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