MCL InsureTech, the name behind online insurance brands Its4women, 25plus and BoxyMo will as of today (Tuesday 1 December 2020) be regulated by the Central Bank of Ireland making its relocation of its Irish arm of the business from the North, complete.
The company created 40 jobs when it chose to run all Irish operations from Swords, Dublin at the beginning of this year in what was an investment of €3million into the Irish economy.
The move by the Coleraine-based firm came about from uncertainty surrounding Brexit. It gives the company assurance that it can access 500 million potential customers in the Single Market and easily manage its Irish customer-base without the restriction of any Brexit-induced regulations.
And as of December 1, the business, MCL Insurance Services (Ireland) Ltd., will be regulated by the Central Bank of Ireland, a move that will give customers the guarantee that they are in partnership with a financially sound and fair business.
As the regulator of financial service providers and markets in Ireland, the Central Bank regulates some 10,000 businesses in Ireland ensuring that the best interests of consumers are protected. It works to develop a positive consumer focused culture within regulated firms, ensuring the consumer protection framework remains effective by reviewing, developing and enhancing the protections in place and by influencing and shaping European and international developments, and monitoring and enforcing compliance with the required standards through themed reviews and inspections.
MCL Insurance Services (Ireland) Ltd. services around €60m of gross written premium and 90,000 customers in Ireland.
Speaking about completing its transition into the South, Managing Director of MCL InsureTech, Gary McClarty (pictured) said: “One of the advantages of being in the European Single Market is that once regulated in one European jurisdiction you have access to the 500 million people of the Single Market. However, due to the potential disruption of Brexit, we applied to be directly regulated by the Central Bank of Ireland and to create a new Irish entity – MCL Insurance Services (Ireland) Ltd. – that will handle our Republic of Ireland customers.”
Mr McClarty said that the opening of the Irish base will allow it to expand on its services and create more jobs in the South in the coming years. He added: “Although Brexit has created a lot of uncertainty in the insurance space, now that we are regulated by the Central Bank there are exciting times ahead for our business. We will be launching a range of new products and services that will hopefully benefit the Swords and wider area in terms of employment for now and in years to come. We have been very impressed with the calibre of the recruits in the Swords area and look forward to developing our business in Ireland.”
MCL InsureTech has been operating for more than 10 years from Coleraine, Northern Ireland, where it serviced the whole of Ireland. During that time, it has tripled its staff numbers there to 102. Those staff will continue working at the base, which will trade as normal following the opening of the Swords, Dublin office.
The company prides itself on being one of the first bespoke online car insurance firms in the Irish market with its brand its4women.ie and following its success the company introduced the 25plus.ie brand, which offers online home, car and travel for the over 25s.
In 2013 it launched its telematics brand Boxymo.ie which rewards better driving and offers younger drivers more competitive insurance.
Its4women was a product originally offered to drivers in the South but earlier last year MCL InsureTech expanded to offer access to drivers in Northern Ireland with an aim to secure up to 10% of the NI car insurance market within five years. To hit that target the company also has plans to create new roles and invest in its IT and contact centre business.
MCL InsureTech also owns a software programming company DotSys Ltd which provides financial software solutions to the financial services industry.
For further information on MCL InsureTech log onto www.mclinsuretech.co.uk.