IRISH BROKER

THE OFFICIAL JOURNAL OF BROKERS IRELAND

MAY 2022
VOL 39, NO. 5
TM 230006
ISSN-2009-4108

David O’Dowd
CEO, Zurich Life

IN THIS ISSUE

Estate planning
Kate Connor

When bonds are broken

Kevin Quinn

Smart technology starting

to make a real difference
Kate O’Connor
 BROKER EXPERT
AWARDS

NEW PRESTIGIOUS
SCHEM
ES BOO2-2023
202
KLET
BOOKLET 2022 BROKER EXPERT AWARDS
Brokers Ireland is delighted to launch our latest edition Celebrating the work, contribution, achievements,
of the Broker 4 Broker scheme which provides a quick and success of the Irish Broker community.
and easy reference guide for members when it comes to
embers
facilit y for m sourcing and finding insurance specialist products within
Shared
the marketplace.
The Broker 4 Broker facility enables members to source
Brokers Ireland’s new Broker Expert Awards aim to shine a light on excellence through recognising
Home Leisure
&
inment Insurance and Financial Brokers who offer the highest level of professionalism, innovation, performance,
ction
Works Enterta
and provide a complete insurance solution for consumers and service to their clients.
Constru

through an accessible reference facility and helps Brokers

to efficiently identify specific products and niche markets
Sports

The Broker Expert Awards will seek nominations from Insurance and Financial Brokers from around the
list
Comm
ercial
Specia s
S c h e m e that can be often difficult to place. country who fully understand the environment in which they operate and, at its core, truly understand
Persona
l their customers’ needs and the market.
www.brokersireland.ie
t
Acciden

Liability

Motor
The seven different categories for the Broker Expert Awards
Cyber
Securit
y
Proper
ty
1
will be judged by an independent panel to include:

THE CATEGORIES LISTED IN THIS YEAR’S BOOKLET ARE: Broker Expert Awards Broker Expert Awards Broker Expert Awards
Motor Insurance Home Insurance Commercial Insurance
• Caravan/Camper, Mobile • Leisure & Entertainment Expert 2022 Expert 2022 Expert 2022
& Holiday Homes • Liability
• Commercial • Marine
• Construction Broker Expert Awards Broker Expert Awards Broker Expert Awards Broker Expert Awards
• Motor
• Cyber Security Pensions Investments Protection Mortgage
• Personal Accident Expert 2022 Expert 2022 Expert 2022 Expert 2022
• Drone & Photography • Professional Indemnity
• Financial • Property NEXT STEPS
• Health / Medical • Retail, Shop & Office A nationwide call for nominations for the Broker Expert Awards will be
• Home Works announced in April 2022. Any Brokers Ireland member brokerage is eligible to
• Sports For further information submit a nomination.
on the Broker Expert
Awards 2022, go to All Broker Expert Awards submissions will be reviewed by an independent
Search for specific products on www.brokersireland.ie BrokersIreland.ie/news panel of judges and the winners in each category will be announced at
and view the Broker 4 Broker E-booklet. or email the Broker Expert Awards gala ceremony event in Autumn 2022.
[email protected]

www.brokersireland.ie
 PROTECTION | PENSIONS | INVESTMENTS

comment
Tailored Advice EDITORIAL
with iPort Sustainable and competitive insurance environment
an investment tool that IN the Dail on 26 April 2022, Minister Sean Fleming serious cases and, of course, ultimately to ensure

puts you in control…

acknowledged the importance of a sustainable that insurance companies have no reason to
and competitive insurance environment and the delay in passing on policyholders the benefit
need to prioritise the ongoing reforms intended to of the reforms – which, after all, is perhaps the
bring this about. Much has already been written primary reason for the new Guidelines that PIAB
iPort supports you in providing investment, pension and ARF and said about the chronically awful situation in is charged with implementing. Those watching
solutions by offering the unique facility to risk profile your clients for which many Irish businesses find themselves, the Irish market will have noted the decision by
both pre and post retirement options. It empowers you to provide the when trying to obtain insurance and the need for QBE to pull out of the liability sector here. The
most appropriate investment advice and enables you to have more the reforms to succeed and bear fruit is urgent. question on many lips is that if insurers here are
advice-led conversations with your clients. Lack of providers in the market, or providers only making the profits some claim, then why has QBE
willing to provide cover at rates that businesses decided that doing business in Ireland is not part
We’re determined to make everything easier for brokers. Because find uneconomical, has created a situation where of its future? The truth is unpalatable: the Irish
when we make it easier, you do too. some businesses may consider that they are not market is not an attractive place for insurance
viable, with associated risk to the economy. Those companies to do business, with the still high
To find out more about iPort, talk to your New Ireland Account dogged campaigners, the Alliance for Insurance cost of claims and the small size of the market
Manager or contact [email protected] Reform, are adamant that their members, since meaning that companies look elsewhere.
publication of the Guidelines, saw an average
increase in cost of liability insurance of 16%, along The sustainable and competitive insurance
with greater excesses and more exclusions. Two environment sought by Minister Fleming will take
in five of those surveyed by the Alliance said the completion of the government’s Action Plan
that insurance was threatening the future of their and for insurers to pass on to the policyholder the
businesses. And needless to say, they claim that benefits of the reductions in Award levels. This
insurers are simply not passing on the benefits of requires of course that the Courts deal as quickly
the new PIAB Guidelines. as possible with the challenges to the Guidelines.

Your Many will have looked to PIAB’s most recent

It requires also that the legal profession play its
part in tempering the expectations of Claimants

logo
Jane Bloggs report, with facts and figures on the new Award when a claim is brought. Once the foundations
values, for evidence as to why insurance costs of a sustainable and competitive insurance
Investment Report are not coming down. Undoubtedly the most environment are in place, we may see that
disappointing statistic in the Report was that competition in the market, including new
Presented by Gerard Cahill pertaining to acceptance rates, only 37% of PIAB providers, will improve. It may yet take several
24 January 2022 Awards are being accepted, as against the pre- years of pain for policyholders before this
Guidelines figure of 51%. It is crucial, with lower- position is achieved.
value claims in particular, that there be some
turnaround on the low acceptance rates, to cap
any legal costs, to ensure timely settlement of
claims, to free up the courts system to deal with

Promoting, Supporting and Representing Irish Insurance and Financial Brokers

Securing your future

Terms and conditions apply. New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group. 01
 CONTENTS

BROKE R
IRIS H
May
www.irishbroker.ie Th

01 Editorial Comment
Sustainable and competitive insurance environment

30 Aviva Ireland lends vacant units in Dublin city centre
to support free pop-up shop for Ukrainian refugees
04 Inside Track Suzie Nolan
The changing pensions landscape
Diarmuid Kelly 32 Investing during turbulent times with
Autoinvest from Zurich
06 Cover Story Jacqueline Hogan
We talk to David O’Dowd, CEO, Zurich Life
34 Aviva continues to transform its Commercial Lines
10 10

All Onboard - Pensions Auto-Enrolment
Rachel McGovern
28


business with new hires and additional product lines
Brian Mahon

12 Smart technology starting to make a real difference 38 How good are you at following up your events?
Kate O’Connor Eamonn Twomey

14

Estate Planning - Why should anyone care if
their children have a tax bill?
40 Tech Bites
Inflation and Financial Planning
Kate Connor Paul McCarville

17

Allianz stands with Ukraine
Mark Brennan
42

How to deal with an uncertain future
Dermot McConkey

44 Regime change rules the world

17 18

Customer self-service: The future of better
serving our clients
30 Graham O’Neill
Stephen Murphy 45 Broker Spotlight
Joe Bell, You & Us Insurance Brokers
20 When bonds are broken…
Kevin Quinn 47 Oireachtas Digest
Frank Lahiffe
23 Aviva launches new charity partners to support
its sustainability ambitions

26 Compliance In Focus
Amendments to the list of Pre-Approved
Controlled Functions (PCFs)
18 Elizabeth Smith Wright 40

28

A standout choice - Mortgage Protection from
Royal London Ireland
Karen Gallagher

Irish Broker is the monthly journal

of Brokers Ireland. The magazine is
Irish Broker reserves the right exclusively
to edit all copy. Views expressed by
Editorial Board Cathie Shannon
Rachel McGovern
IRISH BROKER
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02
 inside
TRACK Trust
THE CHANGING PENSIONS LANDSCAPE
THE pensions landscape is quickly changing but what PEPP Regulation became applicable on 22 March 2022.
Excellence
does that mean for Brokers? With the transposition
of IORP II causing confusion for employers and auto
enrolment proposed for 2024, it is certain that within the
next five years the pensions industry in Ireland will look
So far, we do not know who the competent authority in
Ireland will be to regulate PEPPs or whether individuals
who contribute to a PEPP in Ireland will be able to avail
of tax relief at the same rate as current pension schemes
Zurich Master Trust
quite different than it does today. in Ireland.
On the 28th of April 2021, IORP II was transposed into The Pensions Commission reported on its findings to Every relationship starts with trust and with over 40 years of pension
Irish law with the Pensions Authority appointed as the the Minister for Social Protection, in mid-2021 after
competent authority. A five-year derogation was applied undertaking a review of the state pension. This included experience in the Irish market, you can trust our excellence, which we built on
to one-member arrangements established before 22 a public consultation to which Brokers Ireland made experience, defined by innovation and achieved through active management.
April 2021 with an open-ended derogation applying to a submission. One of the recommendations from the
investment and borrowing entered into before the coming commission was to increase the state pension age to 67 • Trust our experience, building tailored pension solutions for your clients,
into operation of the regulations. The Pensions Authority in 2031 and then incrementally to 68 years from 2039.
published the final codes for trustees in November 2021. In February 2022, the Oireachtas Committee on Social supported by the expertise of our people.
Protection recommended that the qualifying age remain
The transposition, although late in terms of EU compliance,
seems to have come too quick for the industry with
at age 66 and called for legislation to ban mandatory • Trust our innovation, driving employee engagement and supporting
retirement clauses in employment contracts. The employers with forward-thinking products and investment design.
providers scrambling to offer alternative arrangements
government are due to review the recommendations and
for schemes where their current trustee arrangement will
decide on this issue over the coming months.
not be viable in the future. There are a variety of options • Trust our active management, delivering better retirement outcomes for your
available and obtaining professional advice from a Broker In 2018 Brokers Ireland made a submission on the
is vitally important for these schemes and their members. “Strawman Public Consultation Process for an Automatic
clients through excellence in active investment management*, recognised by
Enrolment Retirement Savings System for Ireland” Zurich winning the Brokers Ireland Investment Excellence awards since 2014.**
This moves me to the role of master trusts. In December
consultation. Our main concern with the proposals at
2020, the Pensions Authority, published a report which
the time was the inability to seek advice. On the 29th of
highlighted significant issues with existing master trusts.
March 2022, Minister Humphreys announced details of
Due to the size, scale, nature, and complexity of master
Automatic Enrolment Retirement Savings System, which If you are looking for a trusted provider that will work
trusts, Brokers Ireland would hope to see the Pensions
did not address our concerns in relation to advice.
Authority put in place real consumer protections around with you to deliver a corporate pension solution for your
transfers out of master trusts, fees, and other regulatory While using auto-enrolment to increase coverage of
requirements. At the moment, master trusts do not supplementary pensions a wider cohort of individuals clients, then talk to your Zurich Broker Consultant or
necessarily lead to good consumer outcomes. is a good thing, other aspects of the proposals are
In 2018 Brokers Ireland made a submission to the
questionable. The CPA for instance will be a public body visit zurichcorporate.ie
that will administer the process but how it will be paid for
Interdepartmental Pensions Reform and Taxation Group’s
has yet to be communicated. The choices of funds will
consultation on Supplementary Pensions Reform.
be limited and will not suit every individual’s financial
The group published their report on Friday the 13th of
November 2020 to which Brokers Ireland responded,
situation. Choices of schemes will be made by individuals
without advice, which is not in the consumers best
Zurich Corporate Pensions. Trust Excellence.
highlighting issues with the proposals around ARFs,
interest, because as research has shown those who are
including lack of advice for retiring members of DC
advised have bigger pension pots than those who are not.
schemes, disclosure of fees and the proposal to replace
individual ARFs with a ‘whole of life’ PRSA. However, there is an opportunity here for Brokers to
approach their corporate clients and give them advice
Changes proposed by the group around the abolition
on how to best deal with the imminent approach of auto
of AMRFs were enacted in the Finance Act 2021, while
enrolment. Employers may wish to put in place their own
proposed changes to the PRSA, including the removal
scheme ahead of the first contribution date in 2024 and Warning: Past performance is not a reliable guide to future performance.
of the certificate of benefit comparison and bringing
facilitate advice which will have a better outcome for their
contribution limits in line with OPSs were expected but Warning: The value of your investment may go down as well as up.
employees.
not forthcoming. Brokers Ireland are confident that these
proposed changes will be made to ensure that the PRSA Warning: If you invest in these products you may lose some or all of the money you invest.
becomes a viable product option for individuals. Warning: Benefits may be affected by changes in currency exchange rates.
Diarmuid Kelly, CEO Brokers Ireland

*Independent survey, Rubicon Investment Consulting Limited. Annualised return of 7.1% over 20 years as of 28th February 2022.
**Awarded Investment Excellence in 2014, 2015, 2016, 2017, 2018 and Investment Provider Excellence in 2019 & 2021 by Brokers Ireland.
Zurich Life Assurance plc is regulated by the Central Bank of Ireland.
04 05
 Launched back in 2002 the
Zurich/Brokers Ireland scheme Financial Brokers are trusted by people across the country
to give them advice suited to their needs and individual
(formerly PIBA Online scheme) circumstances when planning ahead. While there have
been many ups and downs in the economy and in the life

is 20 years old this year and pensions market over the last 20 years, one thing that
has been consistent is that Brokers have grown their share
of the market. They have done this because they have
delivered for customers through good times and bad.
I am a very strong believer that Financial Brokers know
their customers, and they are in the best position to give
people the advice based on their individual circumstances
and needs.
How do you see the Broker Market evolve over the next
5 – 10 years?
The impact of the global pandemic led to a watershed
moment for Financial Brokers as they showed their
agility and speed in adopting new technologies such as
digital signatures, online webinars, and remote meetings.
In an industry that traditionally thrived on face-to-face
interactions, I don’t think I’ve seen a more impressive
change in approach in the new world we found ourselves
in. I should never be surprised at this agility as the Broker
market has demonstrated it many times over the last couple
of decades.
Diarmuid Kelly, CEO, Brokers Ireland took the Looking ahead, I am confident that Brokers will continue to
be the preferred choice of customers in the life and pensions
opportunity to catch up with David O’Dowd, CEO, market. You have something which no one else can provide
– individual bespoke advice which customers trust – and
Zurich Life about this and other industry matters your focus on meeting the needs of the customer will mean
you continue to succeed. Together we will all have to adapt
to meet the needs of the next generation of customers,
and we will work with you to make sure that we are jointly are very proud of our record as an active asset manager,
meeting the evolving needs and demands of the customer. aiming to make the right investment decisions at the right
time.
The Zurich / Brokers Ireland scheme is 20 years old this far exceeded our expectations and you’ll see us continue I am also confident that the market will continue to grow. We
year, has it achieved what it set out to do and why is the our focus on the protection market throughout the rest of have a young population, a strong and growing economy, Over the last two years, even with the impact of the Covid-19
focus on Protection so important? the year. and we are only at the start of what I believe will be an pandemic, it is a testament to the commitment of our people
era of strong market growth, as more and more customers that we continued to grow new business strongly in both
It’s hard to believe that the original PIBA Online scheme is We know price is always a factor when recommending realise they need to make their financial plans with the help 2020 and 2021 while maintaining our strong reputation for
20 years old this year. When it was launched back in 2002 providers and we strive to combine a competitive price of a Broker. product and investment excellence.
the objective of the scheme was to encourage Financial while also constantly reviewing and adding features and
Brokers to use our online system to input and process benefits customers look for. One new challenge for this Zurich has significantly grown its market share over the Service from life offices is an important issue currently
protection business in a very efficient way. Today we take year as I see it will be retention, as the cost of living comes last 10 years, what would you attribute this to? impacting Brokers and their clients, how does Zurich plan
online technology for granted but back then that was not under increasing pressure, customers will look to see to address these service issues?
For me the key to our growth is our people and our culture.
the case. The scheme offered a dedicated service to PIBA where they can make savings, and financial brokers will Not a day goes by that I don’t see something that we do that We know this is an area of great importance for Financial
members, reduced administrative costs, as well as a range play a key role in advising customers on the importance of really impresses me. They say that “culture eats strategy for Brokers and to all of us here at Zurich. I read with great
of other advantages. And it proved very successful at maintaining their protection cover. breakfast” and I am a firm believer of that adage. We have interest the piece from Richard Cotter in the previous issue
driving protection business through Zurich’s online portal - a great team of people across the organisation and this is of Irish Broker.
Can you give us a bit of history about Zurich in Ireland
creating an efficient business model for Brokers, customers what has enabled us to deliver on our strategy and grow
and why it has chosen to predominately distribute its We are very focused on building on the positivity shown
and Zurich. Today almost all of our protection business is our market share.
products through Brokers? by Financial Brokers at the last Brokers Ireland Excellence
submitted online – a great success. Over the years the
Our roots in Ireland date back to 1978 when Shield Life Our strategy has always been Broker focused. We see Awards and we continue working to meet Brokers’
scheme has expanded to cover savings, investment and
launched. In 1983, we moved our Life business to new Financial Brokers as the key to success in the market – with needs for fast, accurate and efficient service, leveraging
pension products.
headquarters in Blackrock, Co. Dublin and in 1990 we a unique ability to understand the needs of the customer. technology with a very significant investment program in
As we know protection is hugely important for customers, it Over many years, we have worked to develop strong digital transformation - so that we keep delivering on our
took on the corporate identity of Eagle Star, which in 1998
is the bedrock of any good financial plan. Making customers lasting relationships with Financial Brokers, responding to promises.
became part of the Zurich Financial Services Group. During
aware of the need for protection, and how it can protect their needs and working with them to deliver for customers.
2008 we adopted the Zurich brand. Today we are part of Keeping pace with the strong growth in the Financial Broker
their lifestyle, is an important way in which financial advice
Zurich Insurance Group which serves more than 55 million Of course, our strong investment performance built on market and in our business over the last two years brings its
can make a real difference for customers.
customers in more than 210 countries and territories. the consistent outperformance achieved by our in-house own challenges. We are fortunate that we have been able
At Zurich, we are passionate about protecting customers Founded 150 years ago this year, it is an internationally investment team in Blackrock, has been a key differentiator to retain the experienced and talented employee base we

“
and the things they truly value. Late last year we completed trusted name. The Group aspires to be one of the most for those who have trusted their money to Zurich. Our have throughout our organisation. We have responded to
our leading suite of life, serious illness and cancer cover responsible and impactful businesses in the world. investment track record is unique in the market, and we the challenge of growing business volumes, recruiting
protection products by adding an income protection
Today we still operate in Blackrock but from our newly built
product for personal and executive customers. This had
award-winning head office, which is Gold LEED Certified for
been a gap in our product range, and launching it in
energy & environmental design.
At Zurich, we are passionate about protecting customers and the things they truly value.
December gave us a head start on our 2022 plans. We
knew that speed of application is a key factor for Financial Over the years we have steadily grown our brand and our Late last year we completed our leading suite of life, serious illness and cancer cover
Brokers when placing protection business – and on the market share so that today we hold the position of number protection products by adding an income protection product for personal and executive
back of a real team effort - we launched Zurich Income one in the Broker market. Throughout our history, we have
Protection with a unique fully ‘signature free’ application always maintained a clear focus on supporting Financial customers. This had been a gap in our product range, and launching it in December gave
process. The response so far from Financial Brokers has Brokers and the unique role they play in the market. us a head start on our 2022 plans.

