Coleraine insurance company announces major expansion plans

by Gráinne Connolly

Coleraine insurance firm 'MCL Insure Tech' has announced plans for a major expansion in the next 6 months.

It's launching it's 'Its4Women' brand in Northern Ireland and aims to secure 5% to 10% of the local online car insurance market within 5 years.

Following the launch, 10 new jobs will be created here, with a further 40 new jobs envisaged over the next three to five years.

A spokesperson for the company says it "aims to replicate the success it has achieved in the last decade in the Republic of Ireland market'.

MCL InsureTech currently operates three different insurance brands; Its4Women.ie, BoxyMo.ie and 25plus.ie, as well as an IT solutions company DotSys Ltd and a media buying business B Connected Media.

According to the company, staff numbers have more than tripled over the last decade, up from 30 to 102.

The company, previously known as MCL Insurance, entered the Republic of Ireland market in 2009 and today handles over €80m of online car insurance policies in Ireland and owns approximately 5% of the Irish market.  

(Gary McClarty, Chief Executive at MCL InsureTech Ltd)

Gary McClarty, the Chief Executive at MCL InsureTech Ltd says, "Within ten years MCL InsureTech has become one of Ireland’s leading online insurance companies.

"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 twenty vehicles.”

"We are thrilled to be announcing an ambitious expansion programme that will build our customer base in the Northern Ireland insurance market.

"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.

“We are investing heavily in Northern Ireland to support the expansion and have already made a commitment of over £1million in advertising spend. 

"Further investment in our IT and contact centre businesses is planned, which should deliver an additional 50 new jobs across a range of disciplines over the next 3 to 5 years. It's a really exciting time for MCL InsureTech."

"We are passionate about everything online and we are constantly embracing new ways of working to give customers the best possible online experience.

"We have the technological know-how and expertise to create innovative online loyalty services that will enhance the lives of customers who choose us as their online car insurance partner.

"We also market test our IT solutions in a real-time environment, enabling us to continuously improve the end result for both the consumer and business user. 

"At the backend, our systems are designed to provide as much automation through the administrative process to increase efficiency and reduce errors. Our software solutions give us an edge in the competitive online insurance market."