- Minister of State with responsibility for Financial Services, Credit Unions & Insurance Neale Richmond welcomes the launch of the first new locally authorised personal lines insurance underwriter in Ireland for over a decade;
- A new market innovation – the OUTbonus – has been introduced with customers able to get 10% of their premium back in cash when they hold their OUTsurance policy claim-free for 3 years.
OUTsurance will drive competition in the car insurance and home insurance sectors by challenging accepted market norms with the introduction of its ‘OUTbonus’, where customers will be able to get 10% of their insurance premiums (less taxes and levies) back in cash into their bank account when they hold their policy with OUTsurance claim-free for 3 years.
With over 25 years of insurance experience and having developed a trusted reputation in South Africa and Australia, the OUTsurance Group prides itself on its customer service standards at every stage of the customer journey from a new customer quote through to a seamless claims process.
Commenting on the launch, Minister of State with responsibility for Financial Services, Credit Unions & Insurance Neale Richmond said: “I am delighted that OUTsurance have joined the Irish insurance market and will be providing car and home insurance. Increasing competition in the insurance market is a goal under this Government’s Action Plan for Insurance Reform, the implementation of which is largely complete, so OUTsurance are very welcome to Ireland.
“OUTsurance’s commitment to Ireland is clear from their plans to create 230 additional jobs over the next three years, as part of a €160 million investment in our economy. This is a very positive sign that Ireland is an attractive destination for international insurance companies, and I look forward to working with OUTsurance over the coming months.”
Speaking at the launch, OUTsurance Ireland Chief Executive Peter Broome said: “We are delighted to bring new competition to the Irish motor and home insurance market as the first new locally authorised personal lines underwriter in over a decade. We are passionate about delivering an awesome and trusted customer experience through our proven track record of servicing over 2 million customers in South Africa and Australia.
We believe that we have an exciting insurance offer for the Irish public. In anticipation of demand for our home and motor insurance products, we are planning to grow our team to 300 people over the next three years as part of an overall investment programme of €160 million in Ireland.”
“We will change the way people think about car and home insurance with the introduction of something fundamentally new in Ireland – the OUTbonus. Customers always pay in, so why shouldn’t they get something out of their insurance when they have not made a claim. That’s why with the OUTbonus we will be putting 10% of customers’ premiums back in their bank account when they have held a policy with us for three years and are claims free.”
Michael Lohan, CEO, IDA Ireland, added: “I am pleased to welcome the expansion plans announced by OUTsurance today. This investment decision to grow its headquarters here is testament to the company’s commitment to Ireland and I wish OUTsurance every success as IDA Ireland partners with them into the future.’’
The OUTsurance Group was established 26 years ago, employs more than 7,000 colleagues and is listed on the Johannesburg Securities Exchange.
For more information, please visit www.OUTsurance.ie or call 1800 600 400.