06 07
 “
While there have been many ups and downs in the economy and in the life and pensions
market over the last 20 years, one thing that has been consistent is that Brokers have
grown their share of the market. They have done this because they have delivered for
customers through good times and bad.
Group-wide practices. We integrate ESG (Environment, our commitment to Responsible Investment and our other
Social, Governance) into our investment analysis and sustainability efforts.
security selection. Examples of ESG factors would include
What is Zurich’s plan for the Broker market for the next
measuring carbon emissions, complying with the UN Global
5 years?
Compact principles, and evaluating firm governance. We
would look at the impact of such factors on the assets Our success to date has been based on listening and
in which we invest and evaluate companies against how responding to the needs of our Broker partners across all
they engage with their employees and suppliers; and areas of our business for example our products, pricing,
whether this is sustainable over the long term. As an investment offering, technology, and service. We will
investment manager we are an active owner. This means continue to develop our proposition to help Financial
that we exercise our voting rights and actively engage with Brokers meet the needs of customers as they evolve over
investee companies on a wide range of topics, including time. We are excited about the future of the Broker market,
material ESG factors. and we will continue to invest in people and technology to
support the growth of the market.
Of course, climate change is a concern for every business,
and just recently Zurich Insurance Group accelerated its With pension simplification, IORP II, master trusts and the
sustainability goals with a commitment to being net-zero in introduction of auto-enrolment, there is a lot of change
its operations by 2030, accelerating the Group’s previous ahead in the pensions market. At Zurich, we are committed
2050 target – which demonstrates the importance of to working with Financial Brokers to help you to grow your
sustainability across Zurich. In Zurich Ireland we will businesses and support your customers in this changing
play our part to contribute to this goal. To demonstrate world.

“
our commitment to sustainability we recently launched a
dedicated Sustainability hub on zurich.ie which outlines

We launched the Zurich Master Trust in 2021 with Zurich Trustee Services Limited acting
as trustee. Leveraging our experience, expertise, innovation, and dedication to scheme Level of uninsured driving in Ireland “problematic” – MIBI
governance, I believe that Zurich is well positioned to lead the market in this space. THE level of uninsured driving in Ireland is becoming
“problematic”, according to the Motor Insurers’ Bureau of
MIBI, where a victim was injured, reached €78,736. As these
costs are passed on to all the motor insurance companies
Ireland (MIBI). The MIBI were speaking after conducting a new operating in the Republic of Ireland, this effectively adds
significantly across the business throughout 2021 and this We see Financial Brokers having a key part to play in analysis which revealed that the number of uninsured private approximately €30 - €35 to the value of all motor insurance
is continuing during the year to support the service we advising employers who need to find the right home for vehicles in Ireland reached 174,177 in 2021, a jump of more premiums in this country.
strive to provide. Of course, some of these actions such as their pension scheme, given the legislative changes that than 23,000 vehicles since 2018. The MIBI is a not for profit organisation that was established
recruitment and training do take time but I’m confident that have increased the urgency of this decision. This is one This represents 7.8% of the 2.23 million private vehicles in the to compensate victims of road traffic accidents caused by
we are taking the right actions to deliver faster service to of the reasons why master trust is an integral part of the overall fleet in the Republic of Ireland. In comparison there uninsured and unidentified vehicles.
our Brokers and customers over time. Zurich Brokers Ireland agreement for 2022. We believe were 150,910 uninsured private vehicles that were on the
that this will be a key advice area for Brokers over the next Speaking about the level of uninsured driving, David Fitzgerald,
What is your opinion/Zurich’s opinion of Master Trusts roads in 2018. Chief Executive of the MIBI said, “What this analysis shows is
two to three years, as more and more employers look to
and what the Broker’s role will be in relation to Master 2018 2021 that the level of uninsured driving on Irish roads is becoming
reduce their regulatory burden by transposing to a master
Trusts and the new proposed auto-enrolment system? increasingly problematic. The number of uninsured vehicles
trust arrangement. All private vehicles 2,106,369 2,232,174
An auto-enrolment system has been a long time coming is growing and that trend needs to be stopped. Uninsured
Brokers also have a key part to play in helping employees Uninsured private vehicles 150,910 174,177 driving is against the law and it also makes our roads more
and it is something that is urgently needed to drive up
understand the importance of investment fund choices for dangerous. Yet, one in every 13 private vehicles on our roads
pension coverage. People are living longer and can get Proportion of uninsured private 7.2% 7.8%
long term pension savings. Employees will also want to vehicles are currently being operated without insurance.
better medical care – which is of course great news but
be able to access and see their pension digitally and get “If we are going to address this problem in the short term,
it does mean people will need funds that will last into a To address the rising level of uninsured vehicles the MIBI is
the right advice when they need it, so we feel that working the Government has to swiftly implement the Road Traffic
longer retirement. Contribution rates will start at modest calling on the Government to swiftly pass the Road Traffic
with Brokers we can help provide the right solutions for and Roads Bill, which is currently before the Oireachtas.
levels and it will be a good number of years before the and Road Bill, which will empower the further rollout of
employers and their employees. This legislation will further enhance and empower the ANPR
first contributors are anyway near saving what they need the Automatic Number Plate Recognition (ANPR) system.
to be saving. Our message to Financial Brokers and to all How is the focus on sustainability affecting the financial system, which allows An Garda Síochána to identify uninsured
This system and the underlying Motor Third Party Liability
vehicles simply by scanning their number plate. This system
employers is to act now and not to wait for auto-enrolment market and Zurich’s offering in Ireland? insurance database, allow An Garda Síochána to identify
is proven to work, as illustrated by the 128 uninsured vehicles
to continue to drive both coverage but also as important – uninsured vehicles simply by scanning their licence plate.
At Zurich we want to make a positive impact as an insurer, an which are being identified by the Gardaí on a daily basis. This
adequacy of contributions to meet customers’ retirement Although it is currently operating in a limited capacity,
investor, an employer and as a supporter in the community. number is likely to grow significantly once the system is fully
expectations. according to figures provided by An Garda Síochána the
To this end we strive to embed responsible and sustainable operational, but for that to happen the necessary legislation
The ever-changing pension landscape brings challenges decision making and actions into everything we do to system is already identifying 128 uninsured vehicles per day needs to be enacted.
but also opportunities. One such opportunity was created deliver on our promise to create a brighter future for us all. on average.
“Simplifying the process of identifying uninsured drivers is the
by the transposition of IORP II into Irish law last year. Vehicles operating on Irish roads are legally required to best tool we have to reduce the number of uninsured drivers.
Increasingly, Brokers and customers are looking at how
This was a significant change in occupational pension hold valid motor insurance. The penalties for vehicles found That is why it is so important this legislation is given the
their investments are managed and what impact this has.
regulations, and it paved the way for master trusts. We without valid insurance include An Garda Síochána having priority it deserves. The current levels of uninsured driving
Responsible Investment is becoming much more important
launched the Zurich Master Trust in 2021 with Zurich the power to seize the vehicle on the spot, as well as other should be a concern for all those who are using Irish roads.
and from a Zurich perspective this is all about ‘doing well
Trustee Services Limited acting as trustee. Leveraging significant penalties such as an automatic court appearance, We all want Irish roads to be as safe as possible. This Bill
and doing good’. Zurich Insurance Group is committed
our experience, expertise, innovation, and dedication to five penalty points and a substantial fine. Additionally, in the and its implications will advance that objective, which is why
to Responsible Investment and is a signatory to the UN case of any accidents involving uninsured drivers, the MIBI
scheme governance, I believe that Zurich is well positioned we need to see it signed into law at the earliest possible
Principles for Responsible Investment. Zurich in Ireland will pursue the driver for costs under their right to recovery. In
to lead the market in this space. opportunity,” Mr. Fitzgerald concluded.
shares this commitment and participates in a number of 2021, the average costs involved in such claims paid by the

08 09
 All Onboard - Pensions Auto-Enrolment
AFTER a prolonged period of discussions investment profile will be provided. Individuals who do
not express a preference for any fund will be enrolled
and consultations on the issue of Pension into the default fund. Contributions to the scheme will
auto-enrolment that has spanned over two be split between providers for each fund choice. The
decades, Auto-Enrolment is finally coming! choices of funds will be limited and will not suit every
individual’s financial situation. Choices of funds will
In the last round of consultation in 2018, the Department be made by individuals without advice, which is not in
of Social Protection underwent a process titled a consumer’s best interest because as research has
“Strawman Public Consultation Process for an Automatic shown those who are advised have bigger pension pots
Rachel Enrolment Retirement Savings System for Ireland”. than those who are not.
McGovern,
At the time Brokers Ireland and other industry bodies Central Processing Authority (CPA)
Director
made submissions in relation to the proposals. Brokers
of Financial A Central Processing Authority (CPA) will be set up to
Ireland’s main concern was the inability for contributors
Services, administer the system including supplying services
Brokers Ireland to the system to get advice on the options available to
them. through an online channel where individuals will be able
to view their pension pots. CPA will also manage Opt-ins
With CSO research showing that the number of and Opt-outs.
individuals indicating that the state pension is their main
source of income in retirement rising from 26% in 2009 Moving jobs
to 36% in 2015*, the principle of Auto-Enrolment and People moving between jobs will not have to change
increased supplementary pensions coverage especially pension scheme or join a new scheme. They will remain
for lower earners is a good thing. However, we believe members of the Auto-Enrolment scheme on a ‘pot-
that the proposed plans for the new Auto-Enrolment follows the member’ basis. In addition, people with
system fall short by not recognising the need for advice. multiple employments will have their pension savings
In March 2022, Minister Humphreys announced details combined into one ‘pension-pot’. There will not be a
of the new Auto Enrolment System, which is due to choice to transfer out of the scheme at the start.
deduct its first contributions from eligible individuals Retirement
in 2024. To date, here is what we know about the new Individuals will have access to their auto enrolment
system. pension fund at the same time as they access their State
Eligibility Pension arrangement, which is currently 66 years of
All employees not already in an occupational pension
scheme, aged between 23 and 60 and earning over
€20,000 across all of their employments, will be
age. For the first 10/15 years, there will not be enough
funds accumulated to offer retirement options and
those retiring will be given a lump sum. Thereafter it is
Aviva General Insurance
automatically enrolled. Self-employed individuals are
excluded for the moment. If an individual is contributing
to an occupational pension scheme, they cannot take
envisaged that options will be developed.
Advice
It is envisaged that the vast majority of contributors will
Broker Academy
part in the Auto-Enrolment scheme as well. be put into the default fund choice which will be a lifestyle
Employees will be automatically enrolled/ ‘opted-in’ but fund. There will be no advice, although information will
will have the choice after six months participation to opt- be given to individuals about the funds, there will not be Aviva Insurance Ireland DAC wishes to thank all the brokers for joining our
out or suspend participation. Every two years those who an automated way to select a fund. The lack of advice recent General Insurance Broker Academy week of online training.
are opted out will be opted-in again. leaves those taking part in the system wholly reliant on a
Contributions one-size-fits-all approach.
The Auto-Enrolment system will be phased in over a 10- The importance of advice The training covered:
year period. The system is due to be set up by 2023, It is clear that policy makers do not value the role that
advice has to play in pensions. This may be due to the
• Van Insurance • Commercial Speciality Lines
with the first employee enrolments taking place in 2024.
Both employer and employee contributions will start at fact that they do not personally have to worry about • Professional Indemnity • Insurance Claims Management
1.5% and increase every three years by 1.5% until they these issues themselves, but we know that advice can • Fleet Risk Management
eventually reach 6% by 2034. Matching contributions have a significant impact on pensions coverage and
will be made by employers to those contributions made adequacy.
by employees up to a maximum of €80,000 of earnings. Of those surveyed in May 2021, 73% of those who use Over the course of the week we were delighted to have over 3,000 join this CPD
It is envisaged by the Department of Social Protection financial advice own a pension, compared to 34% who
that there will be a minimum standard total contribution do not. The same survey also showed that those who
accredited training.
of around 14% for employees/employers (including are not advised are less well off in retirement than those We will continue to support you with further online training in the autumn.
subsidies/tax relief) on all schemes whether that is who are, the average pension pot of respondents was
through Auto-Enrolment or an occupational pensions valued at €128,933 for those who use financial advice
scheme. and €62,600 for those who do not. This is a 105% Thank you for supporting our webinars.
State top-up difference in those who have used financial advice**.
The state will also top up contributions by €1 for every There is an opportunity here for Brokers to advise their
€3 saved by the employee, up to a maximum of €80,000 corporate clients and give them advice on how to best
of earnings. deal with the imminent approach of Auto-Enrolment.
Fund options Employers may wish to put in place their own scheme It takes Aviva.
ahead of the first contribution date in 2024 which will
Employees will have a range of four retirement savings enable advice which will mean a better outcome for their
funds to choose from. Three of these funds will have employees. | Retirement | Investments | Insurance |
differing risk/return profiles. In addition, a default fund
* Press Release Population and Labour Force Projections 2016-2046
based on what is known as a ‘life-style’/’life-cycle’ ** Brokers Ireland ‘Value of Advice Report’, May 2021

Aviva Insurance Ireland Designated Activity Company, trading as Aviva,

is regulated by the Central Bank of Ireland.
010
 R

Smart technology starting to make a real difference

I recently saw an inspiring example of how smart home Other devices help your appliances consume less

