Accenture Greece | Research on Greek Insurance Market

Contents Summary
Voice of the Consumer
Annex
Voice of the Intermediary
Voice of the Insurer

Greek Insurance
Market Survey
The first 360o survey
conducted for Greek
Digital Insurance
The unprecedented circumstances that Covid brought to
our lives in 2020 have driven a rapid uptake of digital in
every business.
Today, we put Greek Insurance in the spotlight and
scrutinize it under a digital lens.
Conducted with the support of Hellenic Association of
Insurance Companies (EAEE), the Greek Market Digital
Insurance Survey provides a 3-dimensional view of the
industry. Conducted over a period of five months
(September 2020 – February 2021) it incorporates the
viewpoints of:
✓ 2000 Consumers
✓ 157 Insurance Intermediaries
✓ 38 Insurance C-Level Executives
It is the first 360o Digital Survey conducted for Greek
Insurance, aiming to record the key market trends -
amidst Covid volatility- and assist the public dialogue for
the sector’s potential and challenges.

A Digital Cycle
Begins for Greek
Insurance
Consumers expect more
digital offerings,
Intermediaries are preparing
themselves for the
upcoming changes and
Insurers are drafting digital
transformational plans
Back in 20171 we saw the Greek Financial Sector entering
a cycle of extended digital transformation with banks
taking the lead. Insurance, as sector with a typically
human centered DNA, has followed a fragmented
approach to digital. This is one reason why Insurance is
open to disruption and has globally entered a volatility
state2.
This survey reveals that today consumers expect more
digital capabilities and offerings by Insurers than in the
recent past3, while at the same time human interaction
with well-versed advice remains vital. On the other hand,
Intermediaries perceive this digital shift; They need
support to operate in the new digital era and they are
willing to support –in turn- such digital initiatives.
Insurers perceive threat from digital, however they are
confident about the future and are planning their digital
investments.
Accenture Viewpoint: It is now a time of change, with
Greek Insurance entering a new era. Insurers should
accelerate in digital with solid Digital Strategies.

Greek Market
Digital Insurance
Survey: Key
Findings
To understand where the
sector is heading
amidst covid
uncertainty, we asked the
key stakeholders of the
Greek insurance
ecosystem.
• Expect disruption; worried, but also excited
• Grasp the pulse of the market
• Digital has value across the value chain
• Ambitious digital plans
• Business has been impacted by Covid
• Acknowledge customers needs are changing
• Technology is both a threat and an opportunity
• Need help but also willing to change
• Insurers should adopt a faster pace
• More open to digital offerings
• High expectations from Insurers
• Value personalization and knowledgeable advisors
• Interested in alternative sales channels and innovative
offerings
1
2
3

Voice of the
Consumer
6
6
Copyright © 2021 Accenture. All rights reserved.

Voice of the
Consumer
Consumers demand more,
and compare the
insurance services with
other digital experiences
Consumers expect more; they are open to more digital as
they are open to innovation. This has been voiced loudly
and clearly – there are high expectations and demand
for digital capabilities, not for the trend but for the value.
Consumers want personalized services and
knowledgeable advice. They want freedom to choose the
channel of their preference for their insurance needs and
are willing to buy insurance services and offerings from
alternative providers.
Accenture Viewpoint: Insurers and Intermediaries need to
adapt to the new digital reality otherwise their
businesses could be threatened.

