Ellada Palmyri: “I have no regrets for my decision to change career”

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The transition from the banking to the insurance sector is a decision that requires courage, adaptability, and vision. Ellada Palmyri of Palmyri Insurance Agency exemplifies a successful career transition, demonstrating how experience from other sectors can be a powerful asset in the insurance industry.

After fifteen years of work experience in the banking sector, Ellada decided six years ago to leave her career in the bank and enter the insurance industry as an insurance broker. Her decision was not random; it stemmed from the need to find a professional environment that prioritized people over numbers and allowed her to develop more personal relationships with her clients.

The transition from the banking to the insurance sector came with many new challenges. The change in mindset from a more structured environment to a more entrepreneurial and flexible industry required significant adaptation. However, the experience she had gained in relationship management, knowledge of finance, and her ability to explain complex concepts in simple terms proved to be valuable assets.

Today, six years after switching careers, Ellada Palmyri has built a stable portfolio and has established herself as a reliable insurance broker. Her experience serves as an inspiration for those considering a similar career change, highlighting the opportunities that the insurance sector offers to professionals from diverse fields.

Read the complete interview below:

Ellada, six years ago, you decided to leave the banking sector behind and enter the insurance field. What led you to this decision at the time, and how was that transitional period?

After fifteen years in the banking sector, I felt that a cycle had come to an end. The early retirement package gave me the opportunity to make a new start. The support of my husband, who has been successfully active in the insurance industry since 1995, was decisive.

The banking sector underwent significant changes primarily due to digitization. We were asked to evaluate financial statements and other financial and tax reports and then people’s character and ability of repayment. This approach did not match my character and way of serving people. After 2013, I witnessed firsthand that a person’s character was the primary factor in loan repayment ability, with numbers following closely behind. I was very fortunate that, throughout my 15-year career at the bank, the vast majority of my clients were, above all, people with exceptional qualities.

I consciously took six months to rest and reflect — a period that coincided with the pandemic’s restrictive measures, giving me time to attend personal development seminars and other, more technical ones that would help me in my new steps.

What were the biggest challenges you faced during your transition from the banking industry to the insurance sector, and how did you overcome them?

The primary challenge was the shift in mindset, from the banking sector to a more entrepreneurial and flexible environment. In the bank, the client usually comes to you with his finance needs. In the insurance sector, you have to take the first step to meet the client to bring out their insurance needs through detailed financial analysis.

Initially, I spent a lot of time on Social Media. I wrote texts and created many videos, both personal and professional, so that the public could get to know me better and feel comfortable to meet and talk with me. I dare to say that I went far beyond my “comfort zone,” mainly with the videos production, but it was worth the effort. Utilizing my experience in relationship management and the discipline, I invested in my image.

Were there moments when you regretted your decision? What kept you in insurance?

I have no regrets for my decision. There were demanding moments, difficult moments working with your husband, but the satisfaction of helping people protect what they have built with great effort, is unique. I gave emphasis on helping young people not repeat mistakes I made when I was young. This sense of purpose is what gives me joy in this profession.

How did your experience in the banking sector help you in your new career as an insurance broker? Which skills or knowledge were most useful to you?

Knowledge of finance, risk analysis, and the ability to explain complex concepts in simple terms proved invaluable. Customer service to high standards is a common denominator of both sectors.

As a practical person, I prefer to explain concepts using numbers. Numbers show results easier than words. 

In what points does the approach and mindset between the two sectors differ substantially regarding customer service?

In the bank, service is more procedural, with more complex and strict criteria. In insurance, a more personal approach is required, delving into the client’s needs and building long-term trust.

How did your client portfolio evolve during these 6 years, and what strategy did you follow to build trust with your clients?

I primarily started from the existing portfolio that Constantinos had built with great effort, and then expanded it through my own network of people and referrals. Transparency, speed in service, and consistency in commitments are the keys that build trust.

I would like to say a huge thank you here to my friends who supported me in my new beginning. I am truly grateful for their love and trust. At the same time, I would like to thank my colleagues who also believed in me. Standing next to Constantinos worthily was not easy.

What moment or achievement do you consider your most important success in the insurance sector so far?

I wouldn’t dare mention an achievement in the insurance sector. I believe I am still new to compete with colleagues who have dedicated a lifetime to this field. The only thing I would dare mention is perhaps the effort I have made and continue to make in cultivating insurance awareness in Cyprus.

How do you see the evolution of the insurance sector in Cyprus in recent years, and what opportunities does it offer today to new professionals?

The insurance sector in Cyprus has undergone significant changes over the last decade. We now see professional insurers, stricter supervision, and significant technological progress. The digitization of processes – from electronic signatures to online claims – has raised the level of insurance, but at the same time opens new possibilities for professionals who are willing to invest in knowledge and skills.

There is intense demand for specialized products, including health programs, pension plans, and other coverages that primarily concern professionals, due to population aging. New consultants who understand the need for continuous education and are comfortable with social media can stand out. Additionally, the public now appreciates transparency and personalized advice. This means that those who combine technical expertise with a genuine human approach have excellent prospects to succeed.

What would you advise a professional from another sector who is thinking of making a similar career change to insurance?

First of all, don’t be afraid. Career change is a big decision, but experience gained in any sector is not wasted. Skills such as communication, organization, problem-solving, and team management are transferred directly to the insurance industry. I would advise them to invest in professional training, obtain certifications, and be fully informed about regulatory requirements.

Equally important is patience. In insurance, relationships with clients are built over time, not in a few months. It requires consistency, transparency, and willingness to truly listen to the person in front of you. Finally, seek a mentor or a team that supports them in their first steps. My own experience demonstrates that with persistence and integrity, a highly satisfying and flexible career can be created.

What is the biggest misconception that people face regarding the profession of an insurance broker?

The most common misconception is that the insurance broker is a ” salesperson.” In reality, it is a much more complex and substantial role. We are life consultants: we listen to each client’s needs, evaluate risks, design solutions that fit their financial capabilities, and re-examine their plan as conditions change.

It requires knowledge of finance, an understanding of legal frameworks, crisis management skills, and, above all, honesty. People trust us with information about their family, health, and property; this is not simple selling, it is a trust relationship that is built step by step. The more the public understands this consultative character, the more professionally the sector will be treated.