Sofos Insurance Agency

You met us in 1978. You trust us until today.

Christos Sofos: Our goal is excellence in mediation

Is Mr. Christos Sofos and Sofos Insurance Agency AE a leading mediation presence, capable of conquering the top, with developmental, productive and profitable results?

If so, as the founder and President of the Company, Mr. Christos Sofos claims, on what philosophy and with what strategy does Sofos Insurance Agency AE operate today?
Answers to our specific questions are recorded in the following interview.
Mediation is judged by those who serve it, and in the case of Mr. Christos Sofos, useful and instructive characteristics are reflected...!

 

Mr. Sofe, would you like to give us a brief review, based on your rich experience, in the Greek insurance market? What has changed for the better in the last 40 years?

HRS: First feature of the insurance market in the last 40 years is the significant reduction in the number of insurance companies that had been established and operated in our country and the inability to shape a landscape in the insurance area that could contain the coverage of specialized insurances within the Greek market. A typical example could be the provision of coverage for ships of Greek interests, which entails the loss of billions in insurance premiums.

Second characteristic constitutes ο large number of recalls of the operating license of Greek insurance companies, the vast majority of which remain under insurance liquidation. The recall policy, the uncertainty it created, as well as the inability to pay compensations on time, I believe had a negative effect on the consumers - insured and on the expansion of the turnover of the insurance companies.

It is questionable why this negative image is maintained, when all market players had adopted the bill of the Auxiliary Capital under the chairmanship of Mr. Alexis Grekas for the liquidation of the insurance companies, which would have been completed in less than three years. As is known, the first company recalled in 1981 remains unliquidated.

A third characteristic is the withdrawal of a large number of foreign insurance companies and the introduction of companies that provide services under the status of Free Provision of Services and freedom of establishment.

First lady positive change that has occurred in the last 40 years I consider her reform of the legislative framework in general which governs the organization and operation of the insurance market as a whole and its relations with the society of the insured.

I could not omit the extremely important change in legislation regarding vehicle insurance and the immediate payment of its premiums, which had brought so much suffering to the insurance market, as well as the concerted efforts made by all agencies, state and insurers, to eliminate uninsured vehicles, as opposed to the non-legislative establishment of compulsory home insurance against catastrophic risks (earthquakes, floods, etc.).

At this point I would like to point out that the organization and operation of the insurance market has improved significantly, which has in each sector knowledgeable executives capable and suitable to deal with each issue, both in the field of providing coverage and in compensation. Therefore, the trend is created where sales are supported by highly specialized, organizational and functional units, which provide high-level electronic and organizational services while respecting the value of the human being.

Finally, with the assumption of supervision by Bank of Greece, the legislative interventions of the supervisory authority in the organization and operation of insurance companies and intermediaries, in combination with the current European institutional framework Solvency II and under harmonization in national law IDD directive, ensure the effectiveness of their actions and strengthen the solvency of the insurance market.

The provision of new insurance products, the expansion of coverage in all areas of economic - social activities and needs, combined with the quality of service provided by intermediaries will work to the benefit of consumers.

Today, Sofos Insurance Agency cooperates with which insurance companies and based on which criteria?

HRS: The strategy of Sofos Insurance Agency regarding entering into cooperation with insurance organizations is structured and stable. Always we seek to expand insurance coverage and optimize the services we provide to our network of partners and their customers.

Therefore, at this time our organization cooperates with almost all the insurance companies of the Greek insurance market. I would like to point out that our organization negotiates and acts as a link for mutually beneficial and long-term relationships between insurance companies, us and our partners.

Important criteria for concluding and developing business in an insurance company are the insurance products it has, the terms of coverage, its pricing policy, the organization of compensation, as well as the flexibility of procedures in everyday life. A basic condition for all of the above to be efficient for our company is their IT support with modern and accessible technologies from our IT (web services and real time electronic access to information).

The communication, the information, the immediate treatment of every issue that arises constitutes a code of ethics that our company faithfully applies in the relations with the partners who honor us with their cooperation.Sophos Christos

Our partner must know what is prevailing in the insurance market and for this purpose we provide him with our services electronically, so that he is able to participate actively and with conditions for success in the competition.

Who are your strong partners, geographically, across Greece and who, in which regions, do you consider to be emerging and in which sectors?