Protect and Grow

technology is beginning to make a tangible difference to energy, perhaps by setting your washing machine to run
people’s lives. its cycles at times when the energy tariff is lowest. Smart
refrigerators can keep an inventory of the food you have
Speaking at CES Las Vegas, Dr Haim Amir, CEO &
in stock, helping prioritise ingredients in meal planning
Founder of Essence Group, an Israeli technology
and reduce waste.
manufacturer, said, “All over the world, the population is

your clients’ investments

aging. Some of them lose memory and they can leave The big opportunities for a truly intelligent home come
the house at 2 o’clock at night. We have developed a from the technical cooperation of all the individual
Kate O’Connor, tool that when you want to open the door, the lock will pieces of equipment, even if they come from a variety
ask you a question – are you sure you want to go? One of manufacturers. In this respect, great progress is
Head of Business
of the ladies that we have on record, she said, “I’m going underway. 180 of the biggest players in the sector have
Development,
DUAL
to the doctor.” The system said, “At four o’clock in the been working together on a unified technology standard WITH FLEXIBLE, LOW RISK STRATEGIES
morning? The doctor is not yet in the office. Ah, she said, – Matter – that will ensure all up-to-date devices can
and she stayed home.”
Keeping this elderly lady safe is a wonderful example of a
interact with each other.
The Matter standard is set to be released in Autumn
85% Progressive Protection Bonds
smart home using machine learning for the greater good. 2022, with compatible devices expected to follow soon
Dr Amir called it the “intelligent home.” That is, a home after. The launch has been delayed several times, but
able to spot behavioural patterns without cameras, by when it does arrive, it will open the door to the next
using data from interactions with lights, motion sensors generation of problem solving technology.
and appliances. Therefore, artificial intelligence (AI) can
Insurance-wise, these interconnected, AI-backed
contribute meaningful interventions where needed. Dr
‘intelligent homes’ should, in theory, present less of
Amir also stated that in this way, his company had been
a risk from an underwriting perspective. Over the next
able to alert the emergency services on behalf of over
few years, I would expect the level of sophistication of a
10,000 people who’d had a fall during the last year.
property’s smart technology set up to become a common Offering diversification and capital protection through a single investment
Smart technology is evolving, and growing into its role. underwriting factor, with potential premium reductions
Its usage is on the rise in Ireland. Statista predicts that for homes that have all the right accident prevention and • The Global 85% Progressive Protection Bond investment strategy is linked to Fundsmith Global
more than 1 in 4 homes in Ireland (28%) will use smart security technology in place.
technology by 2026. That is nearly double the Central Equity & PIMCO Global Investment Grade Credit Bond Funds.
The level of technology involved may change the
Statistics Office reported uptake in 2019 (15%). • Investment strategy for the ESG 85% Progressive Protection Bond is linked to the Robeco Sustainable
underwriting process for holiday homes too – there
could be less need to visit second homes for insurance Global Stars Equities Fund and the Allianz Euro Credit SRI Fund.
purposes and terms around that could potentially be
relaxed. • Continuous upward only capital protection feature.
Data privacy is likely to remain an issue. If a home has • Open-ended investment with daily liquidity & pricing.
smart lighting programmed around a household’s
habitual movements, of course, that could be very • Minimum level of at least 85% Max NAV protection (Currently >90% protection for new investors)*
valuable information to criminals. is provided by Société Générale (Moody’s A1/S&P’s A/Fitch A+).
As homes become more intelligent and capture ever
more data, we may see cybersecurity requirements • Capital at risk investment (SRI level 2 out of 7).
and assessments becoming a key feature in policy
documentation, especially for the higher-end homes,
• Minimum investment: €25,000.
akin to the requirement to have a central alarm, or a *As at 4/04/2022
respected brand of immobiliser fitted to their vehicles.
WARNING: The value of your investment can go down as well as up.
At DUAL, we strive to provide the best cover for your
home and motor. More uptake will mean more data, and
the more data underwriters can get from homeowners, WARNING: If you invest in these bonds you could lose up to 15% of the money you invest.
the more accurately we can price their risk. We support
technological advances in the smart devices industry WARNING: If SG issuer and Société Générale, as guarantor were to default, you may lose some or all of
because it works towards a greater good. Reducing your investment.
frequency and severity of claims allows us to pass
savings on to the consumer, and ultimately, to provide
one of the most comprehensive policies in the market. WARNING: These are complex investment products and may be difficult to understand. Investors should
At the moment, the most widespread smart technology is
concerned with the security and protection of the home.
not invest in these products without having sufficient knowledge, experience and professional advice
Kate O’Connor is the Head of Business Development
Among the most common are door cameras and apps for DUAL Underwriting Ireland DAC. DUAL specialise, from their Financial Broker to make a meaningful evaluation of the merits and risk of investing in this
that drive randomised activity in your lighting set up while amongst other areas, in high net worth personal product type and information contained in the prospectus.
you are out, ensuring you never have to arrive home in insurance in Ireland and are backed by Aviva.
darkness. DUAL Underwriting Ireland DAC (trading as DUAL Private Client) is
regulated by the Central Bank of Ireland. Registered No. 633531.
One of the most useful devices from an insurance
perspective is the smart water leak detection system,
Registered office: 98 St. Stephen’s Green, Dublin 2 D02 V324. For further information or to arrange a meeting contact:
which identifies those subtle persistent leaks that can
cause so much devastation if undiscovered. With water DUBLIN 01 633 3800 | CORK 021 422 2122 | LIMERICK 061 436 500
leaks claims so prevalent in Ireland, these devices can
mitigate against potentially huge damage to properties.
www.cantorfitzgerald.ie

Cantor Fitzgerald Ireland Ltd is regulated by the Central Bank of Ireland and is a member firm of Euronext Dublin and the London Stock Exchange.

012
 Estate Planning - Why should anyone care if
their children have a tax bill?
IT’S a fair question. Why should you care if your children, Generation X: Born at the wrong time?
who are likely to be fully grown adults, will pay inheritance
Those in Generation X today are in their forties and early
tax after you have shuffled off your mortal coil?
fifties, and despite being in dual income families, are
You don’t have to care regarded as the first generation that will not do as well
financially as their parents.1 A study in 2014 by the Pew
The short answer, of course, is that no one has to worry
Charitable Trusts showed that while they have higher
about it. Parents leaving assets to children don’t have to
family incomes than their parents, they have much
be the ones to worry about any resulting tax bill. After
less wealth: while 75% earn more than their parents,
all, they won’t be the ones paying it…or will they? It is
Kate Connor, only 36% have more wealth.2 They were hit harder by
worth remembering whose hard earned assets will be So whether their parents care or not, many in the age would pay for the plan, they would be entitled to the
Protection the Great Recession, and lost around half their wealth
sold to pay the tax bill. If this gives your clients pause for group 40-55 will pay a tax bill, specifically a Capital entire proceeds tax free, regardless of whether they use
Development between 2007 and 2010.3
thought then the next question might be: Do you want Acquisitions Tax Bill; in the next decade or two, and if them to pay inheritance tax, or not.
Manager, a say in this? Would you like to ensure a level of control So even though they have two good incomes, they are they are receiving long term financial advice: they should
Irish Life Or Mum and Dad might decide that they do care about
over which assets are sold? There are those who will not as well off as Mum and Dad. Gen Xers are cautious be told about it. Because the first issue as an industry
the holiday home being sold, and take out a Section
want to control which assets stay in the family, and those and conservative with money, and are more inclined we need to address is the complete lack of awareness
72 approved plan on themselves, for some of the tax
who won’t care either way. to save than other generations.4 This is not surprising; around inheritance tax.
bill at least. Financial Brokers may be in a position to
they were hit badly by austerity measures and negative
Some people care A Survey13 conducted by Coyne Research in 2018 of talk about life cover options from Irish Life Assurance
equity, having bought their first home during the boom.
1000+ adults in Ireland showed very low awareness of that can help pay inheritance tax liabilities. Note that
Some people are more likely to want to control their
While much has been made of Generation Rent, they the rate of inheritance tax, as well as the inheritance tax Irish Life Assurance does not provide legal advice and
estate. This could be the case where the asset that
are mainly younger Millenials. Gen Xers are in the main, thresholds. Only 1 in 6 of those surveyed were aware of independent legal advice should be sought in relation to
might be sold is the family farm or a third generation
in the established phase of their careers and own their what the current inheritance tax rate is, and a majority putting in place a will.
business. Or where an asset is considered a prize, the
own home. The 2006 Census shows that by the age were not aware of inheritance tax thresholds across
result of a life’s work. In those circumstances your clients Either way, both generations can help each other out
of 28, owning a home was more common than renting. different categories of recipients. If people don’t know
might want to make a plan for some of the tax bill on with costs using the Small Gifts Exemption, depending
Those born in the 1960s or early 1970s would likely have about this tax it is unlikely they will make any plans to
their estate. So it’s not for everyone, but it’s definitely a on how cash flow is impacted by the stage of life
bought a house in the late 1990s or early 2000s which address it. And all the evidence would point to the fact
consideration for some. everyone is at. The reality is: this can be approached
means that while they suffered when prices collapsed that those inheriting wealth haven’t got wealth of their
by the family as a whole, and the overall result could be
Gas! they also benefited from the pre-bust climb in prices and own, but they do have income.
the most efficient financial decision made for all in the
are in positive equity today.6 Contrast this with the latest
As it happens, I recently spoke to my father about this. He So in my opinion a good place to start is to make those long run.
Census which shows most people renting up to 35,7 and
asked, (after almost 20 years) what I actually do in Irish that will actually have to pay the bill more informed. If,
it is clear that Gen Xers, while not as wealthy as their Sources:
Life and inheritance planning eventually came up. He once aware and informed, they want to insure Mum and 1, 2, 3: A New Financial Reality: The balance sheets and economic
parents, are better off than those younger than them,
was bemused that, as he put it, my job involved helping Dad on a basic whole of life insurance plan then it’s an mobility of Generation X
who can’t even get on the property ladder.
my generation to benefit further from his generation. option they can explore with you. Assuming they can 4, 8, 9, 10: Howe and Strauss, Generations, 1991
So if their children are young they are likely to have high get cover in place on their parents, it can be an efficient 5, 6: Source – CSO 2016, Savills Dec 2017, Coyne Dec 2017
He was fascinated, and not in the way I would prefer, 7: Census 2016
when I spoke about Section 72 plans. He thought it childcare costs at the moment but they are typically way for them to control their own share of the tax bill. In 11, 12: Goodbody Stockbrokers
was “absolutely gas” that my generation would ask his employed, and are in dual income households. Most addition, as the policy is not part of their parents’ estate, 13: (Source: Coyne Research, 2018 for Irish Life).
generation to help pay the tax bill we’ll be hit with when generational studies show that while they are not the benefit claim won’t be held up by probate. As they Irish Life Assurance plc is regulated by the Central Bank of Ireland
they die. as driven by money as their parents, they are highly
educated and earn more than their parents did.8
So I know one person who won’t be buying a Section 72

Centaur will become part of the Waystone Group

plan. He thinks we, my generation, should be planning Baby Boomers
for the bill ourselves. Has he a point?
Their parents are either the Silent Generation or, more
Is he right? Well let’s look at the generations. We have all likely, are Baby Boomers. The Silent Generation are the WAYSTONE, a leading institutional provider of services to The transaction represents the first time a leading third-
heard of Generation X and Baby Boomers; but what are older group, born up until 1945, while Boomers were the asset management industry, is pleased to announce party management company has moved to integrate a
the motivations that drive these two groups? How they born between 1946 and 1964. Baby Boomers are also that, subject to regulatory approval, the Centaur Group, fund administrator to complement its service offering
would each plan for a tax that is going to affect them (in known as the “Me” generation.9 They were born post- an established global fund administration and fiduciary versus the established route of fund administrators adding
war, and came of age in an era of moon landings and services provider headquartered in Ireland, will become management company services.
one way or another) at some point?
the Beatles. Here in Ireland, they were working (or part of Waystone. The transaction will significantly broaden It also sees Waystone double down on its home base of
Generational theorists Neil Howe and William Strauss Waystone’s service offering to asset managers and their Ireland, where alongside the recently announced transaction
unemployed) through the Troubles and Emigration,
are generally credited with identifying and naming investors. with KB Associates, it will finish the year at close to 500
Haughey v Thatcher, Glenroe and Who shot JR? They
20th-century generations in their 1991 book entitled benefited from the rise of house prices in the nineties. Ronan Daly, Founding Partner at Irish based employees. With the Centaur combination,
“Generations”. Most of their labels stuck, though the They have lived through recession, boom and bust. Centaur comments, “As we look at Waystone will also increase its North American presence.
dates that define them can be somewhat flexible. the next phase of our growth, joining Derek Delaney, Global CEO of Waystone
Generational divide: together with Waystone is the logical comments, “For Waystone, this deal
Howe and Strauss define generational cohorts in option, being an Irish headquartered
Interestingly, Baby Boomers are the generation most represents a major achievement, as
the U.S from 1900 as follows: global financial services firm, client
likely to regard money as a status symbol, whereas with Centaur we are gaining a highly-
z 2000: New Silent Generation or Generation Z centric and with an institutional fund experienced senior management team
their children see it as a means to an end.10 And, at manager book. The Centaur team are
z 1980 to 2000: Millennials or Generation Y with similar culture and values and we
this present time, they (those over 55) hold 60% of the delighted to be joining Waystone on will also gain additional global locations
z 1965 to 1979: Thirteeners or Generation X wealth in the State.11 their growth trajectory and look forward including New Jersey, Bermuda and
to being able to provide fund administration services to Canada. We are quietly proud that, as
z 1946 to 1964: Baby Boomers Generation X are the most likely group to inherit in the
Waystone clients, whilst still providing our existing clients with KB Associates, Centaur has chosen
z 1925 to 1945: The Silent Generation next decade, given that the share of wealth owned by with the same quality and focus as they have come to
over 65s is set to increase to 42% in the next decade.12 to join the emergence of the only truly international Irish
z 1900 to 1924: The G.I. Generation expect from us.” financial services firm.”

014 015
 Allianz stands with Ukraine
THE devastating and ongoing invasion of Ukraine customers as best we can, we will accept their existing
continues to be uppermost in our minds. As over four driving experience from Ukraine in order to give them
million Ukrainian citizens flee to other countries to seek the best available price.

Supporting Brokers
refuge, we must do all we can to help while we hope for When it comes to home insurance, in cases where
a peaceful resolution to this unjustified war. existing Allianz customers have generously welcomed
Allianz group have committed to make €10 million people who have fled Ukraine into their homes, we will
available to support humanitarian efforts, with the first €1 ensure that the right coverage is in place. Allianz Home

and their clients in the

million immediately donated to the German Red Cross. Insurance customers will be fully covered for any legal
Over time, our donations will be used to deepen the liability should a Ukrainian guest be injured at their
assistance in accordance with medium and long-term property. This extended cover is automatically applied, Mark Brennan,
needs. so customers or brokers do not need to do anything to Head of

Retirement Journey
activate this. Marketing,
At Allianz Ireland, we also want to help Ukrainian citizens
Allianz Ireland
who have arrived in Ireland settle in and we have taken Our customers’ home insurance cover will not be
some practical steps to make their adjustment to Irish impacted in any way while doing this act of kindness, in
life easier. These are the first steps and where possible, fact we will automatically increase their contents sums
we will be adding more measures to help as time goes insured by €5,000 while housing Ukrainian refugees
on. regardless of whether any contents cover currently
We will accept drivers holding Ukrainian driving licences exists.
on existing and new car insurance policies. Allianz As we welcome more Ukrainians into Ireland over the
Retirement Income Funds customers can add a Ukrainian driver aged above 25
with a full clean Ukrainian driving licence, to their car
coming weeks and months, Allianz will continue to do
what we can to help.
There are four Irish Life REPS ranging from lower-risk, where more of the portfolio is invested in cash and bonds, to higher-risk where more is insurance policy temporarily for up to 30 days at no
extra cost or permanently -where a cost may apply.
invested in shares. This means that if you are a low-risk, medium-risk or high-risk investor there is an Irish Life REP that may suit you.
Ukrainian drivers will be able to insure both Ukrainian
The funds are designed to provide peace of mind for investors in retirement. Based on an investor’s attitude to risk, they will have a specific and Irish registered vehicles with Allianz. To help these
risk rating between rating 1 (Safety First) and risk rating 7 (Very Adventurous). Each of our Irish Life REPS is designed for a specific Irish Life
(IL) risk rating.

NFP acquires ReSure, continues to grow business in Ireland

NFP, a leading insurance broker and consultant providing engaged in the growth of the business, working with
Irish Life fund risk scale property and casualty (P&C), general insurance, NFP to bring added value to new and existing clients.
corporate benefits, retirement, and individual solutions,
“Our ambition at ReSure is to continue our incredible
recently announced it has acquired Irish-owned ReSure
growth journey to scale the business and support our
IL1 IL2 IL3 IL4 IL5 IL6 IL7 Corporate Brokers, a specialist commercial insurance
clients as they expand into new markets and sectors.
broker. This marks NFP’s third acquisition in Ireland
In joining the NFP family, we also see great value in
within the past two years, having acquired local brokers
integrating our insurance solutions and services with
> Focus on HMP Insurance and Pension Advisors and Aiken
NFP’s corporate benefits and wealth management
8%
Insurance Limited.
10.5% 15% 14% 13% Defensive clients.
9% 9% Income yielding Established just over two years ago, Dublin-based
30% “I cannot let this moment pass without acknowledging
8% 10% 10% assets ReSure currently employs 14 people and is among the
8% the overwhelming support we have enjoyed from
fastest growing corporate insurance brokers in the Irish
REP2 REP3 REP4 50% REP5 > Engineered our loyal clients and our excitement in continuing our
market, generating gross written premiums valued at
strong partnership for years to come,” said Aidan Brady,
5% to mitigate more than €24m in 2021. To date, the business has
managing director at ReSure.
27% Sequence of focused on enhancing its specialist capabilities by
57.5% 41% 75% Returns risk supporting complex risk placements in Restructuring, He added: “In NFP, we have found a likeminded partner
Recycling, Real Estate, Construction, Domiciliary with shared values that will help us accelerate and
> Offers Flexibility Homecare and Financial Lines, among others. achieve this plan and help to create further opportunities
recognising for our talented team to continue to thrive and prosper.”
John Paul Allcock, UK and Ireland managing director at
Shares Cash Bonds Property Alternatives design for choice NFP, commented: “NFP always looks for quality over Commenting on what this latest acquisition means for
quantity and the market feedback about ReSure’s NFP, Matt Pawley, NFP’s managing director in Europe
Source: Irish Life 2020 business, culture and management team was exemplary. said: “We are delighted to welcome the ReSure team
We have acquired a terrific business with great clients to the NFP family. They are a great fit in terms of
If you are interested in any of our REPS funds and want some further information, please don’t hesitate to contact your account manager and extremely talented brokers and client managers. people, expertise and attention to customer service
who will be happy to help you. Most importantly, we are confident they will fit into and relationships. We are very confident they will make
the culture of NFP, which encourages independence, significant contributions that elevate our business
entrepreneurial spirit, ethics and a focus on doing the further in Ireland and across Europe as we continue to
right thing for employees and clients.” expand and seek new opportunities for growth, both
organically and through additional smart acquisitions.”

