Presentation by Emilios and Alexis, co-founders of Hellas Direct, to participants of the eCommerce for Beginners Seminar organised by ELTRUN in Athens. [eCommerce for Beginners Seminar - 25 Jan 2013]
1. Hellas
Direct
eCommerce
for
Beginners
Seminar
January
2013
2. Launching
a
new
company
in
Greece
• What’s
our
story?
• What
do
we
do?
• Why
Greece?
• Why
now?
• Our
plans.
3. Hellas
Direct:
what’s
our
story?
Ge>ng
people
to
invest
in
Greece
–
not
easy.
• Started
three
years
ago.
• Over
2,500
emails
with
300+
investor
meeHngs.
• Travelled
to
the
USA,
Germany,
Switzerland,
Russia,
Israel,
the
Middle
East
and
the
United
Kingdom.
An
impressive
group
of
internaHonal
shareholders:
• Total
net
worth
of
EUR
4bn.
• Seven
different
countries.
• Experience
in
insurance,
technology
and
Greece.
Munich
Re:
A
long-‐term
strategic
partnership.
• Seven-‐year
agreement.
• 50%
of
our
balance
sheet.
• Exclusive
relaHonship
in
the
region.
Who
are
we?
• A
young
and
passionate
team.
• Entrepreneurs
at
heart.
• Believe
in
the
vision
of
a
‘New
Greece’.
4. Hellas
Direct:
what
do
we
do?
We
are
a
new
insurance
company,
based
in
Cyprus
and
with
a
regional
growth
plan.
We
are
highly
specialised:
• We
only
underwrite
motor
insurance.
• We
are
not
for
everyone
–
not
the
cheapest
for
all.
• Aim
to
offer
affordable
insurance
for
the
right
type
of
driver.
We
live
and
breathe
technology:
• Efficiency
through
innovaHon.
• As
much
a
technology
company
as
we
are
an
insurance
one.
• Our
own
Development
Centre
in
the
UK.
We
love
numbers:
• Complex
staHsHcal
analysis.
• Understand
the
enHre
market.
• Our
own
Research
Centre
in
Cyprus.
The
leading
insurance
companies
in
the
world
all
agree:
• It’s
all
about
the
consumer.
• An
agile
strategy
is
a
must
–
insurance
2.0.
• Solvency
the
key
driver
behind
any
strategic
decision.
5. Hellas
Direct:
why
Greece?
Direct
insurance
will
pick
up
in
Greece
over
the
next
few
years:
• Consumers:
frustrated
by
the
poor
quality
of
service,
the
lack
of
professionalism
and
the
‘one
price
fits
all’
mentality.
• Insurance
companies:
large,
rigid
and
averse
to
change.
• Intermediaries:
fragmented
and
no
consistency
in
service.
• Regulatory
environment:
Solvency
II
and
new
EU
regulaHons
facilitaHng
e-‐commerce.
These
characterisHcs
have
been
the
same
in
other
countries.
The
direct
market
now
represents:
• 85%
in
the
UK.
• 30%
in
Spain.
• 25%
in
Italy.
The
Greek
market
is
changing
and
it
is
changing
fast.
An
average
country
takes
10
years
to
reach
20%
direct.
We
think
that
this
will
be
a
much
shorter
period
for
Greece.
Is
this
a
big
enough
market?
There
are
4.8m
private
vehicles
in
Greece.
A
healthy
motor
insurance
market
will
consist
of
5-‐6
direct
players.
6. Hellas
Direct:
why
now?
Cliché:
in
every
crisis,
there
are
opportuniHes.
The
Greek
crisis
really
is
a
catalyst
for
change.
Challenging
Hmes
for
tradiHonal
insurance
companies:
• Undercapitalised
(Greek
bonds,
real
estate
assets).
• High
cost
base
(overheads,
obsolete
technology).
• Old
ways
(tradiHonal
distribuHon
channels,
mentality).
Consumers
need
more
flexible
soluHons:
• FrustraHon
with
lack
of
transparency
and
hidden
fees.
• Restricted
by
standardised
products.
• Expect
more
–
looking
for
a
‘value-‐for-‐money’
service.
People
turn
to
the
Internet:
• People
are
online
–
65%
internet
penetraHon.
• People
search
online
–
thousands
of
searches
for
insurance
products.
• People
buy
online
–
EUR
2bn
per
year
online.
The
right
Hme
to
offer
an
alternaHve
to
the
consumer,
to
challenge
all
assumpHons
and
to
focus
on
quality
service.
The
Greek
consumers
do
not
trust
their
insurance
company
and
for
good
reason.
We
aim
to
change
that.
7. Hellas
Direct:
our
plans
Consumer
–
best
service,
delivered
one
policy
at
a
Hme.
Our
people
–
intelligent,
passionate,
driving
change.
Employer
of
choice
for
all
young
graduates.
Internships
and
conHnuous
personal
development.
A
company
that
fosters
innovaHon.
The
broader
community
–
acHve
involvement,
with
scholarships,
start-‐up
mentorship
and
charitable
contribuHon.
Keep
our
feet
on
the
ground.
As
a
company,
we
want
to
keep
learning,
to
adapt
and
to
improve
with
Hme.
On
the
financial
side,
we
want
to
focus
on
the
mispriced
part
of
the
market.
There
are
some
frustrated
good
drivers
out
there
who
are
currently
subsidising
everybody
else.
We
want
to
find
them
and
we
would
be
delighted
to
service
3-‐5%
of
the
Greek
urban
market
over
the
next
5
years.
8. Must-‐see
TED
talks
20
Business
TED
Talks
www.businesspundit.com/20-‐must-‐see-‐business-‐ted-‐talks
Simon
Sinek:
How
great
leaders
inspire
acHon
www.ted.com/talks/lang/en/simon_sinek_how_great_leaders_inspire_acHon.html
Rory
Sutherland:
Life
lessons
from
an
ad
man
www.ted.com/talks/lang/en/rory_sutherland_life_lessons_from_an_ad_man.html
Rory
Sutherland:
Sweat
the
small
stuff
www.ted.com/talks/lang/en/rory_sutherland_sweat_the_small_stuff.html
Seth
Godin
on
standing
out
www.ted.com/talks/lang/en/seth_godin_on_sliced_bread.html
Seth
Godin
on
the
tribes
we
lead
www.ted.com/talks/lang/en/seth_godin_on_the_tribes_we_lead.html
Kevin
Allocca:
Why
videos
go
viral
www.ted.com/talks/lang/en/kevin_allocca_why_videos_go_viral.html
Hans
Rosling
shows
the
best
stats
you've
ever
seen
www.ted.com/talks/lang/en/hans_rosling_shows_the_best_stats_you_ve_ever_seen.html