Insider Business Mini early retirement plan at Universal Life

Mini early retirement plan at Universal Life

A mini early retirement plan proposed over the past recent weeks by Universal Life insurance company aimed at seeing some 15 employees leave. This represents 10% of the total staff, according to General Manager of Administrative Services Kypros Miranthis.

He also said that the plan was part of changes applied in a bid to diversify the company’s business model in view of ongoing technology and digitisation developments.

“We wanted to be one step ahead of the imminent changes to the business model and not behind and trying to correct issues that will inevitably arise,” he added.

This is the first attractive early retirement plan offered by Universal Life and it best suits employees of an advanced working age that may find it difficult to keep up with technological developments.

“We wanted to give our employees a decent retirement solution,” Miranthis said.

Cyprus Association of Insurance Companies data shows that in the first quarter of 2019 Universal Life’s market share was 12.32% in the sector of life insurance with premiums amounting up to €14 million.

Although its premiums fell significantly after the collapse of the Cyprus Co-op Bank, which saw the end of a relevant cooperation agreement, Miranthis has made clear that the early retirement plan is not linked with that development.

If such a connection was valid then the need to cut down the number of employees would have come earlier, he said.  In the first quarter of 2019 the company was first in market share in the accident and health sector with premiums amounting to €14.1 million, he added.

In the company’s 2018 annual report, Evan Gavas who is Chief Executive Officer, noted that key strategic goals for 2019 include the improvement of personnel skills. As well as motivating them but also insurance brokers to market and diversify the company.

“Digitisation, automation and restructuring of business processes aimed at improving productivity and upgrading customer experience and human resources is of particular strategic importance,” he also noted.


By Antonis Antoniou


Read more:













Top Stories

Minister of Agriculture presents the Strategy for Biodiversity of Cyprus

The Government has presented on Friday the Strategy for Biodiversity of Cyprus, which includes thirteen strategic goals for the decade 2020-2030. The Action Plan...

Government, social partners kick off talks on support measures

  The government, employers and trade unions on Friday launched discussions on a package to support employment post-June 12 when the current schemes end. Employer associations...

Significant funding opportunities for Cyprus in the post-COVID era under European Green Deal

Aiming at a climate-neutral European Union by 2050, the European Green Deal is becoming the main tool for the recovery of the economy in...

Two coronavirus cases on Friday, total at 960

  Two people have tested positive for coronavirus in Cyprus from a total of 1836 tests, the Health Ministry said on Friday. One was from repatriations...

BA owner considers legal challenge to UK quarantine as relations fray

    The owner of British Airways is considering a legal challenge to Britain's quarantine plan, as relations between airlines and the government are frayed by...


Poulles (Υoung kolokassi)

Either you thrash the coriander seeds in a mortar, without making them into dust, or you gradually crush them in a blender. Remove the edges...

Pork cooked in wine

Crush the coriander seeds in a pestle and mortar or pulse-blend in a blender, taking care not to over-grind. Put the meat in bowl (not...

Lefkaritikos tavas – O ‘protinos’

Wash and dry the meat and rice separately. In a ‘tava’ (oven proof deep clay pot) first put a layer of five-six pieces of meat...

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...