Insurance transactional behavior during Covid has been affected but to a
lesser extent than other sectors
Moderately Low/ not at all
Very much/ a lot
Question: How much do you think the Covid pandemic has changed your
transactional behavior regarding:
76% 77%
50%
60%
14% 12%
23% 22%
10% 11%
27%
18%
Public Services Banks Insurers Retail

Transacting digitally is important for insurance consumers and 53% of the
respondents perceive Insurers’ response to Covid very satisfactory
Very much/ a lot Some Very few/ not at all
Question: During the Covid pandemic there has been a
significant increase in products, transactions and
services offered digitally. Indicate the level of
importance for you to be able to transact digitally with:
Question: Which of the following do you think have
done the most in terms of making digital services,
transactions and products available?
78% 80%
66%
61%
14% 11%
17%
22%
8% 9%
17% 17%
54%
69%
53%
64%
28%
21%
31%
26%
18%
10%
16%
10%
Very important Moderately important Slightly or not important

Almost 90% of consumers highly value knowledgeable advisors and
personalization, while cost continues to be an important factor
Moderately important Slightly or not important
Very important
Question: How important are the following factors to you when dealing with insurers?
70%
74%
75%
78%
83%
87%
87%
88%
23%
17%
17%
15%
12%
10%
11%
10%
7%
9%
8%
7%
5%
Τhe brand that I trust
The ability to communicate and serve remotely
Personal relationship with an insurance professional
The ability to manage my account in the way that I want
Fast and efficient service / solution of my problems
The lower cost than competitors
Personalized services
Knowledgeable staff 2%
2%
3%

Consumers are satisfied overall from the services they receive, however
there is considerable room for improvement in all areas
Question: For each of your answers in the previous question, rate your current level of
satisfaction:
51%
53%
53%
57%
57%
60%
64%
64%
33%
32%
34%
33%
32%
29%
26%
28%
16%
15%
13%
10%
11%
11%
10%
8%
The lower cost than competitors
The ability to manage my account in the way that I want
Personalized services
Fast and efficient service / solution of my problems
Knowledgeable staff
Personal relationship with an insurance professional
The ability to communicate and serve remotely
Τhe brand that I trust
Moderately satisfied Slightly or not satisfied
Very satisfied

79% of consumers are willing to share their data in exchange for value such
as service quality, tailored products and cost savings …
Consider sharing data
for at least one benefit
Unwilling to share data
(Νo to all/No answer)
21%
79%
Willingness to share data
for at least one benefit:
Yes No No answer
Question: Would you be willing to share your
personal data in return for the following benefits?
56% 54% 53%
50% 49%
18%
37% 38% 40% 41%
26%
9% 9% 10% 10%
Faster or easier
services
Personalized
insurance offers
Discounts on
non-insurance
products
Free of charge
advice based on
my individual
profile
Lower prices

… however, 21% of consumers are skeptical on issues of clarity and
transparency on how their data could be used
Question: If you responded ‘NO’ to previous question, please indicate why
43%
40%
12%
1%
4% I am concerned about the
use of my personal data
I do not want to change
anything in my policies
Eventually I might be
harmed by sharing my data
Other
I do not see how I will benefit
from sharing my data

Finding the right mix of phygital channels while empowering human
interactions is challenging
Question: Select how you prefer
to interact with your insurer
Question: How important is it for you to have access to a
digital channel (online website, smartphone/tablet app)
for the following use cases?
56%
26%
18%
Exclusively through human
operators
It depends on the transaction
Exclusively through digital
channels
68% 68%
79% 76%
21% 20%
11% 14%
11% 12% 10% 10%
When looking for
information for an
insurance product
When buying an
insurance product
When updating your
personal data
When needing
assistance in case of
an accident or illness
79% 79% 78% 79%
14% 15% 12% 10%
7% 6% 10% 11%
When looking for
information for an
insurance product
When buying an
insurance product
When updating your
personal data
When needing
assistance in case of
an accident or illness
Deep
Dive
Deep
Dive
Moderately important Slightly or not important
Very important

62% of Consumers are willing to buy insurance services from alternative
providers, and this should alarm both insurers and intermediaries
Would buy insurance from at least
one of the alternative providers
Would not buy insurance
from an alternative provider
62%
38%
Willingness to buy insurance from
alternative insurance provider:
Very likely Moderately likely Unlikely
Question: Hοw likely is it for you to buy
insurance from the following providers:
45%
35%
31%
26% 26%
29%
29%
39% 40%
An online-only insurer An online service
provider (Amazon,
Google)
Other service providers
(e.g. retailers, security
or telecoms companies)

