MCL InsureTech ‘to replicate success’ in new market

Expansion and hiring plans announced

MCL InsureTech ‘to replicate success’ in new market

Motor & Fleet

By Terry Gangcuangco

MCL InsureTech, which handles over €80 million of online car insurance policies in Ireland, is launching its flagship brand Its4Women in neighbouring Northern Ireland on February 04.

The expansion means jobs will be created in Northern Ireland – 10 in the next six months and an estimated 40 more over the next three to five years. The digital insurer said the goal is “to replicate the success” it has achieved in the Irish market, which it entered in 2009.

While MCL InsureTech is in fact based in Northern Ireland, in Coleraine, the decision to cater to Ireland first was a strategic move that chief executive Gary McClarty (pictured) believes proved to be worthwhile.

“Within 10 years MCL InsureTech has become one of Ireland’s leading online insurance companies,” said McClarty. “We initially launched our brands in the Irish market due to the fact that there was a bigger target audience and potential growth could be achieved more readily.

“It was a strategy that worked. Our unique online proposition has enabled us to capture around €80 million of the motor insurance market in the Republic which equates to nearly one in every 20 vehicles.”

In Northern Ireland, MCL InsureTech plans to secure 5% to 10% of the online car insurance market over a five-year period, with McClarty saying the firm is investing heavily to support the expansion. This includes committing more than £1 million for advertising.

“We are thrilled to be announcing an ambitious expansion programme that will build our customer base in the Northern Ireland insurance market,” added the CEO.

“The forthcoming launch of our flagship Its4Women brand is a key step in this process and with the uncertainty surrounding Brexit it is an ideal time for us to bring our great value and convenient proposition to the Northern Ireland market.”

Aside from Its4Women.ie, which provides online insurance for women, MCL InsureTech’s other insurance brands are BoxyMo.ie and 25plus.ie. The latter offers online home, car, travel, health, and property insurance for over-25s while BoxyMo is a telematics insurer for young drivers.

 

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