Eurolife Ltd., a life and health insurer based in Nicosia, Cyprus, has leveraged digital transformation as a key element in its business growth.
Since its founding in 1989, the company has emphasized automation and digitalization, working in partnership with Munich Re. This approach has contributed to Eurolife’s rise as a market leader in Cyprus, where it now employs around 100 people.
Central to Eurolife’s business model is its sales network of 400 tied insurance advisors, many of whom receive referrals through its parent company, the Bank of Cyprus.
To enhance support for these advisors in selling life insurance and company pension products, and to speed up underwriting at the point of sale (PoS), Eurolife introduced Munich Re’s MIRA PoS system in 2022.
Stephanos Charalambous, head of underwriting at Eurolife, explained that digitalization and innovation are integral to the company’s operations.
He said that MIRA PoS accelerates the sales process and improves risk assessment quality because the tool fully supports relevant rules and regulations established by Munich Re. The system also complies with data security and company compliance standards and integrates smoothly into Eurolife’s existing applications.
Charalambous said the ability to customize the tool’s structure and introductory questions to fit the company’s sales strategy was a significant factor in selecting the solution.
Introducing MIRA PoS required process changes, but Eurolife viewed this as manageable. The company invested in training its insurance advisors, collaborating with Munich Re to provide extensive sessions that facilitated adoption.
According to Charalambous, positive feedback from users helped ensure a smooth transition. Support from Munich Re, including a dedicated project manager, was critical during the implementation phase.
Since the rollout, Eurolife has observed improvements in its competitive position and sales efficiency. Insurance advisors now complete risk assessments faster with fewer questions, enabling immediate decisions in most cases.
Charalambous reported the straight-through processing (STP) rate has risen to approximately 75%, with more applications resolved during the first consultation.
From an underwriting perspective, Charalambous said that he values MIRA PoS’s comprehensive rule set tailored to the Cypriot market and its evidence-based approach aligned with current medical research. He said that the system is transparent, allowing adjustments to underwriting decisions to match the company’s risk philosophy.
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