Innovative offerings are attracting consumers since they cover specific
new needs that they were considered uninsured or very pricey till now
Very interested Moderately interested Slightly or not interested
Question: Below there are mentioned some services which may be offered in the future
to cover your insurance needs. Please indicate the extent to which you are interested in.
38%
51%
51%
63%
20%
23%
23%
21%
42%
26%
26%
16%
Travel insurance where you are indemnified
automatically for a flight delay
Insurance which is linked to smart devices
(e.g. security cameras, burglar alarms)
Health insurance which premiums are
connected to lifestyle (the healthier the
lifestyle is, the lower the premiums are)
Usage Based Insurance, Pay as you
go/drive (e.g. travel or motor)

Voice of the
Intermediary
17
17

Voice of the
Intermediary
Intermediaries are
confident that they will
continue to be
a connecting value
element in the era
of digital insurance
We are witnessing an intermediary impacted by Covid,
who recognizes digital both as a threat and an
opportunity; One who recognizes the change that takes
place but is uncertain on how to go forward in this
shaping (digital) environment.
This conflict is palpable throughout; they are satisfied
with insurers’ (digital) response to Covid but their sales
have suffered; they are skeptical for the use of digital
channels and at the same time want Insurers to invest
more in digital.
Accenture Viewpoint: The role of the Intermediary will
evolve and its advisory element should be reinforced.
Intermediaries must be supported to find their place in
the digital era, with the correct messages and the right
tools.

Intermediaries appreciate Insurers’ digital efforts
Completely or partially agree Neither agree or disagree Completely or partially disagree
64%
75% 77%
64%
21%
12% 15%
26%
15% 13%
8% 10%
Question: During the Covid pandemic there has been a
significant increase in products, transactions and
services offered digitally (e.g., sales, service, etc.). Which
of the following sectors have done the most in terms of
providing digital services, transactions and products:
Question: I believe that Insurers have developed and
provided me with sufficient digital capabilities to
efficiently operate in the environment shaped by
COVID:
56%
70%
75% 77%
23%
15% 17%
11%
21%
15%
8%
12%
To sell policies
remotely to either
existing or potential
customers
To serve my
customers remotely
To be informed/
trained in new
products & services
To digitally transact
with Insurers

Intermediaries have been impacted in terms of volume of business and of
the way work is conducted
Question: Covid pandemic significantly affected most of financial industries. I believe
that the pandemic had a negative impact on the following aspects of my activity:
24%
35%
48%
68%
19%
12%
19%
16%
57%
53%
33%
16%
Transactions with Insurers (e.g. policy issuance,
commissions' payment)
Customer service and information
Renewal business (e.g. renewal premium collection)
New Business/ sales

Intermediaries need technological support from insurers to advance the
service provided to customers, but at the same time to improve their
operational effectiveness
Question: I believe that Technology may:
65%
57%
66%
78%
82%
69%
19%
25%
17% 17% 15%
19%
16% 18% 17%
5% 3%
12%
Lead customers to
choose insurance
products which do
not cover their
actual needs
Improve
transparency and
trust towards
Insurance industry
Improve customer
service provided by
Insurers
Help me improve
customer service I
provide
Improve the level of
service Insurers
provide to me
Help me boost my
sales

Customer’s data has been perceived an area of friction between
intermediaries and insurers, but now it is emerging as a space of cooperation
and a way to win in the digital era
69% 69%
16% 19%
15% 12%
Question: I am willing to collect and share with insurers
useful information about my customers in order to:
Be provided with structured and
regulatory-compliant tools which
will help me to better serve my
customers based on their profile
Help Insurers to develop
personalized services & products
for better customer service