For more details go to

ReSure’s directors, Aidan Brady, Ross Barron and Garry
Fitzroy, have built on their deep experience over two
decades working in the global and local insurance
broking environment. The Directors and full team at
www.bline.ie/myretirement-pathfinder ReSure will continue in their roles and remain fully

Irish Life Assurance plc is regulated by the Central Bank of Ireland.

Irish Life Financial Services Ltd. is regulated by the Central Bank of Ireland. 017
 For financial advisers only

Customer Self-Service:
The Future of Better Serving our Clients
IN previous articles, I began my three-part Offering online customer self-service options is a must-
have for every industry, and we see consumers and
series on trends driving the insurance brokers look to replicate this ‘must have’ for insurance
industry and discussed how cloud too.
technology is enhancing a better future Insurance must keep up
in insurance. The second trend that is The insurance industry has typically been slow when it
driving the insurance industry, and one comes to digital transformation, but it is not immune to
of Applied’s focus areas for the year, is the increasing need for online self-service and mobile
Stephen Murphy, apps.
Senior Director, customer self-service.
Consumers around the world agree that they should
Customer Self-service options provide customers with faster have the option of buying and servicing insurance
Experience, solutions to make policy changes or access their online. Accenture’s Technology Vision report states
Applied Systems insurance information on their own time instead of that 72% of consumers believe they should be able to
connecting with insurance agents over the phone. Whilst purchase, amend and renew insurance online.
digital capability was already a hot topic, it was the
When consumers can access their insurance documents,
worldwide pandemic that saw the focus on this growth
manage renewal processing and payment and adjust
exponentially. Today, for many, this now has become a
their policy details from the palm of their hands, they
key expectation amongst most customers.
can feel much more in control and taken care of by their
In fact, a survey by Deloitte called “Serve Them Before insurance provider. Not only is online customer self-
You Lose Them” showed that 52% of consumers are service beneficial for the consumer, it also has many
willing to switch providers for greater online service and benefits for the broker. Whilst customers manage many
that businesses can experience 60% higher profits by of their own tasks in the portal, staff are relieved of
focusing on providing greater online customer service. administrative calls and tasks, allowing them to focus on
Customers have changed the expectations of their more revenue-generating activities. Self-service portals
service with their focus on online self-service options. As also bring in more online traffic and help brokers provide
we continue further into the digital future of insurance, better service by delivering more customer data. Overall,
we expect it will determine the success of any customer- it’s a win-win solution for both digitally-savvy brokers
facing organisation. and consumers alike.
Self-service in the everyday Technology to elevate brokerages
People have become distinctly more tech-savvy and self- Recently, more brokers in Ireland have adopted self-
reliant, and even the most technologically-challenged service portals to allow their customers to access their
customers are using online options in their daily lives. It policies, request information, and more whenever and
has become the norm for people to order their groceries wherever they want.
online and have them delivered to their homes with a
Technology like Applied CSR24, the cloud-based
few taps on their phones. Customers are using apps to
client self-service software, enables brokerages to
easily view their bank accounts and deposit their money,

With our new funds,

provide today’s insurance consumer demand with
book travel tickets and access real-time travel updates,
24/7 access to policy information, premium payments,
access medical certificates, and take control of and
and insurance documents. The benefits that come
manage many aspects of their daily lives.
from online self-service options are truly building

all the heavy lifting

momentum in the insurance market. In fact, Applied
saw a 9% increase in the adoption of self-service portals
in 2021, demonstrating the industry’s ability to answer
consumers’ growing demand for digital experiences.

is done for you.

Having the right technology that delivers the capabilities
that today’s insurance consumers expect, further
cultivates those lasting relationships with the consumer
and can result in profitable retention for the brokerage.
The time for customer self-service in insurance is here
and it offers many benefits to both the consumer and
the broker. From meeting the digital demands of today’s Standard Life introduces five new Global Index Funds, with all of the underlying
consumers to eliminating redundant administrative assets managed by Vanguard.
tasks for brokers, customer self-service options are
crucial to the success of a brokerage of any size. As the The mix between equities and bonds will be rebalanced regularly to ensure the
industry continues to digitally evolve, we are excited asset mix remains fairly constant over time.
to see how brokers provide self-service technology to
their customers to deliver an autonomous and digital And all of these benefits come at a lower cost than you might think.
experience, and we would be happy to discuss ways
to start your business’s online customer self-service
journey. Learn more at brokerzone.ie
If your client invests in these funds they may lose some or all of the money they invest. The value
of their investment may go down as well as up. This investment may be affected by changes in
currency exchange rates.
Standard Life International dac is regulated by the Central Bank of Ireland. © 2021 Standard Life. All rights reserved.

018
 When bonds are broken… This bond market adjustment was somewhat inevitable issues without appropriate financial, insurance, investment or other
in the post-Covid-19 world as various pandemic professional advice. The content of this document is for information
purposes only and does not constitute an offer or recommendation
programmes are unwound and rates are more to buy or sell any Investment/Pensions or to subscribe to any
THE global bond market has had a horrible year by any historic standards. At time of writing, the aggressively raised both to help counter inflation and to investment management advisory service.
ensure that central banks have the capability to smooth
global bond market had seen a drop of 8.1% year to date, making it amongst the worst ‘drawdowns’ out the slowdown that will emerge in the next couple
All opinions and estimates constitute best judgement at the time of
publication and are subject to change without notice.
in the past century. To add insult to injury, this comes on foot of a negative year in 2021 and two of years. It is likely that the bulk of this adjustment has Investment Markets is an investment management unit within Bank
consecutive years of losses simply hasn’t happened in recent history. been made but there remains a difficult path in the of Ireland. Bank of Ireland trading as Bank of Ireland Investment
months ahead before it completes. However as yields Markets is regulated by the Central Bank of Ireland. A member of
Table 1: Annual returns in global bond markets in past 4 decades continue to edge higher, and hopefully the worst of the Bank of Ireland Group. Bank of Ireland is a tied agent of New Ireland
Assurance Company plc for life and pensions business.
inflation data begins a slow march back down, it’s likely
Year Return Year Return Year Return Year Return that bonds will once again begin to look attractive to New Ireland Assurance Company plc is regulated by the Central
Bank of Ireland. A member of Bank of Ireland Group.
Kevin Quinn, longer term investors, both for their yield and for their
Chief Investment
1990 11.2% 2000 3.2% 2010 5.5% 2020 9.2% diversification benefits in a wider portfolio.
Warning: Past performance is not a reliable guide to
Strategist, 1991 16.0% 2001 1.6% 2011 5.6% 2021 -4.7% To find out more about our New Ireland Investment future performance.
Investment
Markets,
1992 5.8% 2002 17.1% 2012 4.3% 2022 -8.1% Proposition, pleasetalk to your New Ireland Account Warning: The value of your investment may go down
Manager. as well as up.
New Ireland 1993 11.1% 2003 12.5% 2013 -2.6% Terms and conditions apply. Exit tax (up to 41% currently) applies Warning: This product may be affected by changes in
to gains on life assurance investment policies. A Government levy currency exchange rates.
1994 0.2% 2004 9.3% 2014 0.6% (currently 1% of the premium amount) applies to all premiums paid to Warning: If you invest in this product you could lose
a life assurance policy. The information provided is general in nature some or all of the money you invest.
1995 19.7% 2005 -4.5% 2015 -3.2% and may have been condensed.

1996 4.9% 2006 6.6% 2016 2.1% While great care has been taken in its preparation, this article is of
a general nature and should not be relied on in relation to specific
1997 3.8% 2007 9.5% 2017 7.4%
1998 13.7% 2008 4.8% 2018 -1.2%
1999 -5.2% 2009 6.9% 2019 6.8%
Global Broker Group to acquire Killarney based Broker
Source: Bloomberg April 2022 GALLIVAN Murphy Insurance Brokers Limited (“GMIB”), management team to help us grow our footprint in
a Killarney based Broker, operating nationally, is pleased Ireland as we look to continue our expansion at pace.”
Interest rates & inflation of writing, the US ten year yield has been within touching to announce it has reached agreement that will see
Tadgh Gallivan, Chairman commented, “After 33 years
distance of 3% p.a. – a long journey from the low of its family-owned, high-growth brokerage acquired by
The first cause is the natural resetting of interest rates building a successful and rapidly growing business,
1.7% seen just after the outbreak of the Ukraine war. In US headquartered AssuredPartners. The transaction,
from the very low levels that had prevailed during the we are delighted to partner with AssuredPartners to
another significant milestone, US real ten year yields (i.e. which is subject to customary regulatory approval, is
Covid-19 pandemic. However, the more immediate become their platform for growth in the Irish market. The
the nominal yield less inflation for that timeframe) are anticipated to complete in June 2022.
catalyst is the surge in inflation, which in turn has multiple mutually strong cultural fit was evident from the outset
positive for the first time since the pandemic began.
causes. Principal amongst these is the rise in energy Founded in 1989 and based in Killarney, Co. Kerry, GMIB of our discussions and in our shared ambition to further
prices that began during the pandemic and accelerated Figure 2: Spread between US 2 and 10 year yields in operates nationally and has a strong and rapidly growing accelerate GMIB’s growth trajectory both organically
with the recent war in Ukraine. With European inflation 2022 book of both personal and commercial lines business. and through acquisition.”
reaching 7.4% p.a. and US inflation at 8.5% p.a., both Organic growth over recent years has been driven by
Denis Murphy, Joint Managing Director commented,
the European Central Bank (ECB) and the US Federal significant investment in online functionality with GMIB
“We are truly proud and excited to be teaming up
Reserve (the Fed) have shifted to a much more hawkish placing in excess of €60m Gross Written Premium (GWP)
with AssuredPartners, a global Insurance Broker with
policy setting, with the market now anticipating multiple annually and reporting revenues of €15m.
over 8,500 employees worldwide. This is a watershed
rate rises over the coming 12 months. A year ago,
GMIB’s 85-strong team will all remain in place under the moment for GMIB and for the broader insurance industry
markets had anticipated that it would be 6-7 years
leadership of joint Managing Directors, Simon Gallivan in Ireland as a new global player chooses a Killarney
before European interest rates would be positive, that
and Denis Murphy. Tadgh Gallivan will continue in the based brokerage as its future growth hub in Ireland.
is now closer to 12-24 months. German 10 year yields
business in a non-executive capacity and will be involved It is testament to our superb team and an exciting
have been rapidly moving towards a milestone of 1%
in identifying further opportunities for expansion in the development as we seek to grow our staff numbers
p.a., levels not seen since 2014 (See Figure 1).
Irish market place. almost three-fold, to 250 staff over the next 3 to 5 years.
Figure 1: German 10 year bond yields since 1990 Given the scale and resources of AssuredPartners this is
AssuredPartners is one of the fastest-growing,
a very positive development for existing and new clients
independent insurance agencies in the United States,
of GMIB who will continue to receive excellent customer
UK, Ireland and Europe. This latest addition to the group
service and competitive insurance premiums. “
marks another important step in its growth strategy by
Source: Bloomberg 19.04.22
establishing a presence and acquiring a scalable growth Simon Gallivan, Joint Managing Director, commented:
All told, 2022 to date has been a more dramatic one platform in the Irish marketplace. It follows recent deals “Building GMIB through exceptional client service
in bond markets than has been seen for a long time. in Scotland and several across England. Founded in has been our passion, so finding the right partner to
Yet despite the slowing that is becoming evident in 2011, AssuredPartners has acquired in excess of 400 help us continue that journey was critical for us. The
the global economy, economic growth has continued agencies, and has offices in 5 countries, 35 states in the AssuredPartners’ approach gives us the ability to remain
at or above trend growth levels, for now at least. The US and has circa 8,500 employees making it one of the focussed on our core strategy of delivering exceptional
rapid adjustment that the bond market is undergoing is largest independently owned Brokers in the world. value and superior customer service to our clients
a challenging one for any low risk oriented investors. across Ireland. We are excited at the opportunities this
David Heathfield, CEO AssuredPartners UK & Europe,
Source: Bloomberg 19/4/2022
Ensuring a diversified portfolio – as is available in our partnership brings to the business and our staff as we
said: “We are delighted to have the talented team
PRIME Funds. Goodbody Fund and iFunds Ranges – jointly target further growth across Ireland with the
In the US, bond markets also served up a short dose at GMIB join AssuredPartners. GMIB has a strong
is a key ingredient at times like this for investors. Year support of a strong, ambitious, parent.”
of ‘yield curve inversion’ as the most watched shorter reputation and has demonstrated an enviable ability
to date the losses in global stock markets have been
dated rates rose above longer dated ones in early April. to scale their business organically over the last several
more modest and other asset classes ranging from
Often cited for its reliability as a predictor of recessions, years making it one of the largest independently owned
alternatives to commodities to currencies such as the
it was to last a mere 3 days, and was soon forgotten as Brokers operating in the Irish market. We are excited to
US Dollar have helped to offset the worst of the bond
longer dated yields moved significantly upwards. At time benefit from the skills and in depth knowledge of their
falls in these funds.

020 021
Aviva launches new charity partners to
support its sustainability ambitions

LAST year, Aviva launched its sustainability ambitions, culminates in an awards event each May to recognise
one aspect of which saw it commit to being a net zero the contribution of young people nationwide across a
Business by 2040. As outlined by the UN Sustainable range of social themes. Partnering with Young Social
Development Goals, sustainability is about much Innovators, Aviva are supporting young people’s
more than just an action to tackle climate change. At projects submitted under the ‘strong and caring
Aviva, three strategic pillars underpin its sustainability communities’ theme through which young people are
ambitions: - co-creating and implementing solutions that improve
z Climate Action the communities in which they live. In this way, Aviva
is helping to build community resilience and social
z Stronger Communities
capital.
z Sustainable Business
The sustainable business pillar encapsulates all the
Aviva is excited to launch a number of new charity things that one would expect to see from a socially
partnerships with charities whose goals align with the responsible organisation. This ranges from who a
ambitions above and with whom the company can have company choses to do business with, environmental
significant impact in the communities that it operates and human rights considerations included in the
and where its employees work, and customers live. supplier on-boarding process, to how Aviva looks after
Under the Climate Action pillar, Aviva has partnered its people with strong well-being initiatives as well
with Foodcloud an Irish not for profit social enterprise as the training offered to employees. A particularly
that creates solutions to redistribute surplus food. important strand of this pillar is Aviva’s goals around
Through their warehouse and technology solution, diversity and inclusion including female leadership
they tackle the twin issues of food waste and food within the business as well as the carers, balance, and
insecurity by redistributing surplus food from retailers pride committees that are already in place. To help Aviva
and the food industry to their network of more than achieve its goals in this area and give its employees
600 charity and community group partners in Ireland. expertise through skill sharing type volunteering, it
Globally, food waste accounts for between 8-10% has partnered with the National Women’s Council of
of greenhouse gas emissions and in Ireland we Ireland. The Council’s annual activity will culminate
waste around one million tonnes of food annually. in the FemFest event which focuses on barriers for
With a vision of a world where no good food goes to women into leadership roles.
waste, FoodCloud works with leading retailers, food Speaking, Brian O’Neill, Head of Communications,
companies, non-profit organisations, government Sponsorship and Sustainability at Aviva Ireland said:
and the wider business community to drive progress ‘’We are delighted to announce these new strategic
towards a Circular Economy for our food systems. partnerships where we can support each other with
Aviva’s employees will be volunteering across the our aligned goals and have the greatest possible
three distribution hubs located in its office locations in impact in our local communities’’.
Dublin, Cork, and Galway. The engagement of Aviva’s employees is an integral
The ‘stronger communities’ pillar means looking at part of the overall ambition and, although all three of
how Aviva’s community investment can have the most its national partners have a presence in each of its
impact under the themes that it has identified as part of office locations, the company wanted to maintain the
the sustainability ambitions, building climate, financial successful regional partnerships. Aviva has renewed
and wellbeing resilience into its local communities. its relationship with Galway Rape Crisis Centre and
Young Social Innovators works with around 7,000 have newly partnered with Rainbow Club Centre for
teenagers each academic year, inspiring, empowering Autism, in Cork. Aviva looks forward to working with
and equipping them to explore and take innovative all its new partners to help achieve all combined goals.
action on social issues they care about. The year

023
 Aviva announces three new charity partners
Linked to our sustainability ambitions:

Climate Action Stronger Communities Sustainable business

FoodCloud tackles the twin issues of emissions YSI empowers young people to create innovative The National Women’s Council’s ambition is an
from food waste and food insecurity by solutions to social challenges. Aviva’s support Ireland where every woman enjoys true equality
redistributing surplus food to communities will inspire, enable and recognise their efforts to and no woman is left behind. Aviva’s support
aligning with Aviva’s ambition to be a net-zero build strong and caring communities and help will be there to help them build a more inclusive
company by 2040. create a better world. future.

