A new force in insurance
Setanta Insurance Company Limited (SICL), established as a Malta-based pan European non-life insurer, first entered the Irish motor insurance market in October 2007. Since then, it has become one of the fastest growing insurers currently operating in the Irish market offering both commercial vehicle and private motor insurance products to a large number of Irish residents.
In February 2006, Sevitt was appointed as sole project managers with a brief to create a business model that would challenge the insurance industry's age old methodologies and business practices and at the same time maximise profits and enhance shareholder value.
The result was a "new breed of insurer" built around a bespoke web-based B2B business model that allows a flexible approach to the business based on creativity, experience and service excellence.
Our project brief was all encompassing and included:
- Creation of a viable operational and financial business model
- Securing distribution channels that would achieve critical mass in a short timeframe
- Drafting the Business Plan and obtaining approval from the MFSA (the Malta insurance regulatory body)
- Design, development oversight and commissioning/UAT of bespoke policy and claims administration software
- Development and validation of bespoke rating models
- Securing a panel of A-rated reinsurers lead by Munich Re
- Set up of both the Malta and Irish offices including infrastructure and the recruitment of management teams and support staff
- Drafting business-specific Operations Manuals (Underwriting Guidelines, Claims Procedures etc.)
After launching in 2007, Sevitt was retained in an executive capacity (occupying both the CEO and COO positions) to oversee and manage the early-stage development of day to day operations for a rapidly growing business. In this post-implementation role we have:
- Rebranded the young company with the tag line... "insurance changed for good"
- Re-engineered the Irish representative office into a fully-fledged and state-of-the-art call centre
- Re-engineered the business to move away from reliance on an outsourced claims TPA model
- Positioned the business as a preferred partner to the Irish Road Safety Authority for recent drug-driving a speed-awareness campaigns
- Overseen the growth in the business to over 100,000 live policyholders
- Secured for the company various industry awards, including best commercial vehicle product, in the Irish Brokers Assoc. 2010 and 2011 Service Awards
- Started the diversification of the business away from and reliance on motor insurance and the Irish marketplace
Website: www.setantainsurance.com