HRS: First of all, I would like to publicly thank the more than 550 partners we have throughout the Greek territory, for the trust they show in our company and in me personally. If I could describe the dispersion of the network of partners who trust us - many of them for several years and exclusively -, I would say that it stretches from Orestiada to Ierapetra and from Corfu to Rhodes.

Our company has a strong presence in the areas where our regional offices and branches operate, as in Ioannina led by Mr. Stefanis and has the guidance of the network of Epirus, Corfu and Lefkada, in South Macedonia and Thrace Mr. Fragaki, in Alexandroupoli, Mr. Dalakura, in Thessaloniki, Mr. Tolozli, in Patra, Mr. Madia, in Kalamata Mr. Lalako, in Heraklion, Crete, Ms Kaniadaki and in Chania Mr. Muntaki.

The needs of each region in terms of insurance products are different and vary. For example in Crete, Rhodes and the Ionian Islands products related to the tourism sector are requested, since our company insures hotel units, catering businesses, rental rooms, many rental vehicles and pleasure boats. Growth is evident in Western Greece, Central Greece and the Peloponnese in the Health sector.

End, nationwide, but mainly in the urban centers, there is a great demand for the products of the civil liability sector and in particular for professional and cyber insurances.

Which of the following have you found your regional partners want most: information about new products, training, information about the competition, commission fees, advertising campaign?

HRS: Associates are looking for full update for the coverages that consumers want and the elimination of all those contradictions created by the relationship of requested coverage and the special conditions stated in the insurance policies, that is, clear, specific coverage for full insurance protection of their clients.

They ask for information on the coverages required by law, for which of course the companies have not paid the required attention. They consider it necessary to establish by law the objective liability of the insurance company in the event that the coverage occurs upon the occurrence of the risk. Details of reinsurers held by the company and guarantees of their solvency.

Information about new insurance products and about the special conditions of insurance contracts in many coverages is contradictory and difficult to understand, and these constitute an unpleasant daily routine.

The obligation of Sofos Insurance Agency is to provide our partners with all information related to the provision of coverage and premiums. Our partner must know what is prevailing in the insurance market and for this purpose we provide him with our services electronically, so that he is able to participate actively and with conditions for success in the competition. Advertising of the products and services we provide is necessary and sought after as a positive element in serving customers, attracting them and making sales.

The communication, the information, the immediate treatment of every issue that arises constitutes a code of ethics that our company faithfully applies in the relations with the partners who honor us with their cooperation.

Finally, Mr. Sofe, what are your Company's goals for the next three years?

HRS: First I would like to refer to the main and time-supported strategy of our organization, which is optimization of services that we provide in the partner network. The goals directly or indirectly related to the above strategy are a priority for us and we make every effort to achieve them!

Towards this direction we are constantly investing to become the #1 insurance brokerage in the service sector. The automation procedures of everyday life, education of our executives and partners, as well as functional integration multiple insurance policies and risk management are elements of our company. It is a demanding task, as we are asked to maintain and even build innovative systems – computerized or not – that will be flexible, easy to use and user-friendly.

Our goals for the next three years are intertwined with the above. Indicatively, I would say how we will intensify the effort so that insurance organizations consolidate the importance of freedom in accessing and processing information through the technology of websites service for the entire range of insurance operations. We also aim to intensification of the training activities of our executives and the partner network, not only in insurance products but also in practical matters, so that they can cope with the new era that the insurance market is entering. Finally, we aim to maintain the top level of service we have, incorporating operationally innovative ideas and striving daily to evolve and become more efficient.


Mr. Christos Sofos is the Chairman of the Board of Directors. and founding executive of Sofos Insurance Agency AE He was born in 1958 and is married with two sons. He started his career in the insurance field in August 1978 as an employee at Emporiki Asfalistika. He studied insurance at ELKEPA and E.I.A.S. He was Vice President of the Board of Directors. from 1988 to 2011 at "International Union" Insurance. From 1996 to 2009 he was Regional Director and then Technical Director in the same company. His long experience in insurance allows him to manage Sofos Insurance Agency AE, the large and reliable insurance brokerage company. He is a member of the Professional Chamber of Athens, holding an insurance agent's license.

 

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