Leading Through Change – Our CEO's Interview to FastForward

As a CEO with extensive experience, what leadership principles do you believe are essential for successfully guiding an insurance company like yours?

Successfully guiding an insurance company requires a blend of traditional leadership principles and industry-specific knowledge. Probably the most important in my opinion, is having a clear Strategic Vision for the company's future. This includes areas such its position in the market, target customer segments, short term and long-term goals that are achievable and realistic. This vision should guide decision-making at all levels and inspire employees.

Communicating this vision and company goals to employees and key stakeholders is crucial as each member of the team plays an important role in the organization, each in its own way. Therefore, open, honest, and transparent communication is embedded in our corporate values as it builds trust and strong relationships.

There are several trends shaping the insurance industry, not only on a local but on a global level. Probably the main one that affects the local market in a more indirect way is climate change and how companies can and must adapt to this changing environment. Extreme events such as storms, hail, floods, earthquakes etc. occur more frequently and with higher intensity, destroying homes and businesses worldwide. This results in higher amounts being paid in compensation and as a result an increase in claims costs for insurers and reinsurers. Due to Cyprus's geographical position, we may not experience the direct impact of extreme weather conditions the same way some other countries are experiencing but definitely has an impact on the industry in various ways. For example, it increases costs due to the higher reinsurance rates and consequently the increased cost in buying sufficient reinsurance protection. This leads to making some risks unaffordable for the consumer or unattractive for the insurance company.

Digital transformation is also at the top of market trends as technology is advancing at a very fast pace and that impacts customer expectations. Today's clients are changing, seeking seamless digital experiences and personalized service more than ever.

Artificial intelligence, machine learning and data analytics are necessary investments for those who want to enhance operational efficiency, customer experience, and product innovation. This is not cheap to achieve as talent is hard to find, and when found is expensive to retain, and at the same time, the investment necessary to accommodate all this is quite costly.

The past year was indeed a good year for Cosmos. We closed the year with profitability from insurance operations, which was our primary goal. This is the result of team effort as all departments work with the same goal in mind, which is none other than the good performance of the organisation. Since the year 2020, the company has gone through various changes, both at strategic and commercial level. Some of these decisions weren't always easy to take but were taken with the aim of achieving a healthy and balanced portfolio that will allow the company to grow and become one of the key market players. The results leave a very satisfying feeling because it is proof that the decisions made were the correct ones.

For the future, the strategy remains the same. We aim for steady and healthy business growth with the primary goal being maximizing the value of the Company for all stakeholders.