Irish insurer reveals growth plans

Setanta Insurance said it is on course to have more than 100,000 policyholders by the end of 2009, making it one of the fastest growing insurance companies in Ireland, the company claimed.

As of May this year, the Dublin and Malta-based company had more than 45,000 policyholders and written premiums in excess of 25 million Euros.

The 20-month old company attributes much of its success to its decision to sell its products only via brokers rather than direct to the consumer.

The company’s said one of its biggest assets is its IT system which has received substantial investment. The full cycle online service producing quotes within seconds, comprehensive online processing of policies and point-of-sale documentation has proved hugely popular with broker partners.

The company has also unveiled a new look website and brand with the bold slogan “insurance changed for good”.

Setanta Insurance said its commercial policy, for vehicles up to seven tonnes, has proved particularly successful, including an open driving option for all drivers aged 24 to 70, an experienced-based no claim discount up to 60% and a two year no claims bonus step-back – all as standard.

The company has also recently enhanced its private motor insurance product that includes business use as standard and plans to launch further innovative multi-vehicle products aimed at both the private and commercial user during the next few months.

Mike Matthews, chairman and chief executive of Setanta Insurance, said: “The success we have achieved in such a short period of time proves that brokers and their clients like the products we offer and the professional, friendly and transparent way in which we conduct our business.

”We have invested heavily in putting the best possible infrastructure in place to support the Irish broker community. We aim to provide innovative, competitive policies for both commercial and private vehicles, simplifying administration and avoiding any hidden charges.

“During the coming months, we will continue to enhance the service we offer our broker partners which we believe will justify our vision that we are changing insurance for good.”