Outsurance Plans Major Expansion in Clonmel, Ireland
Outsurance, Ireland’s newest insurer, is planning a substantial expansion in Clonmel, Ireland. The company aims to double or even triple its headcount in the Republic over the next few years. Willem Roos, CEO of Outsurance, announced these ambitious plans while speaking to The Irish Times from Cape Town. Roos was addressing a delegation of over 100 Irish entrepreneurs attending the annual EY Entrepreneur of the Year (EoY) chief executive retreat.
Outsurance’s Entry into Clonmel, Ireland
After securing regulatory approval from the Central Bank of Ireland, Outsurance launched its operations in the Republic earlier this year. “We are very much at the beginning of our journey in Clonmel, Ireland,” said Roos. He emphasized that obtaining an insurance license in Ireland is a rigorous process, but Outsurance successfully navigated it.
Ireland is the third country Outsurance has expanded into since its foundation in 2006, following South Africa and Australia. The response to their launch in Clonmel, Ireland, has been positive, meeting their expectations. “Ireland is a competitive market, but not overly so. We believe there is room for a new entrant with unique product features, such as our out bonus or the possibility of getting some premiums back if you don’t make a claim,” Roos explained.
Market Potential and Future Growth in Clonmel, Ireland
Roos highlighted that the cost of insurance as a percentage of disposable income is relatively high in Ireland. However, ongoing reforms in personal injury awards are expected to reduce this cost. Outsurance currently employs around 140 people in Ireland and plans to significantly increase this number over the next few years, aiming for a “high single-digit or even double-digit slice of the market.”
The car insurance market in Ireland is about 80% the size of South Africa’s, indicating that even a small foothold would be a significant achievement for Outsurance. Roos emphasized that Outsurance does not plan to enter the sports sponsorship arena in Ireland, a space where other insurers have a presence. “We’ve never been big fans of large sponsorships. We believe it’s relatively poor value for money compared to just buying advertising space,” he said.
Key Insights from Outsurance’s Strategy in Clonmel, Ireland
- Current Headcount in Ireland: Approximately 140 employees
- Planned Growth: Double or triple the current headcount
- Market Share Target: High single-digit or double-digit
- Unique Selling Points: Out bonus, premium returns for no claims
- Sports Sponsorship: No immediate plans
Outsurance’s Presence in Other Markets
- South Africa: Kit sponsor for rugby referees
- Australia: Successfully launched and operating
Willem Roos’s insights were part of a broader discussion with the EOY delegation at Cape Town’s Graduate Business School. His presentation followed Jannie Durand, CEO of Remgro, a major investment conglomerate in South Africa.
By expanding its operations in Clonmel, Ireland, Outsurance is set to make a significant impact on the local insurance market. The company aims to bring innovative products and potentially lower insurance costs for consumers in Clonmel, Ireland. This expansion signifies Outsurance’s commitment to becoming a major player in the Irish insurance industry, leveraging its unique offerings to capture market share and drive growth.
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