digital world, where customised web tools are just as necessary as automated processes to serve customers in the best possible way.

Our latest digital project was the launch of digital sales via the Piraeus e-banking platform. An automated process, fully integrated into the e-banking platform, now enables customers to purchase our new motor product.

And it is not only the process that is fully digital; the product itself has also been created to attract digital users. It is connected with innovative telematics technology that guides and encourages customers to drive carefully, incentivising them with extra discounts and benefits for the drivers.

Mr. Tsaoussis, what are your goals for the future? And what are your expectations from ERGO Bancassurance – do you have any special aspirations?

For us, our business model and transparent communication are the key success factors for a productive and trusting partnership. If we pursue a joint strategy and set priorities, we will celebrate many successes in the market. For me, this includes having a concrete action plan that we pursue consistently, and agreeing on targets. Motivating all employees to work in agile teams on a project basis is the right way forward. This is how we will overcome all the obstacles and challenges we face – I am very sure of that. I look forward to what the future holds for us!

Mr. Tsaoussis, thank you very much for the detailed interview.

(The interview was conducted by Bärbel Naberbäumer)