Actions of the Company related to the prevention of fraud and anti-corruption

Actions of the Company related to the prevention of fraud and anti-corruption


EUROPEAN RELIANCE GENERAL INSURANCE CO. S.A. is a comprehensive insurance company which is active in all modern insurance sectors. It provides full insurance coverage to individuals as well as to companies.


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Objective Action

The Actions of the Company related to the prevention of fraud and anti-corruption relating to all the principles and practices adopted to ensure the performance of the interests of shareholders and the interests of all interested parties (stakeholders). The corporate governance principles underlie the governance of European Reliance General Insurance SA, through which achieved the efficient management of the Company with efficient use of available production resources and transparency in corporate functions in the long term public interest.


Target Audience

Addressed to employees of European Reliance Group, the sales network of the company, the shareholders and the Customers.



Since the establishment of the Company, and even when there was no institutionalized legal framework for tackling corruption, the culture of the company suggested the adoption of practices to prevent corruption and fraud.

Over the years, the development of legislation to this effect, the Company gives the required weight for continued compliance with the requirements of a legislative evolving environment that is becoming increasingly demanding with a view to ensuring and protecting the consumers.


As part of corporate governance, our Company seeks to implement best practices in the functions of the Organisation, which includes voluntary commitments of the Company arising from its business ethics. The European Reliance General Insurance SA, is a public limited company listed on the ASE following the Greek legislation with regard to the principles and practices of corporate governance.

In particular, the Company, moving in this direction, to ensure the necessary transparency and control has established the four independent basic functions, those of Internal Audit, Risk Management, the Actuary and Compliance and Committees on which the Board it has assigned specific topics.

The resulting provisions for the Company that have guided enhancing transparency and fighting corruption are summarized as follows:

  • Corporate Ethics Code
  • Conflict of Interest Policy
  • Policy wrongdoings (Whistleblowing Policy)
  • Internal Regulation of Corporate Governance
  • Internal Control Procedures and Communication for Preventing Use of the Financial System for Money Laundering and Terrorist Financing
  • Objections Management Policy
  • Remuneration Policy


Impact on Society

Τhe Company's Management systematically monitors incidents classified by the involved departments in cases of fraud or corruption and acting immediately to address them to safeguard the interests of the company and the consumers.

To strengthen the monitoring of such incidents, the Company, in the year 2016, invested in the reliability of its solutions in the management and fraud with the adoption of SAS Fraud Framework for Insurance solutions and SAS Visual Analytics, in order to shield both the itself and its extensive sales network, and also to modernize the automation of internal processes in the car industry compensation, which is the largest productive sector of the Company.

Ferthermore, on 1.1.2017, the Anti- Fraud Department is established, and since 2008 the department of Anti-Money Laundering is established.

Finally, the Company certified on 11.2017 with ISO 27001:2013 wich concerns the Information Security Management System and recertified on 11.2020.

Initiative Location

Headquarters Company Branches throughout Greece and all partner sales networks.

Working with Organization

Cooperation with immediate supervisors (Bank of Greece and Exchange Commission) and any other independent authority to combat fraud, "money laundering" and corruption. Furthermore, the Company support the Greek Institut against fraud which is the national instution of  Association of Certified Fraud Examiners (ACFE) in order to support the Virtual 2020 Anti Fraud tech fair campaing. 


Workers Participation

Τhe culture of the fight against fraud and corruption starts from the top of the hierarchy of our company (tone-from-the-top) as evidenced by a substantial attitude and involvement of top management and not only with the issuance of instructions to staff. The culture whereby treading the Management of European Reliance is governed by the non-negotiable principles on which it was built, namely ethics, honesty, consistency, transparency, impartiality and good management, has acknowledged that if the culture whereby the Company managed not governed by these values, the risk of corruption / fraud remains and can have devastating consequences for the Company and for the public.

This philosophy is constantly disseminates the staff through training aimed to clarify how it is applied in everyday practice of workers.

This philosophy becomes clear and partner sales networks throughout Greece through information seminars, online training and other activities as they reflect the face of the company to the customer.

Finally, in endeavoring to achieve the highest possible standards of quality, honesty, transparency and accountability, in relation to each activity and operation, the Company encourages all employees to inform, branded or anonymously, about important issues that concern them and which concern them the general interest of the Company. The Company is committed to ensuring the confidentiality of information and the absolute protection of the sender from "reprisals" based on the specific whistle-blowing process.


Benefits for Οrganization

The actions of the Company aim:
A. In highlighting the value of transparency in the procedures applied.
B. In strengthening public confidence in the institution of private insurance.
C. The strengthening of relations between customers and insurance company.

Distinctions of European Reliance General Insurance SA:

  • The Company was certified with the SEE G model for the years from 2014 to 2020 and was awarded the Gold as well as th Platinum Award for Business Ethics and Corporate Responsibility for the entire business operation. The acronym SEE G refers to Social, Ethics, Environment, Governance.

The aim of these awards is to promote business, which implement systems and policies that contribute to corporate sustainable development and the wider social welfare

Connection with Global Goals

More Initiatives from Organization

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