Also two regional partnerships

for our Cork and Galway offices:
Visit aviva.ie/charity-partners for more info.
Aviva Life & Pensions Ireland Designated Activity Company, a private company limited by shares. Registered in Ireland No. 165970. Registered office at Building 12, Cherrywood Business Park, Loughlinstown, Co. Dublin, D18 W2P5.
Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland. Tel (01) 898 7950.

Aviva Insurance Ireland Designated Activity Company, trading as Aviva, is regulated by the Central Bank of Ireland. A private company limited by shares. Registered in Ireland No. 605769. Registered Office: One Park Place, Hatch Street, Dublin 2, Ireland, D02 E651.
 compliance
IN FOCUS MAKE YOUR EVENT
FORGETTABLE.
Elizabeth Smith Wright, Brokers Ireland

Amendments to the list of Pre- Approved

Controlled Functions (PCFs)
THE Central Bank issued a Notice of Intention in The Central Bank advised that the amendment to PCF 15
September 2021, in respect of amending its list of Pre- (Head of Compliance with responsibility for Anti-Money Hiscox provides tailored, specialist Event
Approved Controlled Functions (PCFs). On the 5th of April, Laundering and Counter Terrorist Financing Legislation)
the CBI published its feedback statement and amending was proposed to reflect the number of appointments insurance for occasions of all types, leaving
regulations which confirmed that they were proceeding of individuals to carry out an AML-role (as opposed to
with their proposals to: within the remit of the role of Head of Compliance). The organisers and guests to remember the fun stuff.
z Splitting the existing PCF-2 Non-Executive director amendment does not result in any additional or changed
into PCF-2A Non-Executive director and PCF2-B requirements regarding the appointment of separate
Independent non-executive director; individuals to PCF-12 (Head of Compliance) and PCF-
52(Head of Anti-Money Laundering and Counter Terrorist
Talk to your broker about Hiscox specialist
z Removing the existing PCF-15 Head of Compliance
with responsibility for Anti-Money Laundering
Financing Compliance). Firms are required to review
its functions to determine whether the role meets the C
insurance products today.
and Counter Terrorist Financing Legislation and
substance of PCF-52. The feedback statement confirms
introducing PCF-52 Head of Anti-Money Laundering M
that it is possible that a regulated firm may not require
and Counter Terrorist Financing Compliance;
a specific PCF-52 and also that individuals can occupy Y www.hiscox.ie
z Amending the titles of the roles which relate to the more than one PCF role e.g., an individual could be listed CM
chairing of a board or committee i.e., PCF-3 – PCF-7; as PCF-12 and PCF-52. It is not a requirement for all firms
z Expanding PCF-16 Branch Manager of branches in to have these roles, for example, depending on the nature MY

other EEA countries to include branch managers in and scale of the firm, the PCF 1 (Executive Director)/PCF CY

non-EEA countries; 10 (Soletrader) may have responsibility for all roles within
z Removing PCF-31 Head of Investment the firm. CMY

ACTION REQUIRED BY MEMBERS

K

The expectations around having an Independent non-

executive director were discussed at our most recent bi- Segregation of PCF-2
annual meeting with the Central Bank in February and it
was clear there is no expectation from the Central Bank All individuals currently occupying PCF-2 will be
that all firms must have an independent non-executive redesignated as PCF-2A (Non-Executive director). As
director. Given the nature and scale of our members, for outlined previously, it is not a requirement that firms
most this will not be relevant. However, it is useful for have an Independent non-executive director (PCF-2B),
members to understand the role of Independent Non- therefore, only where applicable, firms are required to
Executive Director. submit confirmation via in-situ process (via the Online
Returns system – at the time of writing, this has yet to be
In the feedback statement, the Central Bank noted requests made available/confirmed) of any PCF-2B designations to
for the provision of guidance for use in the assessment the Central Bank by 3 June 2022.
of the independence of directors within the PCF-2A Non-
Executive director (PCF-2A) and PCF-2B categorisation. Segregation of PCF-15/Introduction of PCF-52
The Central Bank advised that the use of the definition of,
Firms are required to review its functions to determine
and criteria for use in assessing, director independence
whether the role meets the substance of PCF-52. It is
contained within the Central Bank’s Corporate
possible that a regulated firm may not require a specific
Governance Requirements (for Credit Institutions, for
PCF-52.
Insurance Undertakings and for Investment Firms and
Market Operators) best practice, it is acknowledged that z There is no action required from firms where an
the Corporate Governance Requirements do not apply individual holds an existing PCF-12 designation.
to all sectors (e.g., Brokers). The guidance outlines z With respect to in-situ PCF-15s, this designation will
that independent non-executive directors should bring be end-dated, and firms are required to notify (via
an independent viewpoint to the deliberations of the the online reporting system in-situ return) the Central
board that is objective and independent of the activities Bank of the appropriate PCF designation(s) of the
of the management and should have relevant skills, individual i.e., either or both PCF-12 and PCF-52 by 3
experience, and knowledge (such as accounting, auditing June 2022.
and risk management knowledge) who shall provide an
independent challenge to the executive directors of the
board.

026
 A standout choice - important and so is the price they pay for it. That’s why
Royal London Ireland aims to always offer the best
investment company in the UK. The group has assets
under management of €195 billion and 8.8 million

Mortgage Protection from Royal London Ireland

cover at competitive prices. In some cases, Mortgage policies in force (Figures as at 31 December 2022).
Protection is available for as little as €10 per month Royal London Ireland is also very well capitalised, with

“
(including 1% Government Levy).^^ an overall solvency ratio of 201%.^^^ This shows that,
Royal London Ireland price matches against all as well as having enough capital to pay all liabilities,
competitors in the market. Financial Brokers can also including predicted future claims, it has 2.01 times the
avail of the Broker Supportive Offer on Mortgage capital required under Solvency II rules.
Protection, choosing between a price discount for their Karen concluded, “Our Mortgage Protection product is
With Mortgage Protection from Royal clients, extra commission or a mixture of both.* an excellent choice for any mortgage holders wanting
London Ireland, we’re confident that Committed to our Customers in Ireland to financially protect themselves and their family. The
strong product features and competitive pricing are
Financial Brokers can offer their Based in Dublin, Royal London Ireland has a strong
the best available. And are backed up by our financial
heritage in Ireland and has been protecting customers
clients the best cover in the market here for over 190 years, most recently known as stability and the strength of our parent company, so
Karen we’re confident that Financial Brokers can offer their
Gallagher, and at the lowest price. Caledonian Life. Our excellent customer service and
mutual mindset means we take a longer-term view and clients the best cover in the market and at the lowest
Interim Head price.”
focus on providing the best customer outcomes and
of Proposition,
customers can trust us to be there for them when it If you have any questions about Mortgage Protection
Royal London counts. from Royal London Ireland, get in touch with your
Ireland Broker Consultant.
Financially Sound
* Terms and conditions apply.
ROYAL London Ireland is a strong believer in the value of monthly payments won’t start until one month has The financial security of a life insurance company is also
** Subject to underwriting at the time the original policy is taken out.
advice that you, Financial Brokers, provide your clients passed. a key concern when you’re recommending protection
products. A life insurance company that’s financially ^ Helping Hand is available for a new Royal London Life Assured and
in order to help build their financial resilience. That’s Because your client’s exact mortgage drawdown date their family. ‘Family’ means the spouse or partner of the Royal London
why its award-winning Mortgage Protection cover is only might be uncertain, this helps make sure they’re not strong and stable will be able to honour its promise to Life Assured and their children. Service can be withdrawn at any time.
available from Financial Brokers, ensuring customers paying for cover when they don’t need it, and that pay out, if and when your clients need it to.
^^ Excluding Mortgage Protection with Specified Serious Illness
are provided with personalised advice tailored to their everything is approved and in place when they do. Royal London Ireland is owned by a large, secure group, Cover. Terms and conditions apply.
individual circumstances. And as Financial Brokers, you The Royal London Mutual Insurance Society Limited, ^^^ Figures as at 31 December 2021.
Instant TLC (Temporary Life Cover)
need to be confident that you’re recommending the best which is the largest mutual life insurance, pensions and
option to your clients. Instant TLC is a unique service from Royal London
Ireland that provides temporary Life Cover for up to four
Mortgage Protection from Royal London weeks during the application and underwriting process.
Ireland at a glance So, for no extra cost, your clients are protected even
z Joint Life cover for the same price as Dual Life cover before their policy officially starts.*
One month’s free cover You clients can get Instant TLC for the sum assured

Smart
z
z Instant TLC (Temporary Life Cover) applied for, up to a maximum of €500,000 across all
z Best-in-market reinstatement period applications. It’s available on all new applications for Life
Cover for customers aged 60 or below.

insurance
z Conversion Option
z Helping Hand service With this market first service, Financial Brokers can finish
a client call or meeting confirming valuable Life Cover is
Competitive pricing

for smart
z
already in place - with no premiums being paid.
Royal London Ireland was recently awarded Best
Best-in-market Reinstatement Cover
Mortgage Protection at the 2022 bonkers.ie National
Consumer Awards, for the fifth consecutive time. A reinstatement period of up to 100 days is available.
Commenting on the win, Karen Gallagher, Interim Head
of Proposition at Royal London Ireland said, “We were
praised by the National Consumer Awards for our
So, in difficult times, customers can reinstate their policy
within 100 days of missing a premium, without having to
provide new medical evidence. This is available on all
homes
new policies sold since September 2019.
Mortgage Protection’s customer-focused approach,
competitive pricing and unmatched benefits. Being Competitive Conversion Option
recognised, yet again, by a panel of independent Customers can add a Conversion Option on their policy
industry experts as having the strongest Mortgage at a seriously competitive price of just 5% extra in
Protection proposition in the market is something we premiums,** allowing them to convert their policy to a
are proud to offer you and your clients.” new Royal London Ireland policy in the future without
Here’s why Mortgage Protection from Royal London having to provide evidence of health.
Ireland is the standout choice: Helping Hand Service
Bespoke insurance for
Customer-focused approach with If your client or their family experiences a serious illness,
injury or bereavement during the term of their policy, your important clients.
unmatched policy features
they can access additional support beyond a financial
Double the cover for no extra cost pay-out through the Helping Hand service.
Mortgage Protection from Royal London Ireland is Helping Hand gives your clients one‑to‑one personal
available on a Dual Life basis for the same price as Joint support from their own dedicated nurse from RedArc dualgroup.ie
Life – meaning your clients can get double the cover for who can help them and their family cope with the T: 01 664 0001
no extra cost. devastating effects that illness or bereavement can E: [email protected]
One Month’s Free Cover have. It’s available from the day their Royal London
When they take out a policy with Royal London Ireland, Ireland policy starts for no extra cost.^ DUAL Underwriting Ireland DAC is regulated by the Central
Bank of Ireland. Registered No. 633531. Registered office:
your clients can get one month’s free cover. If selected, Competitive pricing 98 St. Stephen’s Green, Dublin 2 D02 V324. 04/22 5589
this means that when their application for cover is
Getting protection that suits your clients’ needs is
accepted, they can be insured straightaway, and the

028 029
 Aviva Ireland lends vacant units in Dublin city centre to
Protecting
support free pop-up shop for Ukrainian refugees
AVIVA has a track record of using its vacant property items free of charge. In addition to essential goods,
Your Clients
units for the benefit of the wider community including the refugees can avail of an information centre and
providing free temporary pop-up shops for small
businesses through the Champion Green initiative
and providing a residential apartment to junior
in time, will be able to get a haircut and access to
a psychologist, all free of charge. As the shop is
managed and run by Ukrainian volunteers, it also
€106m in Protection Claims paid in 2021
doctors during the House the Heroes campaign. With serves as a hub to meet with other Ukrainian people,
the conflict in Ukraine, Aviva again wanted to support providing a support network for each other. In 2021, we’ve paid out over €106 million and helped get income protection customers back on
an important and urgent community need.
Commenting Ruslan said: “Usually setting up outlets their feet with €200,000 spent on rehabilitation.
Suzie Nolan,
Aviva has provided two vacant shop units in Dublin such as these on Clarendon Street takes months
Head of
city centre rent free, to Ukrainian businessman, to happen, but all of this was organised within
Property Fund
Ruslan Mocharskyy, the owner of the popular coffee less than a week because of the wonderful and
Management,
chain, The Art of Coffee. The retail spaces which generous response that I received. I can’t believe we
Aviva Life
are part of Aviva’s Irish Commercial Property fund, are standing here now and that we have so many
& Pensions
are being used to host storage and a free shop for people availing of the essential items that have been
Ireland DAC
Ukrainian refugees, called the Palyanytsya Centre. donated. Some of the refugees came with literally a
The shop is based at No 44 Clarendon Street and small suitcase or some documents, depending on
the storage/drop-off unit located at No 41 Clarendon their circumstances. I’m really happy and proud that
Street. this is available in Dublin city centre, which means
that it is easily accessible because of the public
Aviva staff, brokers and the general public are very
transport”.
welcome to donate essential items for the shop.
When asked about what people who wish to donate Suzie Nolan, Head of Aviva’s Property Fund We paid out over To more than That’s equal to We spent

€106m 2,500 €291k €200k

should give, Ruslan advised the following: “Think Management said: “Having spent some time with
about what you would need if you had to flee your Ruslan in the shop, I am blown away by what he is
home in the midst of war in your country.” As the doing, not only in the shop but with all of the other
Ukrainian refugees are arriving into Ireland with vital supports that he is putting in place. It was heart- in 2021 claimants every day on rehabilitation for
a small number of their worldly possessions, they breaking to see the queue of people waiting to gain claimants
are welcome to visit the shop and pick up essential entry, but equally amazing that there is now a free
shop where they can go to get necessary supplies”.
The shop supplies clothes, shoes, toiletries, toys and
books, all donated by the Irish public. With between
500-600 people visiting the shop every day, it is Income Protection Life Protection Specified Illness
clear there are urgent needs to be met. Aviva has
been encouraging brokers and the general public
to donate new items, where possible, to Unit 41
Clarendon Street, which is being used for storage.
Aviva has also set up drop off points in all three of
its office locations in Cork, Dublin and Galway, so
employees nationwide can contribute to the cause.

€46m
Items requested by Ruslan, for Ukrainian refugees
include:
z Clothing
z Baby food
€50.5m €10m
z Baby formula
was paid to paid to approx. was paid to approx.
z Sanitary products approx. 2000 claimants 408 claimants 126 claimants
z Hair care products and accessories
z Toiletries
z Items for children such as colouring books,
pencils, crayons, toys etc. For protection you can trust, it takes Aviva.
People can drop-off in person or by online delivery,
directly to No. 41 Clarendon Street, Dublin 2, D02
TY75 from anywhere in the country.
For more information, please contact your
Suzie Nolan, Head of Aviva’s Property Fund Management with Ukrainian
Account Manager or visit avivabroker.ie
businessman, Ruslan Mocharskyy, owner of the popular coffee chain,
The Art of Coffee, pictured outside the Palyanytsya Centre at No 44
Clarendon Street. Terms and conditions apply.