Intermediaries recognize that digital is altering their role in the insurance
value chain towards a more advisory focus
Question: My customers are willing to
use digital tools to communicate with
me or Insurers about the following cases:
Question: My customers are willing to use digital
tools to communicate with me or Insurers to cover
their insurance needs in the following product lines:
36%
41%
62%
19%
26%
18%
45%
33%
20%
Life & Health
Other lines of
businesses
Motor
37%
38%
64%
66%
25%
19%
14%
17%
38%
43%
22%
17%
When they seek information
about an insurance product
When they intend to
renew their policy
When they are in need of assistance
in case of an accident or illness
When they buy an
insurance product

Intermediaries have been offered new digital capabilities from Insurers,
with 90% of them demanding more investments
Question: To which extent do you agree with the following phrases with respect to
technological changes in the Insurance sector relative to the Service Levels offered
by Insurers and Investments in Digital Capabilities?
63% 67%
78%
90%
24%
22%
15%
8%
13% 11% 7%
2%
I am satisfied with the level of
service that Insurers provide
me with (transaction means,
fast resolution of my issues)
I am satisfied with the level of
service that Insurers provide
my customers with (products,
claims handling, customer
service)
Insurers have significantly
invested in digital capabilities
over the past 5 years to
support me to do my job
better
I wish Insurers to invest more
in digital capabilities the next
5 years to support me to do
my job better

Direct digital channels are still considered a threat, however intermediaries
are accepting the change and they are preparing for it
Question: To which extent do you agree with the following phrases with respect to
technological changes in the Insurance sector relative to the provision of Digital
Channels?
20%
40%
16%
15%
64%
45%
I wish Insurers to provide my customers
with a direct digital sales channel (not
service channel) for simple products so
I can allocate more time to my
customers' more complex needs
I wish Insurers to provide my customers
with a direct digital service channel
(not sales channel) so I can allocate
more time to new sales

Voice of the
Insurer
26
26

Voice of the
Insurer
Greek insurers anticipate the risk of a disruption and
they are worried about it, but they are simultaneously
excited and confident about what the future holds for the
industry.
Digital is high on Insurers’ agendas, recognizing value
across the value chain. They understand that it is time to
innovate and diversify their offerings, to elevate their
relationship with customers and to help intermediaries
to re-position themselves in the digital era.
27
Insurers anticipate
disruption, however they
are confident and excited
about the future while they
are planning their digital
journeys.
27
Accenture Viewpoint: Insurers have ambitious digital
plans. A clear roadmap on how to prioritize and
accelerate is the key to a successful way forward.

82% of Insurers expect that digital disruption is gaining traction, driven
mainly by technological innovations and competition
Question: Do you believe that the
insurance industry in Greece has
been disrupted considerably in
the past 5 years?
16%
34%
50%
Question: Do you believe
Greek Insurance will be
disrupted considerably
in next 5 years?
8%
10%
82%
Question: Which you believe will
be the main drivers of disruption?
95%
87%
76% 71%
42% 39%
5%
10%
19% 26%
40% 40%
3%
5%
3%
18% 21%
Technology Competition Regulatory Demographic Globalisation Political

Insurers are anxious but at the same time they are confident and excited to
drive their business in the new digital era
Question: I foresee threats
to the profitability of my
business
39%
19%
42%
Question: I am anxious
about the future of my
business
47%
24%
29%
Question: I am excited
about the future of my
business
26%
74%
Completely agree Partially agree

Insurers unanimously acknowledge the fact that digital delivers value
across the insurance value chain
Question: I (completely or partially) agree
that digital will help my organization to…
Question: Indicate the extent to which you
agree with the following statements with
regards to customer data
87%
89%
92%
97%
97%
100%
100%
strengthen operational efficiency
improve customer experience
set up new business models
create new revenue streams
increase market share
improve agent productivity
increase customer loyalty 11%
13%
3%
21%
8%
5%
68%
79%
92%
I see the business value of getting
access to more insightful
customer information
I would consider offering something to
the agents in return for more insightful
information on the customers
I believe my agents have insightful
information on the customers

