AI Issue 12 2017

Acquisition International - December 2017 31 Royal Crown is a private non-life insurance company, active in Cyprus as an insurance company, and for 20 years before as agents of Royal Insurance. We spoke to Anthie Zachariadou to find out a bit more about the firm and the secrets behind its success. ince 1999, Royal Crown have been operating in Cyprus and is now a Global Partner of the RSA Network, providing a wide variety of insurance products in the property and casualty sectors. Working towards a clear vision, Anthie outlines the overall mission of Royal Crown, telling us about the new spin on innovation that staff provide. “Here at Royal Crown, our main mission is to ensure that our clients enjoy the right protection for their particular needs. Being in safe hands in terms of being insured is enjoying the insurance cover as described in the insurance contract. Both insurance professionals and insured clients should have first and foremost as priority is the content and the wording when working on an insurance policy. That will enable the insurance company to fulfil its obligations, in the event of a claim, in a fair and just manner, which is one of our priorities. “Innovation” for us, is not finding new ways of insuring people, but rather to maintain the traditional principles of insurance. Good faith, transparency, integrity and substantial communication with our clients is our way of being innovative, in a continuously evolving and complicated financial environment.” Operating within the fast moving insurance industry, Royal Crown must employ certain techniques which enable the company to stay ahead of any upcoming developments, and anticipate advances which may have a big effect on the market. Anthie talks about the firm’s quest to seek out new products. “Working within an ever changing industry means the firm has to constantly evolve and adapt. As such, we are always on the lookout for a market niche for insurance products. In Cyprus, slowly but steadily, a number of compulsory insurance requirements have been legislated, especially in the sector of professional indemnity insurance, and we aim to be ready and willing to offer the particular product to potential clients immediately. “Furthermore, we have also developed new products, for example a cyber risks liability policy, an environmental liability policy and a policy covering renewable energy sources at construction and operational stages. Also, we employ advancing technology and the social media to the best of our advantage. We have created a smartphone app, an insured portal and are constantly updating our website in order to properly inform our clients on our products and activities, and are active on Facebook Company: Royal Crown Insurance Company Ltd Contact: Anthie Zachariadou Contact Email: anthie@ royalcrowninsurance.eu Address: Royal Crown House, 20 Mnasiadou Str., P.O. Box 24690 1302 Nicosia, Cyprus Phone: 003572 2885555 Website: www.royalcrowninsurance.com Royals Don’t Worry S 1712AI39 and Instagram both for advertising purposes and accessibility.” Attracting clients and giving the best service is an integral aspect of achieving success in the insurance sector. Therefore, the firmmust be able to differentiate itself from others, and Anthie explains what Royal Crown and its staff to in order to mark themselves out as the best possible option for clients. “Essentially, we are a private, small-to-medium enterprise, with only 40 employees and a wide network of associates and agents. This means we are available and willing to come into personal contact with our clients, unlike the competition which includes multi-national companies, huge public companies and bancassurance. We are accessible 24/7, via all social media, our clients have the mobile numbers of the members of our management team, and we do not even have a call centre.” Regarding what the future holds for Royal Crown, Anthie is confident about what is on the horizon, and cannot speak highly enough of her team and the partners that the company deals with. She is careful to preach about the uncertain and inconsistent nature of the insurance industry, but Royal Crown appear to be thoroughly prepared for every eventuality. “Looking to the future, our plan is mainly to continue being a reputable and trustworthy company. We can boast an excellent team, and we are lucky enough to collaborate with experienced and qualified staff and associates and to enjoy the support of the most major European reinsurance companies. Of course, in the insurance industry, major losses can occur at any time and unexpectedly, and that might have an effect both on results and underwriting philosophy, so at times, one needs to go with the flow whilst deciding on possible operation or administrative changes. “Ultimately, we are not a company that aims for greatness in terms of numbers, and we would never compromise our firm belief in quality practices and procedures, correct pricing, transparency and integrity, for the sole purpose of acquiring a higher market share. Our aim for the future is to continue servicing our existing clients as always, and enjoy their trust and confidence. Perhaps, introducing new or adapted products that would satisfy emerging insurance needs, and continue being profitable through the application of conservative underwriting practices.”