Aviva Life & Pensions Ireland Designated Activity Company, a private company limited by shares. Registered in Ireland No. 165970. Registered office at
Building 12, Cherrywood Business Park, Loughlinstown, Co. Dublin, D18 W2P5.. Aviva Life & Pensions Ireland Designated Activity Company, trading as
030 Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland. Tel (01) 898 7950. www.aviva.ie.
 Investing during turbulent times with
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WE’RE all very familiar with the age old saying – it’s But what if lump sum investors could benefit from the
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what investors have experienced over the last number benefiting from unit cost averaging.
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for many (investment funds) has experienced a period markets fall it may take time to recoup their original

“
of volatility which can stop investors making a decision investment (hence why so many people remain invested
about moving their money. I’m sure you’ve heard many in cash).
clients tell you that in the current environment they’d
rather leave their money on deposit until ‘the markets
sort themselves out’! Now this seems to go against all Market timing can be a big
investment logic but from a human nature perspective,
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But when is the right time to get your customer to invest? as it requires a constant monitoring
Unfortunately, there’s no right answer. We can try to of daily events and also requires
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struggled with this as it requires a constant monitoring This fear leads to the paralysis and inertia we see with
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market timing. This can leave investors with the desire Autoinvest from Zurich could reverse this course. Unit
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appliedsystems.ie

032
 Aviva continues to transform its Commercial Lines Anne Marie McGovern CIP
Anne Marie has been an integral part of
responsibility as Country Financial Markets Leader. In 2017
she moved to AIG to take up an underwriting position as

business with new hires and additional product lines the team since 2019. For the last 22 years Team Leader for Professional Indemnity and Cyber Liability.
she has worked in various roles across the Michelle has held positions on the Insurance Institute
Irish Commercial insurance market. She of Dublin Council, the National Council of the Insurance
brings with her a wealth of commercial Institute of Ireland and as a member of the MyIBA committee,
LAST year saw the start of the transformation of the commercial lines business in Aviva, as we profitably grew our experience including underwriting, risk part of the Irish Brokers Association, now Brokers Ireland.
portfolio by 20% year-on-year. Through the year, we delivered a range of new products to the market including surveying and claims handling. These Amanda Lynch
Professional Indemnity, D&O, School Fee Surety, Self-Build, Management Liability and new propositions such as skillsets combine to allow Anne Marie to
underwrite risks on a more granular and Amanda joins Aviva as Trademark Team
our large corporate offering and increased our schemes business. Our plan this year is to continue to build on our Leader bringing extensive experience
detailed level. She is looking forward to
market share in both the SME and large risks market with our commercial combined product Trademark and our building on the strong relationships that she has established in managing and leading a large team
Fleet product. We are also developing a pipeline of new products to be made available to our brokers such as with brokers. She recently joined the Sligo Insurance of Commercial Underwriters. She will
Crime, Cyber, Latent Defects and Renewables. Institute Council and is keen to be actively involved in local work closely with her team to ensure the
events and making a difference for institute members. development and growth of our Trademark
business and will be responsible for
Brian Mahon, Deirdre Boyd CIP providing strong leadership and clear
Managing Deirdre looks forward to delivering direction to her team. Amanda has a
Director, exceptional results and a superior service strong technical background in property
Commercial to brokers, building on strong broker and liability classes of insurance and will ensure a high-
Lines, Aviva relationships that she has already formed. quality service is provided to all. She has almost 30 years’
experience with RSA Insurance of which 18 years has been

“
Insurance She has worked in the insurance industry
since 2007, starting initially in Personal in a team leadership role.
Ireland DAC
(Aviva) Lines, Claims Handling and then moving
to Underwriting in Commercial Lines.
Key roles within her Commercial career
include being the Lead Underwriter on a large Insolvency
Scheme and the co-ordinator for Claims and Surveys in I am delighted to introduce
Contessa Ltd. She is excited to be underwriting for Aviva
and contributing to the success of the Cavan based team.
some of the best commercial
In addition to the new recruits above, we are pleased to underwriting talent in the market
announce some additional key hires that will add strength
and depth to our Commercial Lines Underwriting team.
who have joined Aviva over the
Pictured are Amanda Lynch, Anne Marie McGovern, Brian Mahon, Deirdre Boyd, Sharon Slack, Adele Curran, Michelle Curran
and Eugene McClean. Adele Curran ACII last six months.
To effectively deliver our continued ambitious growth We are confident that these attributes, coupled with the With many customers seeking innovative
targets, I am delighted to introduce some of the best Aviva brand, will result in our market share of the SME sector solutions for complex insurance needs,
commercial underwriting talent in the market who have growing. Given the positive market feedback received so we are expanding our footprint in the Eugene McClean CIP
joined Aviva over the last six months. These new hires will far, we are very excited to see what the future holds. placement of large multifaceted casualty
support our growth ambitions in Renewables, Cyber and Eugene joins Aviva as Specialty Lines
insurance programs. To strengthen our
SME Property Owners offerings. Meet the team existing high level of technical expertise,
Team Leader replacing Matthew Wilson
who was promoted to the new position
I am pleased to welcome our new SME and Property Sharon Slack FCII we are pleased to announce Adele of Renewable Energy Lead. Eugene is a
Owners team who joined us on 1 April. The team will be Sharon joins us as Underwriting Lead Curran as Senior Specialist Underwriter customer focused underwriter who has
based in Cavan and will service a select group of brokers for the SME and Property Owners team. in our Commercial Underwriting team. an established track record of applying
from across Ireland. For over 20 years she has worked in Her strong analytical capabilities, his in-depth knowledge and experience
the Commercial Property and Casualty technical risk experience as well as global and local market to deliver underwriting solutions. He
market in Ireland in Director and Head knowledge will expand on foundations built and assist in brings a strong technical underwriting
of Underwriting roles, working with delivering bespoke casualty solutions to our broker partners background including the underwriting
key broker relationships across the and customers. of large and complex risks across many industrial and
country. Sharon has built a reputation for Adele joins Aviva with a wealth of Casualty experience, commercial sectors. He has more than 20 years of
providing excellent service to brokers and having held senior underwriting and management positions underwriting experience with RSA, Zurich & HSB across
being a voice of reason in a sometimes in Chubb and Berkshire Hathaway Specialty Insurance. She Engineering, Construction and Renewable Energy. He has
over complicated and cluttered underwriting world. Her has worked in a variety of roles across the globe, including developed excellent broker relationships and looks forward
experience will enable her to continue delivering an for AIG in Sydney and Dubai, where she began her career. to continuing to build on them in his new role.
exceptional level of service to brokers and ensuring that She holds a Bachelor of Business Studies majoring in Marcus Shipley
the process is easy and efficient. She achieved her FCII Insurance and Risk Management from the University of
qualification in 2013 and is an advocate for the immense Limerick as well as an Advanced Diploma in Insurance from Marcus joined Aviva’s newly formed
benefits that insurance qualifications bring. the Chartered Insurance Institute. Schemes team headed up by Derek
Pictured are Aviva’s new SME & Property Owners team; Quilligan in October 2021 This team is
Michelle Curran ACII Michelle Boland - BSc (Hons), MIM, FCII
Anne Marie McGovern, Deirdre Boyd, Sharon Slack and responsible for all our existing schemes,
Michelle previously held senior Michelle has responsibility for developing as well as growing into new areas. A key
Michelle Curran. underwriting roles in companies that and managing the Professional Indemnity advantage of having a dedicated team
trade in the Irish Property and Liability portfolio and providing excellent is that we can pool our knowledge and
Sharon Slack will use her market expertise and insight markets. Her expertise in these cover customer service to our broker partners. expertise to deliver a market leading
to lead her group of experienced underwriters, Michelle classes, coupled with her ability to forge She will also be tasked with the set up proposition for schemes across Ireland.
Curran, Anne Marie McGovern and Deirdre Boyd, who have long-standing broker relationships has and expansion of the existing Financial This will allow us to better engage with
a combined 75 years-experience in the Irish commercial led to her continued success. Lines products to include Cyber Liability. our existing scheme partners and improve our offering
insurance market. The team has worked together as a
cohesive and successful group since 2019 and have In 2018 she achieved her ACII qualification She has 20 years’ insurance experience across a variety of areas such as growth, portfolio products,
demonstrated that by having a flexible approach to and is currently working towards her having held both senior underwriting service etc., as well as creating a clear appetite for growing
underwriting and carefully selecting risks, profitable results Fellowship. She joined the Sligo Insurance Institute Council and broking positions. She started her career in 2001 as into new scheme areas across Ireland.
can be achieved. The team will use their market strengths in 2019 and has recently joined the National Insurance an insurance broker in Boland Ryan Ltd moving to Coyle Marcus moved from Hiscox where he began as a
and experience to help deliver exceptional service and Council, where she will work alongside our CEO Declan Hamilton Willis in 2006. Throughout her time in Willis Towers Commercial Development Underwriter in 2012. In 2015 he
logical, clear thinking underwriting to support their broker O’Rourke, who is the Deputy President. Watson, she held numerous positions within the Business moved to Ireland to join the Dublin team and in 2018, he
panel. Development and Corporate Broking teams including took over the Irish schemes business from the UK.

034 035
 95% Capital Protection - Now Available
Whilst we are delighted to strengthen our team with such brokers. Building strong broker relationships and delivering

Equity exposure with

exceptional new underwriting talent, developing and high service levels will be Lisa’s key focus. Her team want
promoting talent within the team is equally important to me, to make it easier for brokers to do business with us. She is
and a number of promotions in our trading team include: - focused on delivering results and with the experience and
Neilus O Gorman ACII expertise in the New Business team, there is a real drive
to harness our strengths and deliver a first-class service to
Neilus, our new Trademark Trading Manager needs

capital protection
brokers.
little introduction and has a wealth
of experience in the industry having Emma Ray CIP
completed 24 years in the Irish market. Emma was promoted to the role of
He began his career with Hibernian in Team Lead in January 2022 to the Farm
1998 and has held many roles within Aviva and Packages team. Her role involves

built in
over the years including direct farm sales, managing the Cork based underwriting
BDM, Sales Manager and Performance team which services our Farm Product
Manager. In his new role, he will lead as well as a number of our Office & Shop
our underwriting team to ensure that our Package products. This experienced
brokers receive a market leading service team of underwriters have a deep
for new and existing business. Neilus and the team will understanding of this business and
be available to work with our brokers to help you win and provide a first-class service to our brokers.
retain commercial business and to provide cost effective Emma joined the Aviva team in 2004 and has built a wealth
insurance solutions for clients. Working closely with your of experience in the intervening years. She started as an
BDM, Neilus and the team are looking forward to enhancing underwriter in our Personal lines team and subsequently
the strong market relationships that we currently enjoy and moved to our Commercial Property & Liability team, where
to adding real value for our broker partners. she gained invaluable experience ahead of her promotion
Lisa Cahalane ACII to the role of Senior Specialist in the Farm & Packages team
in 2015. She has acquired a real expertise in these products
Lisa has been promoted to New Business and is focused on ensuring the team provides a first-class
Team Leader in our Trademark team to service and continues to work closely with our broker
focus on growth of our SME portfolio. Lisa partners to further strengthen these relationships.
joined Aviva in 2013 as a new business

BCP Enhanced Equity Bond 7

underwriter and progressed to a senior
specialist role in 2016. She has a proven
track record of delivering strong results
as a new business underwriter through
collaboration and engagement with
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THE economy of tomorrow is dependent communicating prudent financial planning to students
on the financial skills we pass on to the next and create awareness around the basic concepts of Maximum Return 27.5% (CAR 4.1%) 62.5% (CAR 8.4%)
how good financial skills can empower young people to
generation. Underlying index BNP Paribas World Climate Care RC8 AR Index
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As an All Star thought leader in the mortgages and
financial services sector, Brokers Ireland member Philip
The programme is delivered to students via four modules Protection provider BNP Paribas Issuance B.V. and guaranteed by BNP Paribas
z Day-to-day money management
Cullen is passionate about educating people to ensure Available to Individuals, Pensions, Charities, Corporates, ARF, PRB, SSAP and PRSA investors
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z Understanding and managing debt Term 6 years with daily liquidity in normal market and funding conditions
freely of his time and expertise and deliver The Future
z Positive behaviours of financial experts
Financial Experts programme to over 150 TY students
Philip thoroughly enjoyed the time spent teaching the Minimum Investment €20,000
in Gorey Community School and Creagh College, in
Wexford students and praised the schools and teachers for their Closing date 31st May 2022
support. He was delighted to present the students with
The ‘Future Financial Experts’ programme was created
their certificates and commented on the bright futures
by Brokers Ireland and aims to bridge the gap in
he foresees for them all. Congratulations to all involved. Contact BCP on 01 6684688 or email [email protected] for more information

Warning: If you invest in this product, at maturity you could lose up to 5% (Growth Version) or 15% (Growth Plus
Version) of the money you invest. Warning: If you encash before maturity, capital security will not apply to the
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IMPORTANT: All investment returns will be paid gross of tax. The Index applies a fixed dividend on an annual basis. This
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Pictured in the Gorey Community School photo are Pictured in the Creagh College photo are TY students the performance of the Index in this situation. Please refer to the brochure for full details. CAR is Compound Annual
TY students alongside Philip Cullen from Southeast alongside Philip Cullen with teacher Daniel Condren. Return. This is a marketing material.
Mortgages & Financial Services with teachers Lisa Nangle
and Andrew Killane. BCP Asset Management DAC, trading as BCP, is regulated by the Central Bank of Ireland.

bcp.ie
Registered office: 71 Upper Leeson Street, Dublin 4, D04 XK68.
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marchés financiers (the French financial markets regulator) (AMF).
036
 How good are you at following up your events?

Eamonn
Twomey, Mick Green and Cillian Murphy
StepChange
join major and complex loss team
MANY of the Financial Broker businesses that we’re z If you happen to have any other relevant content on
working with have carefully reviewed their propositions the topics covered on the webinar (whitepapers, blog
as the world of work changed so significantly after the articles, podcasts etc.), insert the links to these too. We are pleased to announce the addition of market-leading experts Mick Greene and Cillian Murphy, who will
pandemic. For many firms this is simply a case of bringing When you prepare this in advance, you can be ready to further fortify Sedgwick’s major and complex loss (MCL) team in Ireland.
forward the benefits of remote meetings, identifying go immediately after the webinar has finished and while
where they will fit in their offering going forward and it is still fresh in people’s minds.
building in remote meetings as a core element of their Sedgwick handles several thousand major and complex losses across the globe every year. With the additional
Get active on social media
proposition.
Then it’s time to get out and let the wider world know expertise of Greene and Murphy, we can expand our offerings in Ireland and extend the reach of our services to
For other slightly more ambitious businesses, they have
about the value you add to your clients. Publicise the more clients in the region.
been running virtual client events over the last 2 years,
success of your event on social media, leading people to
mostly in the shape of regular webinars. These have
the event page / blog on your website. Of course, once
been delivered by interesting and expert speakers, and
they are here, they may want to watch a recording of the A 26-year industry veteran, Mick will be stepping into a newly created role as head of MCL in Ireland.
by themselves too. Some of these businesses have seen
event – to do so, set it up so that they have to fill out
their attendee numbers steadily increasing over the last
your form, give you their email address and enable you He is experienced in handling a diverse caseload, from small domestic to large commercial claims.
few events, a real endorsement for their efforts. They
to include them in your expert communications going Mick holds Chartered Insurer and Chartered Insurance Risk Management credentials and is an experienced
rightly plan to continue delivering these webinars into
forwards. Now you’re using your event to draw prospects
the future. mentor, trainer and lecturer in the adjusting and insurance claims sector.
to your business.
These webinars have usually been excellent events,
Review the analytics
covering really interesting and valuable topics for their
clients. However one area that can generally be improved After all of this, you’ll have pretty rich data. This will Cillian will be joining us as a senior member of the specialist MCL team in Ireland. With over 12 years of
is in the whole area of follow-ups – what happens after include,
the event. Here are a few thoughts on maximising the
experience in the insurance industry and a strong background as a qualified Chartered Civil Engineer, Cillian
z How many people attended the event
impact of your webinar, to really ensure that it was worth z Who they are has detailed technical expertise and a unique approach to investigating claims. During the course of his career,
all of the effort put into it.
z Who interacted with your emails he has been called upon to provide evidence and expert knowledge on numerous legal cases.
Prepare in advance for afterwards
z Who liked / commented on your social media posts
You know who your speakers are and you know the
topics that they will be presenting. You may also have z How many / who requested the recording Sedgwick’s MCL team comprises an extensive and invaluable global network of industry experts
any presentation slides in advance. So it’s relatively easy z Some advisers have also sent out very brief post-
and provides exceptional, flexible support on a wider local level, even when restrictions prevent specific
to have a few of the main follow-up assets fully or mostly event surveys, checking the pieces that people got
prepared in advance. If these are left until after the event, most value from and seeking general feedback. This on-site inspections. More on Sedgwick’s major and complex loss adjusting services can be found
they often get forgotten in the rush to get back to urgent is more data to consider.
at www.sedgwick.com/solutions/global/ie
client work. You can have the following prepared and It’s one thing having all of this data, the important task is
ready to go, to use it. Block out an hour or two in your diary maybe
z A page or blog post on your website dedicated to the a week after the event to go through the analytics. Was Please join us in welcoming Mick and Cillian to the Sedgwick team. If we can be of service to your organization,
event. This should have a link to a recording of the the event a success? What could be done better in the
event, that can be accessed via a completed form – future? Most importantly, are their specific individuals please don’t hesitate to call on us.
this way you get to see who is downloading it and is who really engaged with the content and who might
interested in the topic. As part of this, encourage the welcome a follow-up call?
user to sign up for your newsletter / other events so Follow up
that you can then stay on their radar. Ruth Leggett
Where it makes sense, follow up with those individuals
z An email to attendees, thanking them for taking the who were very interested in the topic. It’s quite possible Chief Executive Officer
time to attend and linking through to the event page that they are mulling over an issue in that space? Reach
on your website. Better still, prepare this in your out with the offer of a remote follow-up conversation –
Sedgwick Ireland
newsletter software where you can track who opens this will enable each of you to see if there is something MOBILE +353 863515455
and clicks on your email. to explore a bit more, without investing much time in
doing so. This might be where your event leads you into
EMAIL [email protected]
z An email to people who couldn’t make it, advising
them that there’s a recording available via the link a wider conversation with a prospective client…
to the event website page. As above, do this in your Next time you’re running a virtual event, invest a little
newsletter software. time in post-event activity. It will be worth the effort.