Digital will significantly transform the way customers, intermediaries and
insurers interact and engage
Question: Indicate the extent to which
you agree with the following
statements with regards to customers
you agree with the following statements
with regards to intermediaries
13% 13% 74%
100%
Digital may fundamentally
disrupt the relationship with the
customer
Digital will improve the
experience of the customer
(sales, customer care, claims)
21% 24% 55%
100%
Digital may fundamentally
disrupt the relationship with the
agent
Digital will improve the
experience of the agent (sales,
claims, commissions)

Insurers are confident about their own capabilities and they are planning to
invest now for the future
Question: My organization has the skills and
capabilities in the following functions to
efficiently deal with changes in the market
Question: I am planning to upgrade
my capabilities in the next 2 years in…
5%
5%
5%
5%
95%
95%
95%
95%
100%
Product innovation
Operations
Marketing
Sales
Technology
5%
3%
3%
11%
10%
8%
8%
8%
84%
87%
89%
92%
92%
Product innovation
Operations
Marketing
Technology
Sales

Insurers are confident with the service level they provide to their customers
and agents and they recognize that there is no room for complacency
Question: My customers are
happy with the level of
service I provide (sales,
customer care, claims)
3%
13%
84%
Question: My agents are
happy with the level of
service I provide
5%
8%
87%
Question: I have recently (in the
past 2 years), or am currently,
reviewing the ways I service my…
79%
87%
21%
13%
Agents
Customers

Insurers grasp the expectations of customers and intermediaries regarding
digital
statements with regards to customers
statements with regards to agents
55%
95%
34%
5%
11%
My customers expect me
to provide a digital direct
channel for sales
My customers expect me
to provide a digital direct
channel for servicing
34%
79%
21%
18%
45%
3%
My agents expect that I
will provide a digital
direct channel for sales
My agents expect that I will
provide a digital direct
channel for servicing

Insurers are alarmed by the competition, but at the same time they have
high appetite for investing in digital and they know how to start
Question: I feel my
competitors are investing
more than me in digital
innovation
42%
32%
26%
Question: I don’t quite know
where to start in terms of
investing in digital/
innovation
87%
10% 3%
Question: I am actively
looking to take advantage
of opportunities offered to
me by digital
16%
84%

Insurers are currently exploring a wide technological palette
High level Moderate level Low level
Question: Please indicate your organization’s current level of engagement/ utilization
with the following technologies:
79% 79% 79% 74%
58%
39% 37% 32%
13%
16% 13% 16%
18%
21%
29% 29%
18%
16%
5% 8% 5% 8%
21%
32% 34%
50%
71%
social media cloud automation agile analytics AI (machine
learning)
telematics/
Internet of
Things
connected
devices
(smart home,
wearables)
blockchain

The wide range of technologies to invest requires refinement and
prioritization to ensure success
High level Moderate level Low level
Question: Please indicate your level of agreement to any plans that your organization
has to invest in these technologies in the future (in the next 3 years)
100% 97% 97%
90% 89%
79% 74%
61%
29%
5% 8%
13%
13%
26%
39%
5% 8% 13% 13%
32%
automation analytics cloud agile social media AI (machine
learning)
telematics/
Internet of
Things
connected
devices
(smart home,
wearables)
blockchain
3% 3% 3%

Conclusion
This survey provides insights into the key digital
trends and dominant forces of the Greek
Insurance market, captured during the Covid era.
Nonetheless, it also serves as a reference point
for similar future initiatives, becoming the first of
a series of instituted industry analyses.
Overall, it aims to contribute informingly to the
public dialogue about the Greek Insurance
industry’s challenges and opportunities for the
future.

