How does Eurolink Insurance plan to expand its offerings in 2024 to address the growing needs and demands of the business market?

Crises, such as pandemics, natural disasters, economic downturns, heighten people's awareness of the various risks they face. This heightened risk awareness prompts individuals and businesses to seek insurance coverage to protect themselves from potential financial losses. Therefore, Eurolink Insurance in 2024 will continue to help individuals and businesses evaluate their insurance needs and improve the quality cover in order to ensure they have appropriate coverage in times of crisis.

We will particularly focus on the property insurance for businesses, where we see both a growing demand and a growing need for quality insurance. The companies that operate on the Macedonian market are facing significant increases in operating costs, challenging the resilience of many businesses. Eurolink will continue to offer property insurance that protects their investments and physical assets, minimizing disruptions and ensuring business continuity during uncertain times, allowing them to focus solely on their business and growth.

Another segment with growing demand is the renewable energy segment. We are already providing insurance for the first two wind parks in the country. We plan to continue learning the needs of the companies that work with renewables and to create and launch specific insurance packages tailored to support their efforts for obtaining finances and to support their future growth.

What key challenges and changes in legislation or the economic environment do you anticipate in 2024, and how will Eurolink respond to these challenges?

In regards to the legislation, we expect a change of the Insurance Law and its alignment with the EU legislation. This change will for sure be one of the mayor challenges for 2024, however we will make sure we comply promptly. On the way of achieving compliance, we will utilize the experience from our parent company GRAWE from Austria, who are already operating in line with EU legislation and we will make sure that this precious experience will give us an advantage.

In regards to the economic environment, the high interest rate economic environment shall prevail. Driven by the high cost of capital and intensifying NatCat events, the cost of reinsurance will continue to rise in 2024. This will put pressure on insurance companies to improve profitability by increasing productivity and by optimisation of processes with the use of technology.

Can you identify key business opportunities that you see for Eurolink Insurance in 2024, including sectors or regions that appear particularly promising?

The insurance of renewable energy investments and their role in creating a more sustainable future will be in the spotlight and present a key business opportunity for the insurance sector. Very soon, the energy businesses that are not green will not be able to obtain insurance services and by providing better terms for sustainable projects, the insurance industry will also play its role in the devolvement of the renewable energy sector. Therefore, we must understand the new technology and its risks in order to make sure we provide appropriate coverage for sustainable development.

Cyber Insurance is another area with high potential. With the increasing development of AI and reliance on digital technology, cybersecurity threats and identity breaches have become more prevalent. As a result, businesses are exposed to risk yet to be defined, which will boost the demand for cyber cover. New products are to be created as we understand the possible risks AI brings about.

How does Eurolink Insurance plan to leverage technological innovations and digital trends to enhance its services and customer interaction in the upcoming year?

Given the digital trends, the customers will increasingly expect to be in ownership of their data and products. Therefore, we are already working in order to make sure all our services are multichannel. Eurolink Insurance is developing a new digital platform that will include the online sales segment, however more importantly it will allow our customer to be in complete control of their entire portfolio. Specific focus is given on the claims processing segment, allowing the customers to follow and be in complete control of the process, which will significantly improve customer experience when it comes to insurance services.

Another area which we explore in order to improve our service is the telemedicine. Eurolink Insurance was the first company that introduced private health insurance on the Macedonian market – a product that changed the landscape of the insurance industry. Now, we are exploring the benefits and opportunities telemedicine might provide to our clients.

What insurance industry trends do you foresee for 2024, and how will Eurolink Insurance monitor these trends and remain competitive in the market?

Taking into consideration the lack of quality in the state health facilities, health services in private hospitals, and with that the Private Health Insurance, will continue to be in high demand. Since the pandemic, we witness high medical inflation which will prevail in 2024, and will require two-digit percentage of increase in the Private Health Insurance prices. In order to remain competitive in such environment, we will continuously invest in new technology that provides smooth customer experience in this segment. Our latest innovation is Eurolink Health – new mobile app and web platform that ensures flawless and quick identification and processing of data for the users of collective private health insurance. The new app will improve the process of compensation and direct payment in hospitals, which will make sure we meet and exceed the expectations of our customers.

Moreover, the interest for property insurance will increase due to the pressure to plan better for unforeseen events and disasters, and to be better prepared to handle the financial consequences of the ongoing crisis. The business will need to make sure they lessen the financial impact in case of property damage or loss and quality property insurance can help them stay afloat. It will be our outmost priority to help our clients understand their risks and mitigate the possible financial impact with quality coverage.