038
 tech
bites Paul McCarville, Principal, Clarus Investment Solutions

Inflation and Financial Planning

INFLATION is front-page news these days, having In and of themselves, those arguments are credible. But
reached levels not seen in many peoples’ lifetime. With if inflation is to moderate soon and a wage/price spiral
the Euro area annual rate reaching 7.5% in March, it is a to be avoided, workers will need to accept pay increases
multiple of the rates embedded in most financial plans. which fail to keep pace with their cost of living, especially So, all told, it might be prudent to model future outcomes 1% is the de facto standard – it may be worth re-visiting
If anything like these levels were sustained, even for a after any increases have been taxed. How realistic is this using an inflation rate somewhat higher than 2%. Or use and revising projected ARF outcomes. In terms of the
few years, they would wreak havoc with those plans - and level of restraint at a time of full employment in most of 2% as the base assumption but also stress-test them investments themselves, the action that can be taken is
many investment portfolios. An assumption of 2% would the developed world? What degree of leverage do the using a higher rate. to prefer funds which hold less nominal bonds and tap
have been very well grounded; it is (and has been for negotiating parties have? Should an inflationary mindset a wider range of asset classes, for example, property,
What about the near term? Especially for clients in
many years), the rate generally targeted by central banks. gain a foothold, the consensus expectations around commodities, infrastructure and inflation-linked bonds.
ARFs it may be worth looking under the bonnet of
Indeed, inflation in the euro area has been substantially inflation will be substantially wrong over the near term Such funds are likely to be more resilient to inflation.
their funds and taking a fresh look at assumptions in
biased to the downside of 2%. See graph below. and would take a lot longer to rein in. relation to rates of return. Funds at lower risk levels and Inflation has been a non-issue for so long that it has
Recently, the market-implied forecast of German inflation Whatever the near term holds - clearly highly uncertain - funds which are not well diversified are likely to have been badly overlooked until the recent wake-up call. It
over the next ten years (10-Year Breakeven Inflation1 ) has what about the long term? One of the major factors which substantial holdings of bonds, few if any of which are is an extremely pernicious phenomenon; the purchasing
risen sharply and now stands at 2.9%. All other things drove inflation down was globalisation and it seems to inflation-linked. Somebody once quipped that “inflation power lost through an inflation surge is rarely if ever
being equal – and accepting that inflation in Ireland will many that this factor may have run its course - if not be is Kryptonite for bonds” and we have already seen recovered. Its return has important implications for a
not be the same as that in Germany - inflation at this level about to reverse. Covid substantially changed thinking bonds generate significant losses; should inflation stay number of aspects of the work of Financial Brokers.
would be a readily supportable assumption. See graph about the relative importance of price and the security elevated, further losses will arise. Against a backdrop 1
Breakeven inflation is inferred from the difference between nominal
opposite. of supply, something the invasion of Ukraine will clearly where 2.5% was routinely used as the projected rate of and inflation-linked sovereign bond yields; it is the future inflation
accelerate. And a potentially major new factor has also return for bonds until March 2021 – since when a rate of rate at which the two bonds would provide the same real return.
The upsurge in inflation has come in tandem with the
entered the longer-term picture; the truly extraordinary
post-Covid recovery in activity. Consumer demand is
amount of investment which will have to be made to
exceptionally strong, thanks to the combination of policy
address climate change. Of course, these factors may not
stimulus and accumulated savings during lockdown
periods. However, supply in many sectors remains
turn out to have a big impact on inflation and they could Acorn Life entrusts Mercer with investment management
be overwhelmed by others - that we know of, or which
constricted by the effects of Covid and other factors such
as prolonged under-investment in new capacity. More
emerge. (Who had a pandemic in mind in late 2019?) appointment as part of a new provider relationship
recently, the war in Ukraine and sanctions on Russia have Taking an even higher-level view on inflation, the rise of
triggered further price spikes in fuel, grain, fertiliser and MERCER has announced that it has been appointed tap into highly rated, global managers with a robust
populism in much of the developed world is likely to see
other commodities. by Acorn Life to provide outsourced investment governance and risk management framework”.
further printing of money /more borrowing - which will
management services across a wide range of investment
be on top of debt levels generally associated with war- Mercer has more than €366 billion in assets under
Those arguing that inflation will soon subside to much activities. Under the relationship, Mercer will provide
time. History shows that inflation and financial repression discretionary investment management globally,
lower levels cite the fact that supply-side constraints will ongoing advice and bespoke portfolios for Acorn
(keeping interest rates below inflation) have often been providing outsourced investment solutions to a broad
ease, and they point out the possibility of favourable base Life’s unit-linked life and balance sheet assets, giving
associated with the resolution of debt problems. The rise range of clients that include wealth managers, not-for-
effects from the reversal of some of the recent commodity the insurer increased asset class flexibility, broader
of cryptocurrency is in no small part due to a growing lack profits, life insurers and pension schemes. With this
price spikes. Taking a longer-term view, they also remind investment manager access and implementation
of confidence in conventional money and monetary policy. appointment from a 100% Irish-owned life insurance
us of the structurally disinflationary impact of ongoing efficiencies over its range of investments.
technological progress and innovation. business, Mercer is not only growing its Investment
Acorn Life, who manage over €1bn in AUM on behalf Solutions business, but is also further expanding and
of its clients in Ireland, was seeking to diversify its diversifying its footprint in Ireland.
portfolios by appointing a provider that offers access to
Commenting on the appointment, Rob Hayden, Head
highly rated global managers through a robust risk and
of Mercer Investment Solutions Ireland, said: “We have
governance framework. With that in mind, Acorn Life
worked closely with Acorn Life over the past year to build
selected Mercer for its forward-looking asset manager
a bespoke fund range that meets both their needs and
research, the depth and breadth of its investment
the needs of their clients, while also providing the right
and analytical expertise, and its market-leading
level of diversification and risk management for their
implementation platform.
investment strategy. This appointment illustrates both
Jennifer Loftus, Chief Financial and Risk Officer of the flexibility and strength of the investment capabilities
Acorn Life, said: “We set out to find a provider that could that Mercer offers to life insurance companies, as well
provide us with well-diversified portfolios, high-quality as wealth managers, private banks, fund distributors
investment management and ongoing investment and our traditional pension clients. We are excited to
advice and we were impressed by the capabilities that work with Acorn Life on this new fund range and we
Mercer offered. This arrangement allows us to provide look forward to a long-term relationship.”
Source: https://www.ecb.europa.eu/ cost efficient diversified portfolios to our clients that

040 041
 How to deal with an Uncertain Future making a mistake. Being able to say no when you need
to. Being able to share your feelings with others. The
advice is to take notice of how you react when under
perspective of others, anticipate responses and be more
behaviourally flexible. Being strong in this skill will allow
you better connect with, communicate to, and influence
pressure. If you can identify the feelings and subsequent those who you work with.
typical reaction after those feelings, you may learn and
Relationship Management (Build bonds)
understand how to handle both in a different and more
useful way. Virtually every role that deals with people requires
high EQ. The keys skills in relationship building are
Self-Management is linked with your behaviour
to spend time with people, ask relevant, probing,
To be good at self-management you need to be emotional questions, actively listen to the answers you
trustworthy, conscientious, adaptable, achievement- are receiving and then respond with relevant, supportive
orientated and have initiative. Its about managing answers and ideas.
Dermot your mood and emotions, time and behaviour and
Overview
McConkey continuously improving yourself. Self-management,
Development which is also referred to as “self-control” or “self- The belief today is that emotional intelligence is the
& Training regulation,” is the ability to regulate one’s emotions, single best predictor of performance in the workplace
Limited thoughts, and behaviours effectively in different and the strongest driver of leadership and personal
situations. Taking care of your health and wellness will excellence. Increase your effective use of emotional
“We are approaching a time when machines will be able to outperform humans help your self-management as well. intelligence and you will increase your ability to develop
at almost any task,” so said Moshe Vardi, a computer scientist at US-based Rice more solid, trusting relationships in your business circle.
Social Awareness (Know others)
University recently. “I believe that society needs to confront this question before Relationships are so important to success in business
This is the ability to take the perspective of and empathise and not just relationships with clients. Your internal
it is upon us: If machines are capable of doing almost any work humans can do, with others, including those from diverse backgrounds relationships, the ones you have with our colleagues
what will humans do?” and cultures. The ability to understand social and ethical and team members, are equally important. They can
norms for behaviour. This also involves having a service make or break you! Remember: Their behaviour to you
Now, there’s a question! orientation and a strong organisational awareness. is a consequence of your behaviour to them.
Awareness of others is about perceiving, understanding
I sync with the popular belief that emotional intelligence more reliant we become on machines i.e. tools such and acknowledging the way others feel. Active listening
(EQ) will be the stand-out skill that will dictate success as artificial intelligence, automation, and systems, the is a great social skill in this space. It’s essential to be
and happiness for people in the future. Machines and more valuable emotionally intelligent people become. able to develop awareness of others and empathise
technology are sure to play a role in a practical and Most experts in robotics and artificial intelligence say with them when the opportunity presents itself. By doing
logistical sense but emotional intelligence will offer you that the tasks that require emotional intelligence are this you will more accurately view situations from the
the edge. Emotional intelligence is widely recognised the most difficult to replicate in machines. This means
as a valuable skill that helps improve communication, you have nothing to worry about if you fear your job
management and problem-solving within the workplace. could be replaced in time by a machine. However, there
Emotions are part of human biology. They are chemicals is no doubt that financial services is being seriously
that help regulate our minds and bodies, assisting us affected by technological advances at present. Financial Climate, COVID or Cash: What is most important to Irish savers?
to cope with the complexities of making decisions, Institutions, mainly banks and building societies, are
interacting with people, and finding our way through life. closing branches and reducing staff numbers as they ACCORDING to a Legal & General Investment Management in particular are proactive when it comes to responsible
EQ also develops both personal and work relationships. strive to deal with people via their mobile devices. The (LGIM) survey of 4,000 defined contribution (DC) pension investing. It is also evident that a lot of people are prepared
scheme members based in the UK and – for the first time to put their money where their mouths are in terms of
Best-selling author Daniel Goleman, in his defining main reason being, its more cost-effective to do so.
– 500 in Ireland, Irish savers are more likely to engage with pushing for positive change.
work on emotional intelligence, found that it is twice
However, machines can’t … pension providers on environmental, social and governance “48% of Irish people believe they would be prepared to
as important as other competencies in determining
(ESG) issues than their British counterparts. divest from a company that underperforms on matters of
outstanding success. While we all have EQ it can always z Monitor and channel moods and emotions
be improved. I put it to you, it is worthy of serious The DC market in Ireland is rapidly expanding, with environment, social issues and governance. I believe that
z Make smart, empathetic, people decisions
hundreds of thousands of scheme members saving into a ESG is important for everyone to consider, along with other
development in your life right now. Consider how the z Manage conflict and regulate emotions DC pension each month, despite auto-enrolment will only elements, when they’re thinking about where to put their
world now rates the importance of mental health in
z React to tough situations with resilience be implemented in 2024. LGIM’s research explored whether savings and certainly post-COVID, when there are more
society. Being now able to admit that you are struggling climate, COVID or cash is taking precedence in savers’ demands on savers’ finances again, they need to consider
(e.g. its OK not to be OK) is actually a great show of z Build relationships that last! priorities, and which generation is the greenest. their financial planning more than ever.”
character and strength. It’s one of the crucial aspects of
So developing your EQ is strongly recommended for Over half (51%) of Irish savers said they had initially managed Ireland has a framework to reduce greenhouse gas emission
your emotional intelligence, a statement of awareness.
any ambitious person in our industry. As mentioned to save money during the pandemic but have now spent it. by at least c.7% annually for the next ten years with the aim
Why is Emotional Intelligence important? in previous articles, there are four attributes to an The same percentage agreed that COVID has made them of achieving net zero emissions by 2050. This appears to
emotionally intelligent person. They are self-awareness, want to do more to address societal inequalities. This was be at the forefront of members’ minds, as Irish savers are
It is a scientific fact that emotions precede thought. They self-management, social awareness and relationship particularly true for younger generations, with nearly 60% slightly more likely than not to believe that funds with a net-
are the filter that regulate our actions. When emotions management. Let’s analyse each and see if you can of those aged between 18-24 agreeing, while only 46% of zero carbon emissions target will perform better than those
emerge, they alter the way our brains function…effecting identify areas worth reflecting upon. those aged between 55-64 believed that COVID had made which do not have them (62% in Ireland to the UK’s 58%),
our cognitive and decision-making abilities plus our people concerned about social issues. and a little more willing than not to pay more for a pension
interpersonal skills. Understanding and managing your Self-awareness is all about knowing yourself Most encouragingly, 92% of Irish savers surveyed affirmed with a net-zero target (52% versus 47% in the UK).
emotions (and the emotions of others) can help you to be that if they knew their pension savings were encouraging Surprisingly, it was the older generations that appeared to
Your feelings influence your thoughts and the decisions
more successful in both your personal and professional companies to have a positive impact, it would make them be the greenest. 76% of Boomers believed climate change
you make. They appear every day in your behaviour and
life. want to be more involved and find out more. will be more of an important issue than COVID over the long
seriously impact your performance. Self- awareness is all
Richard Kelly, Head of Client Business, term. Continuing the trend, 47% of Irish Boomers said they
Consider these points. Emotional intelligence can help about being able to accept criticism and responsibility.
Ireland, Legal & General Investment would take action if they discovered their provider was not
you engage in uncomfortable conversations without Research suggests that when we see ourselves clearly, upping their ESG game. But with nearly nine in 10 (88%) of
hurting other’s feelings, manage your emotions when we are more confident and more creative. We make Management (LGIM), commented: “It
is clear from this survey that more and Irish scheme members of all ages wanting their pension to
stressed or feeling overwhelmed, improve your sounder decisions, build stronger relationships, and have a net-zero target, providers will need to ensure they
more people care about matters relating
relationships with the people you care about, resolve communicate more effectively. We are better workers evolve to meet the needs of this very switched-on group
to the environment, social impact, and
conflict, coach, mentor, train and inspire others plus who get more promotions. And we’re more-effective of savers.
the governance (ESG) of the companies
it can create a desire and culture for teamwork and leaders with more-satisfied employees and more- in which they invest their pensions and
collaboration. Now there a list worth developing. The profitable companies. Being able to move on after other savings, and that Irish savers

