Gan Direct Founder and CEO George Nicolaides discusses the changes reshaping the insurance market, explains why trust has become more important than the product itself, and reveals the company’s interest in acquiring insurance intermediary portfolios.
You recently announced that Gan Direct is interested in acquiring insurance intermediary portfolios. What led to this decision?
The insurance market is undergoing a period of significant transformation, and we believe this is the right time to create structured solutions for industry professionals. We see people who have built valuable portfolios through decades of hard work and who may now find themselves at a crossroads, as technological advances continue to redefine the role of the insurance intermediary.
Gan Direct is seriously interested in exploring the acquisition of specialised international insurance portfolios because our direct insurance model, which has been at the heart of our business since day one, enables us to meet the modern insurance needs of individuals quickly and efficiently. At the same time, it creates an opportunity for insurance intermediaries to focus on providing advisory services in more specialised areas of insurance—an area where we believe there is a gap in the market today.
Some may argue that such a strategy contradicts the philosophy of a direct insurance company.
There is no contradiction at all. Gan Direct was established more than thirty years ago with a very clear philosophy: that standard personal insurance products, such as motor and home insurance, can be delivered directly to customers in a fast, transparent and cost-effective way, without the additional costs and commissions associated with traditional distribution models. That philosophy has not changed. On the contrary, developments across Europe continue to validate and reinforce it.
However, not all insurance needs are the same. Covering a large corporation, cyber risks or international insurance programmes requires experience, specialist knowledge and genuine advisory expertise. That is where the insurance intermediary plays a vital role.
In recent interviews, you have argued that the biggest driver of change in the insurance market is not technology but the customer. Why?
Because consumers’ expectations have changed dramatically. Today’s customers are far better informed. They can compare different options with ease and educate themselves within minutes. In theory, they should also be able to switch providers without the difficulties of the past. Unfortunately, in Cyprus, changing insurer is still often portrayed as a difficult process—I would even describe it as a form of intimidation.
At the same time, European legislation is moving steadily towards strengthening consumer rights, increasing transparency and ensuring that customers receive better information before purchasing an insurance product.
I believe this is the most significant change of the past decade. It is not only insurance companies that are changing; the relationship between companies and their customers is changing. Those businesses that recognise this new reality early will be the ones that stand out in the years ahead.
You often speak about transparency. Do you believe the insurance market still has progress to make?
Absolutely. Transparency is not simply a regulatory requirement; it is the foundation of trust. Customers want to know what they are buying, what they are paying for, what is covered, what the exclusions are and what level of service they can expect. The clearer that relationship is, the greater the trust customers place in their insurer.
European experience shows that most regulatory reforms are moving in this direction. This is not merely about compliance; it reflects a broader philosophy that places the customer at the centre of the insurance relationship. Against that backdrop, yes, I believe the Cypriot insurance market still has considerable progress to make.
Should customers ultimately know how much they are paying for insurance intermediation?
Absolutely. And I want to be clear about this. The discussion is not about whether insurance intermediaries should be remunerated. Of course they should, when they provide genuine advisory value. The real issue is that customers should have a complete picture of the transaction and feel confident that the service they receive genuinely meets their needs.
Across many European countries, we are already seeing different approaches to commission disclosure. I am not suggesting that every country should adopt the same model. What I am saying is that the direction of travel is clear: greater disclosure, greater transparency and greater trust. In Cyprus, although European regulations encourage this approach, we have, for the time being, chosen a model that provides only the minimum level of disclosure regarding commissions.
What role will artificial intelligence play in this transition?
Artificial intelligence will transform almost every aspect of the insurance industry. It will speed up service delivery, improve data analysis, enhance customer support and automate many routine processes.
That does not mean it will replace human judgement. Quite the opposite. I believe that the more processes become automated, the more valuable professionals will become if they can provide strategic thinking, experience and expert advice in situations where technology alone is not enough.
How do you see the insurance market evolving over the next decade?
I believe it will become more digital, more transparent and more specialised. Insurance companies will continue investing heavily in technology, while insurance intermediaries will increasingly focus on high value-added advisory services. At the same time, I expect to see more partnerships, more portfolio transfers and greater market consolidation.
I do not see these developments as a threat. I see them as the natural maturation of an industry that is adapting—albeit gradually—to the evolving needs of society and its customers.
What message would you like to send to professionals across the insurance industry?
Change should not be feared; it should be embraced as an opportunity. Customers will always need insurance. What is changing is the way they purchase it and the level of service they expect to receive.
Those who invest in knowledge, specialisation, technology and, above all, the trust they build with their customers will be the leaders of tomorrow’s insurance market.
And for those who believe the time has come to plan the next step in their professional journey, Gan Direct is ready to engage in serious discussions around any proposal that can ensure continuity for customers while creating value for all parties involved.
Also read: The customer is becoming the most powerful player in the insurance market
The insurance industry doesn’t need more products. It needs more trust.
The insurance intermediary of the future will sell fewer policies and more solutions
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