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.
Corruption is one of the main barriers to sustainable economic and social development. For this reason, European Reliance, in relation to the prevention of fraud and the fight against corruption, applies all policies and procedures with the highest responsibility to ensure the performance of the interests of shareholders and the interests of all stakeholders. Proper corporate governance and business ethics are fundamental elements of trust between the Company and its stakeholders. We aim to achieve our long-term sustainable growth through strong financial results and social solidarity with all stakeholders.
Addressed to employees of European Reliance Group, the sales network of the company, the shareholders and the Customers.
Since the Company's inception, even in the absence of an institutionalised legal framework to address corruption, the Company's culture has suggested the adoption of practices to prevent corruption and fraud.
The basic principle of European Reliance is to conduct its business activity in full compliance with the principles of healthy competition and in full compliance and observance of the legislation in force at the time to safeguard and protect consumers, demonstrating zero tolerance to incidents of corruption.
For European Reliance, it is a milestone in the fight against corruption, the principle of integrity, which is related to zero tolerance in these matters and is implemented through thorough control and compliance with the Code of Conduct, as well as the principles of Corporate Governance.
In particular, the Company, moving in this direction, in order to ensure the necessary transparency and control, has established the four independent core functions, those of Internal Audit, Risk Management, Actuary and Compliance and the Committees to which the Board of Directors has delegated specific issues.
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
Any incident of non-compliance with the principles and policies of the Company puts at risk the Company's reputation, credibility, stakeholder confidence and by extension its financial results.
The proper and effective management of the Company is achieved through the systematic supervision for the proper implementation and maintenance of the internal control system in all its activities, while it also applies an information systems security policy. An example, is the installation and full operation of SAS FRAUD system for fraud detection in cases of car damage.
To strengthen the monitoring of such incidents, the Company, in the year 2016, invested in the reliability of its management and fraud solutions by adopting the SAS Fraud Framework for Insurance and SAS Visual Analytics solutions , in order to shield itself and its extensive sales network, as well as to modernize the automation of internal processes in the automotive claims industry, which is the Company's largest productive sector.
The Company's management recognizes that ensuring transparency and reliability in all transactions conducted in its business activities is an essential factor in developing sustainability and combating fraud.
At the same time, the Company has developed control mechanisms and practices relating to the prevention and combating of money laundering and all forms of abuse in general. In particular, in 2017, a special Corporate Governance Committee was created, reporting to the Compliance and Anti-Money Laundering departments and the Data Protection Officer.
Within the framework of Corporate Governance, the Company seeks to optimally investigate complaints of possible violations of the Code of Corporate Ethics, and therefore, since 2017, the unified Whistleblowing Policy/ System has been fully operational, and all Group personnel have been informed about it.
In addition, on 1 January 2017the Anti-Fraud Department was established and since 2008the Anti-Money Laundering Department has been established .
Finally, the Company was certified in 2017 with ISO 27001:2013 concerning the Information Security Management System and re-certified in 2021.
Headquarters Company Branches throughout Greece and all partner sales networks.
Working with Organization
The Company's approach to fight fraud and corruption starts from the top of our company's hierarchy (tone-from-the-top) as demonstrated by the effective attitude and involvement of top management and not only by issuing instructions to staff. The Code of Corporate Ethics includes detailed reports and commitments related to anti-corruption issues that bind all executives and employees of the Company.
Since the beginning of the implementation of the Code of Conduct, systematic training and education of the staff on corruption, fraud, healthy competition, thorough screening of business partners and conflicts of interest has taken place.
Indicatively, the implementation of training is carried out through informative seminars, online training and other activities, while it is also the subject of training for the Company's entire sales network throughout Greece.
The culture by which 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 governance, has recognized that if the culture by which the Company is managed is not governed by these values, the risk of corruption/fraud remains and can have devastating consequences for the Company and the public.
Finally, the Company, through the basic mechanism for reporting violations (the Whistleblowing Policy/ System) of its Code of Corporate Ethics, enables its employees to raise concerns and incidents of violations, discrimination, harassment and any improper conduct. The Company is committed to ensuring the confidentiality of information and the absolute protection of the sender from "retaliation" under this complaint procedure.
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:
For the 8th consecutive year, European Reliance General Insurance SA. has been awarded by the Hellenic Institute of Business Ethics - EBEN GR, for its entire business operation.
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