Matrix Broker at Lloyd’s CEO Dimitris Tsesmetzoglou and (Re)Insurance in Greece
Matrix Broker at Lloyd’s is a leader in insurance brokerage and risk management sector in many international markets, with offices in 5 cities and an extensive network of specialized associates in 20 countries. Ongoing profitability, strong capital basis and debt-free capacity enable the company to grow steadily and expand into new products and services by […]
Matrix Broker at Lloyd’s is a leader in insurance brokerage and risk management sector in many international markets, with offices in 5 cities and an extensive network of specialized associates in 20 countries. Ongoing profitability, strong capital basis and debt-free capacity enable the company to grow steadily and expand into new products and services by offering advanced capital and risk management solutions, actuarial models and value added services. Matrix Broker at Lloyd’s is a leading company in terms of innovation, creativity, market knowledge and responsiveness to its customers’ needs. Moreover, the company has always seen opportunity in challenging conditions, and has taken advantage of them. From 2012 until today, Matrix has grown over 250% by investing in experienced people, creating a centre of actuarial excellence in Cyprus and offering specialized and pioneering products to their clients. Finance Monthly speaks to Matrix Brokers at Lloyd’s CEO Dimitris Tsesmetzoglou who tells us more about it.
What makes Matrix different? What is your client philosophy?
Placing quality over price has always been our corporate mentality. And today, we are compensated for this attitude, as we are seeing clients return to quality-seeking relationships and solutions rather than just price-driven ones. Despite the common belief, they opt for superior customer service, rather than just the lowest possible quotation. It makes sense: clients look for strong partners and they are willing to pay a market-reasonable premium for that. This is very encouraging, given that Matrix’s main focus has always been to understand our clients, their ambitions, motivations and goals and then deliver to or beyond their expectation. Qualitative factors are increasing their importance over quantitative ones.
What is Matrix’s strategy in Greece and abroad?
Our 2020 Agenda focuses on ring-fencing profitability and sustainability through value chain and size, incentivizing new business, creating value from synergies and increasing our digital/ innovation footprint. For Matrix, expected regions of growth are where we have set up offices—Turkey, Eastern Europe and South Africa—and we invested last year in the marine field by building a strong team which has enriched our offering. At the same time, we acknowledge that there is huge opportunity in the Greek market right now, particularly in view of potential consolidation. The margins are down for most brokers. It is a unique moment for the brokerage sector now and for the next 2-3 years, but this will require capital.
What are the particular challenges that insurers in Greece have been facing over the past years and what is your expectation for the coming year(s)?
From 2005 until today, Greece ‘lost’ over 35 insurance companies – in 2005m there were 95 insurance companies in the country and today, there are 60. This was not a result of consolidation. In fact, the Greek insurance sector never managed to consolidate properly. Today, Greece’s insurance sector is comprised of 13 life, 33 non-life and 11 with composite licenses. The last couple of years saw large flows of investment entering the insurance sector. The Ethniki-Exin deal, the Fairfax-Eurobank deal and the Ergo-Agrotiki one, together with some smaller funds putting money into the market, are a testament to this. There are still good opportunities not only for non-life & emerging risk coverage but also for life insurance. There is abundant alternative capital in the global markets, which could be channelled to the right opportunity in Greece and provide comparably attractive returns. Matrix is at the forefront and we are both willing and able to lead future market developments.
What motivates you personally the most about working within the (re)insurance field?
The industry’s dynamic and constant-changing characteristics, which inspire one to be creative and innovative on a daily basis.