Demographics
39
39

Consumer Survey
Demographics
1
Gender
Male Female
3%
33%
64%
Primary Education
Secondary Education
Higher education
Educational level
Domicile
Attica
Islands &Crete
Thessaloniki
Rest
Annual household income
10-20k 20-40k
<10k
40-60k >60k
Survey Methodology:
• Approach: Interviews
with Structured
Questionnaires
• Sampling Method:
Stratified Simple
Random Sampling
• Sample size: 2000
individuals
• Interview Method:
Computer Aided
Telephone and Online
Interviews
• Duration: Oct 2020-Nov
2020
55%
45%
36%
12%
20%
32%
31%
41%
22%
4% 2%
Age
7%
17%
31%
26%
19%
17-24 25-34 35-44 45-54 55-64

Intermediary Survey
Demographics
2
29%
71%
Female
Male
4%
15%
81%
Insurance broker
Insurance
agent's
coordinator
Insurance agent
Up to 5 years
6 to 10 years
11 to 20 years
More than 20
years
Gender
Age
Educational level
Intermediary type
Years of experience
Survey Methodology:
• Approach: Online
questionnaire
distributed by Insurers
• Sampling Method: N/A
• Sample size: 157
Responses Received
(agents and brokers)
• Duration: Dec 2020-Feb
2021

Insurer Survey
Demographics
3
Approximate annual budget invested for
digital initiatives/ Innovations (€ mils)
1,0 2,5
2,0 N/A
50%
16%
24%
10%
29%
71%
Insurer Type
11%
84%
5%
Line of businesses
5%
8%
16%
21%
24%
26%
Risk & Finance
Operations & Execution
Strategy & Planning
CEO
Commercial & Distribution
Technology & Digital
Executives Interviewed
Multi-Line P&C only
L&H only
Multinational Greek
Survey Methodology:
• Approach: Structured
Questionnaires +
Opinion Interviews
• Sampling Method: C-
Level Executives, top-15
Insurers according to
GWP
• Sample size: 38
Executive Responses
received
• Duration: Oct 2020-Nov
2020

Authors
Lambros Tsolkas
Financial Services Lead
Accenture Greece
Yannis Antonakakis
Insurance Strategy and
Consulting Lead
Accenture Greece
Contributors
Georgia Adamopoulou
Management Consultant
Insurance Strategy and Consulting
Accenture Greece
Giorgos Tsamis
Technology Consulting Analyst
Insurance Strategy and Consulting
Accenture Greece
Acknowledgements
1 https://www.slideshare.net/accenture/digital-greece-the-path-to-growth
2 https://www.accenture.com/gr-en/insights/consulting/business-disruption-innovation
3 https://www.accenture.com/gr-en/insights/insurance/guide-insurance-customers-safety-well-being
4 https://insuranceblog.accenture.com/10-trends-that-will-shape-insurance-in-2021
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security.
Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy
and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest
network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the
promise of technology and human ingenuity every day, serving clients in more than 120 countries. We
embrace the power of change to create value and shared success for our clients, people, shareholders,
partners and communities. Visit us at www.accenture.com.
Accenture’s Insurance Practice helps Insurers to redefine their business and operating models, enhance
the digital experience for customers, and position themselves for growth in a digital economy. To learn
more, visit: www.accenture.com/gr-en/industries/insurance-index.
Disclaimer: This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors.
This document refers to marks owned by third parties. All such third-party marks are the property of their respective owners. No sponsorship, endorsement or
approval of this content by the owners of such marks is intended, expressed or implied.
We would like to sincerely thank all participants and supporters whose contribution has been paramount to
the execution of the survey: a) the Hellenic Association of Insurance Companies (EAEE), b) the insurance
companies and their executives c) the insurance Intermediaries d) the consumers and finally e) Apopsis
S.R.Ltd for the execution of the Consumers Survey.
References

Accenture Greece | Research on Greek Insurance Market

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