042 043
 WORLD ECONOMIC AND MARKET OUTLOOK

Regime Change Rules the World

spotlight

broker
THE approach taken in these Outlook pieces tries to markets is whether monetary and fiscal policy will need to
take a longer-term view of structural thematic change be adjusted on a dramatic scale to address the problem to
in the global economy and the investment implications ensure inflation expectations do not rise sharply.
of these. We have always believed that despite market To date markets have been willing to believe that inflation
noise, investment is a risk management exercise and may rise substantially in the short term but further out
that especially at times of uncertainty investors need to looking at 5-10 year inflation expectations numbers will
analyse markets in terms of the three market risk drivers.
return to the Fed’s 2% long run target. In other words, the
Up close and personal with
The first of these is economic fundamentals, the second
forward looking 5 year 5 year forward inflation rate has
valuation, and the third is shorter term in nature looking
not moved markedly away from the Fed’s 2% objective.
Graham O’Neill at market sentiment. Investment regimes can be highly
important drivers of the return profile of financial assets.
During the 1970s the world lived through an inflationary
The answer to this question will determine whether the
pandemic and Ukraine crisis has marked a permanent Joe Bell, You & Us Insurance Brokers
turning point for asset markets.
regime which changed with the appointment of Paul
The past decade has been a remarkable and benign HOW long have you worked as a Broker - how did you How do you switch off in your spare time?
Volcker to chair the US Federal Reserve, whose tough
period for holders of financial assets, with stock markets come into the industry? I am an all-round sports fanatic, you name it, I watch it,
inflation fighting credentials altered long-term inflation
expectations, but only after instigating an economic led by growth stocks, especially large cap US technology My venture into insurance is when I started in the PMPA at much to my wife’s disappointment! In my younger days,
downturn through sharply higher interest rates to achieve names. In the decade ending 31st December 2021 total 17 years of age. PMPA was taken over by Guardian Royal I played a lot of soccer but now as the years are pushing
this. The question for investors now is whether the long- returns on US equities have averaged 13.7% p.a. whilst Exchange and subsequently bought out by AXA. During on, I love nothing more than to be playing golf in my local
term investment regime has changed from that prevailing the Nasdaq has delivered a remarkable 21.4% p.a. Global my career I worked in the direct side of the business and club. I am also a member of our local GAA and Soccer
pre the pandemic. equity markets have delivered over 9% in US$ terms over for the latter part of my stay in the Broker department clubs, Swords Celtic and Fingallions.
The primary driver of global financial markets in 2022 the decade. Looking at bond markets US Treasuries have looking after the Brokers who had an agency with AXA. As I type this, I am babysitting 2 of my 3 grandsons so as
will be the behaviour of inflation especially in the United delivered positive returns of 3.0% p.a., a major factor why After 37 years, I took the retirement package but was you can imagine I don’t have much free time, they are all
States. Market expectations remain that inflation will fall standard 60-40 equity bond portfolios, often in the form always aware I was going to do something else in the busy boys!!
to around the 2% level sometime during 2023. Central of so-called managed funds, have performed consistently industry and 9 years later here I am having my own
Being social distanced from clients, how have you had
banks in a response to the disinflationary forces from well. Even risk parity funds which ensure the volatility of brokerage in Swords.
to reinvent your interaction with customers?
the GFC had targeted policies to get inflation higher, but equities does not dominate returns and look to reduce What’s your favourite and least favourite thing about
clearly did not expect the outcome now being seen. This equity exposure in favour of bonds when volatility rises I initially found this difficult as I am old school and like
being a Broker?
urgency behind inflation has been caused by various have delivered excellent returns. This is because as face-to-face customer service. We had to close our
My favourite thing about being a Broker would be where doors in March 2020 to protect staff and clients and
economic shocks connected to the pandemic, mostly discussed earlier, market setbacks in the post financial
someone is having difficulty obtaining insurance for only transacted business over the phone and through
supply side issues. However, the unprecedented level crisis period have been entirely caused by concerns
surrounding demand rather than supply shocks. A world
private car or a commercial risk – particularly commercial, email. I have now realised that times are changing and
of fiscal support to economies meant that compared to
driven by supply rather than demand shocks may herald a
when a business needs insurance for them to trade and technology seems to be the way forward, therefore we
other recessions when supply might have been disrupted,
demand remained strong, adding to inflationary pressures. very different investment regime than has prevailed in the to get them over the line, it gives me great satisfaction. are in the middle of building a new user friendly and
For the major global economies Japan is the only one past 30 years, in which the risks of far less benign returns I am a sales man through and through, paperwork and modern website which will hopefully be easy for all our
where inflation rates remain below central bank inflation from financial assets have risen considerably. organisation is not my forte so it goes without saying that customers to navigate.
targets. The past decade had seen high growth rates in both my least favourite is all the background work!! I leave this Who do you most admire and why?
The inflation question has reignited debate between corporate earnings and dividends, well ahead of nominal to Laura, my daughter in law, she is a great organiser and
I got a new knee replacement last year, I found it very
monetarist and non-monetarist (Keynesian) economists. GDP or inflation. The extent of the valuation re-rating runs a tight ship!!
hard to get back playing golf so the person I admire the
For example, Lawrence Summers previously an advocate can be seen by looking at the Shiller CAPE which then Top tip to someone who’s interested in becoming a most is Tiger Woods. What he did at Augusta this year
of ‘secular stagnation’ has argued for a while that US (2011) stood at 20x compared to 40x today, leaving plenty Broker? was incredible, he could hardly walk or bend to read putts,
fiscal policy boosted aggregate demand which when of room for equity prices to rise relative to earnings and Although Broker experience is not essential, it is definitely to shoot minus 1 on the first day and make the cut was
combined with the pandemic driven supply constraints dividends. It is the market re-rating which has driven the an advantage as from personal experience, the difference inspiring. It just shows, if you really want to do things in
was always going to lead to sharply higher inflation. The bulk of equity gains and is true whether or not investors between direct and Broker is like night and day. I had to life, don’t let anyone stop you, just go and do it!
global economy had seen loose monetary policy applied believe the CAPE is an accurate reflection of valuation risk work extremely hard to gain the knowledge I have now Finally, I cannot finish this piece without mentioning the
for a decade post the GFC without igniting inflationary in the market. but without a doubt it was worth it. Becoming a member of most important people in the company, my staff. As proud
pressures, but these measures when combined with a
The global economy also benefitted from an absence of Brokers Ireland was a great move as I got excellent advice as I am to be the owner of my own business in my local
level of fiscal response unprecedented in peace time has,
according to some economists, significantly altered the supply shocks aided by stable geo-politics. Geo-politics is throughout the years from the team and in particular area, I am well aware that no business can work without
inflation outlook. Secular stagnation is the polar opposite the second area of regime change which is now affecting David Holton. good staff and they are the backbone of the company,
of what Summers argues is occurring today, where global economies and stock markets. The late 1970s and Tell us something that we don’t know about you? therefore I would like to give a massive thank you to my
aggregate demand fell significantly short of aggregate 1980s had seen geopolitical crisis often resulting from loyal staff, Laura, Stephen, Dave, Ashley and especially
oil price spikes preceeding recessions. Over the past
Charities became a part of my life particularly in the early
supply forcing a long-term downward trend in real interest days of Covid, a friend of mine who delivered the meals my wife Rose.
rates. decade the main shock to oil prices were downwards due
to the increased supply resulting from US fracking. Most on wheels to the elderly had been telling me that most
This decline in the equilibrium rate of interest or R has, of the volunteers who delivered where cocooning due to
importantly for asset prices the long-term downward trend
according to many market commentators, been the most their age and the service was suffering. I got the name
in nominal and real interest rates actually accelerated
important driver of returns in this bull market where of the charity involved and they said they had skeleton
compared to the previous post Volcker period. Long
multiple expansion has accounted for the majority of staff but their main problem was that they had no PPE. I
term bond yields were depressed by central banks in
equity gains post the Financial Crisis. Professor Summers sourced a local chemist who got their hands on a supply
the developed world adopting QE, something referred
has explained that whereas the response by the Obama of PPE and we sponsored the charity through the Covid
to in previous Outlooks as “Welfare for the Wealthy”. This
administration to the Financial Crisis in fiscal terms was period. It is the most rewarding thing that I have ever done
about half as large as the shortfall in output, the measures combined with the decline in equilibrium short term real
interest rate which in an era of secular stagnation became in my life.
put in place in the United States post the pandemic
including the original proposed Biden stimulus is three negative drove the upward re-pricing of equity markets, This started the ball rolling for us as a company and we
times as large as the shortfall, or in other words six times the reduced discount rate favoured long duration assets have decided to do something every year. In 2021, we
as large relative to the size of the output gap as occurred such as equities in the US and Chinese technology sectors. donated funds to North Dublin Substance Abuse & Mental
in the post GFC period. The question then for equity Graham O’Neill can be contacted at: 086 8122484. Health Youth Counselling Services

044 045
 Distribution appointments
in New Ireland
Richard Jones, Director of Product,
Aviva Appointment notice
Joanne Ryan
Joanne Ryan has been appointed
Oireachtas Digest
PENSIONS the drafting of the Bill, which is at an advanced stage, but
Pricing & Distribution has announced a Chief Risk Officer at Aviva Insurance
COMMENTARY: The provisions of the IORP II Directive, it is a complex piece of legislation – Minister for Finance.
number of key appointments across the Ireland. She joined Aviva in January
New Ireland Distribution team. Richard transposed into Irish law on 22nd April 2021, apply to INSURANCE
2021 as Head of Compliance, having
advised “We’ve enhanced the structure all funded occupational pension schemes and trust COMMENTARY: One of the continuing issues related to
previously held a number of senior
of the New Ireland Distribution team Retirement Annuity Contracts (RACs) operating in insurance is the cost of public liability premiums.
positions with Acorn Life in Galway.
through a number of key appointments. Ireland. In the future, Master Trusts will serve as a model
Joanne will join Aviva’s executive for a significant portion of the Irish pensions market
PL insurance premiums continue to rise, despite a
Our new team structure will deliver a committee and its global risk significant fall in the size of injury awards. A report late last
greater level of support to Brokers by and trustees of smaller schemes may choose to transfer
leadership team. She is a qualified year found that the awards had fallen by an average of
increasing our senior presence and engagement in the their members into such an arrangement. Master
actuary with over 20 years’ experience in the insurance 40% since the problem of disproportionate payouts was Frank Lahiffe,
Broker market.” Trusts are multi-employer pension schemes under the
sector. Commenting on the appointment Declan governance of a single Trustee Board. It is anticipated
addressed by the Government and the Judiciary, which Lahiffe &
The following key appointments are effective from April O’Rourke, Chief Executive Officer, Aviva Insurance is to be welcomed. The insurance companies identified Associates,
that the consolidation of existing schemes into Master
1st 2022. Ireland said: “I am delighted to announce Joanne as the cost of claims as the key driver of insurance costs and Public Affairs
Trusts arrangements may offer certain advantages to
our new Chief Risk Officer and to welcome her to the we have done our side of the deal in bringing those more & Political
z Anthony Kavanagh is appointed to Head of Retail employers and pension savers including increased
executive committee. She replaces Rahul Gumber into line with international levels. Insurance companies Communications
Sales East economies of scale, higher scheme governance
must act in good faith in return and pass on this reduction
z Stephen Keogh is appointed to Head of Retail Sales who has left Ireland to take up a new role as Chief standards and levels of security and could potentially
in costs to the insurer, rather than maintaining current
South & West Risk Officer with Aviva Canada. We wish them both reduce administrative costs for such schemes.
premium growth rates and simply pocketing the profits
continued success”. The general principle followed in respect of the
z Stephen Dixon is appointed Head of Broker – Senator Sharon Keogan (SF, Industrial & Commercial
Development transposition of IORP II is that the requirements of the Panel).
Directive have been applied to all schemes and trust
z Maureen Brazel is appointed to Sales Support The Office to Promote Competition in the Insurance
RACs, where possible and as appropriate, in order to
Manager Market met with bodies that have a competition remit,
ensure that all members and beneficiaries are afforded
z Niall Concannon and John Colleran are appointed such as the CCPC and the IDA, as well as liaising
equal protection irrespective
MAGAZINE of the size of the scheme. regularly with industry representative groups such as

BROKER
as Senior Broker Account Managers In relation to existing one-member arrangements, post-

IRISH
Insurance Ireland and Brokers Ireland. Recently it also
z Gavin Brennan, Head of Corporate Sales transposition, IORP II investment and borrowing rules will
met with the CEOs of the major insurance providers in
and Partnerships and Brian Sullivan, Head of apply only to new investments or borrowings entered into
www.irishbroker.ie The Official Journal ofby
thesuch
Irish Brokers Association Furthermore, for these existing Ireland, who have confirmed that they are passing on the
Distribution Operations are retained in their roles arrangements.
savings achieved by the new Personal Injury Guidelines,
one-member arrangements, a five-year derogation has
z Greg Dixon is appointed to Head of Financial and other reforms, to customers. Recent data from PIAB
been provided from all other new IORP II requirements.
Advisor Channel
Richard concluded “We all look forward to meeting with
The choice is yours With 160,000 occupational pension schemes in the
country, Ireland is a significant outlier with many more
show that with the implementation of the new Guidelines,
award levels have fallen by an average of 40%, thereby
providing stability and certainty to the claims environment
Brokers in person over the coming weeks and discussing small and single member schemes than any other
the commitment and vision we all share in supporting our Irish Broker is now available on a European country – Minister for Social Protection.
– Minister for Finance.
Broker community”. complimentary basis in three different As we stand here at the minute, four and a half people
CREDIT UNION LOANS
formats: who are working contribute to one pensioner. By 2050, COMMENTARY: The role of Credit Unions in providing
there will only be just over two people working for every loans and other services, including insurance, has been
The Hegartys of the Laurels 1: Traditional Print format pensioner. We must, therefore, do something about this. It a hot topic of conversation in the Oireachtas over the
The Hegartys of the Laurels tells the story of how a family will be looked at in its totality. My officials are working on last couple of months.
2: Digital Link format
home played a crucial role in Irelands independence it at the minute and it is my intention to bring this forward The Government recently announced €8 billion of
struggle in Cork. The Laurels was a tranquil homestead 3: PDF format through the Cabinet Committee process. I am sure it will increased funding for retrofitting. Many credit unions
and the centre of a thriving market gardening business. get much discussion – Minister for Social Protection. provide retrofitting loans supported by collaborative
If you are not already receiving a Digital Link Providing a €15 increase in pension age payments is ventures, with 40 collaborating with Cultivate to provide
With the outbreak of the War of Independence however,
the Hegarty homestead was transformed into a nucleus
format and wish to do so, please email us and estimated to cost over €535 million in a full year, based agri-lending, 24 partnered with People.ie to provide
of subversive activity; a safe house, a land mine factory, we will include your contact details on our on the estimated average number of recipients in 2022. general insurance products to members, and many more
an arms and ammunition dump, the No 1 Brigade base, circulation list. The Digital Link version links you As such, any increase would need to be considered in an provide assurance products. My message to the Credit
and also a hub for Cumman na mBan intelligence automatically to the current issue on the Irish overall budgetary and policy context – Minister for Social Union sector today is to keep going and keep building
gathering. Author Jim Hegarty’s father and aunts were Broker website which also provides access to Protection. on this good work – Sean Fleming TD, Minister of State.
all officers in Corks No 1 Brigade, H company. The back-issues. The pension entitlements of those in the traditional Credit Unions have played a role in the Covid Guarantee
foreword was written by Cathal MacSwiney Brugha universities, for the most part, have been clarified. It is Scheme for businesses. Indeed, we have seen a further
and the author is Jim Hegarty, current Brokers Ireland A small minority of readers prefer a PDF version clear they are treated as public servants for pensionable expansion of the role played by Credit Unions in terms of
member and former IBA President. which is also available. If you prefer to be purposes. Those in the technological university sector are Brexit. We need to build on all of that and extend. These
included on this list, please let us know. not – Senator Malcolm Byrne (FF, Cultural & Educational measures have proved successful because businesses
Panel). have been able to access Credit Unions unlike the
Additionally, if you wish to DISCONTINUE banking sector – Senator Pat Casey (FF, Labour Panel).
SEAR LEGISLATION
RECEIVING YOUR PRINT COPY, please let us The Irish League of Credit Unions would like regulatory
know and we will remove your name from our The General Scheme of the Senior Executive
changes to enable credit unions to increase their footprint
Accountability Regime (SEAR) was published on the
print list only. in the mortgage market and that they be enabled to
Department’s website in July 2021 and it is finally
become key providers of community banking as per the
getting a small bit closer to becoming law.
Programme for Government – Senator Sharon Keogan
SEAR is a key element of the Central Bank (Individual (SF, Industrial & Commercial Panel).
Accountability Framework) Bill and will drive positive
Credit Unions will not be able to take the opportunity
Please click HERE to changes in terms of culture, greater delegation of
provided by the exit of Ulster Bank and KBC without
select YOUR preference responsibilities, and enhanced accountability while
collaboration to grow current accounts and SME
Pictured above at the launch are from left: Jim Hegarty, simplifying the taking of sanctions against individuals who
enterprise and mortgage lending – Sean Fleming TD,
Lord Mayor Colm Kelleher and Bishop John Buckley. fail in their financial sector roles. My officials are working
Minister of State.
closely with the Office of the Parliamentary Counsel on

>>> overleaf

046 047
 The difficulty that Credit Unions have faced around Irish mortgages and other loans can have different
mortgages predominantly relates to the minimum characteristics from those offered in other countries.
reserve requirements. We have a huge glut of savings For example, many Irish banks include incentives
at the moment, with the CSO reporting that €31 billion such as cash back offers, which reduce the effective
was saved by households in 2020 alone. Much of this in Irish mortgage interest rate. Also, Irish mortgages are
Credit Unions, which is great. However, a problem arises generally not subject to upfront fees which are typically
when the Credit Unions cannot actually lend this out due charged by banks in some other EU jurisdictions. There
to lending restrictions – Senator Pauline O’Reilly (Green are also a number of important factors which will likely
Party, Labour Panel). influence the interest rates charged on Irish mortgages:
Credit Unions have €14 billion that could be used to operational costs, incentives offered, credit risk and
compete in the mortgage market, but they are only capital requirements (which in Ireland are elevated due
allowed to use €1.5 billion. The mortgage market is to historical loss experience), the level of NPLs which
worth €100 billion, meaning that Credit Unions can only is higher in Ireland relative to other European banks
go after a share of 1.5% of the market. That is peanuts. and higher cost-to-income ratios which has been a
Moreover, banks only need to have 5% capital reserves characteristic of the Irish banking sector in recent years
for mortgages. The Credit Unions have to have 12.5% – – Minister for Finance.
Senator Paul Gavan (SF, Labour Panel). People who have a cancer diagnosis in their past are twice
While the regulatory reserve stands at 10%, the Credit as likely to have problems obtaining a mortgage than the
Union movement has 16% in reserve based on recent general population. It seems that their past diagnosis is
figures. They are saying there is a limit of 10% but they are being used as a stick to beat them financially. Despite the
voluntarily going 60% over the limit CBI provides. They fact that more and more people are now cancer survivors,
actually have reserves of 16%. An awful lot of what they they continue to be discriminated against – Michael
have held in reserve need not be held in reserve. They Lowry TD (Independent, Tipperary).
are a long way over the 10% CBI requires. It is important The EU Commission’s Beating Cancer Plan includes an
to say that. They are talking about the 10%, but in fact they initiative to address fairer access for cancer survivors to
hold 16% or 17%. That does need to be held and CBI has financial services via a code of conduct and a reflection
not asked for it to be held. The Credit Unions can release on long-term solutions. We acknowledge that this is an
billions from what they are holding voluntarily in reserve issue that needs some work and that other EU countries
without ever having to go to CBI – Sean Fleming TD, have acted on this. For that reason, the Department of
Minister of State. Finance is doing some work on this. Hopefully, we will
MORTGAGES be able to make some proposals in the coming months
– Tánaiste.
COMMENTARY: Mortgagees who are with either of the
2 banks exiting Ireland will be watching carefully to see I encourage Credit Unions to avail of the opportunity
how things pan out. In the meantime, normal mortgage presented by the closure of so many bank branches,
issues remain relevant, despite mortgage drawdowns and the fact that some banks leaving the country, to offer
hitting €10.5bn last year, made up of 43,494 mortgages, financial services to people in their communities who
the highest number since 2009 with FTBs being the need them – Minister of State, Dept. of Finance.
largest cohort of borrowers. Meanwhile, the exit of
banks appears to provide an opportunity for credit
unions to become involved in more banking services,
with 68 Credit Unions currently approved to provide
current accounts.

Quilter Cheviot Europe boosts its Dublin

office with triple hire
QUILTER Cheviot Europe (QCE), the Irish subsidiary Brian Weber, Chief Executive at Quilter Cheviot Europe,
of discretionary wealth manager Quilter Cheviot, has said: “We are delighted to be reinforcing our investment
announced that it has made three significant hires to management team with William’s appointment. He has
expand its team, with an investment manager and two a fantastic reputation in the market, and will have an
financial planners joining the Dublin office. important role in helping us to drive growth in 2022 and
beyond.
William McDonald joins as an investment manager,
having previously held senior roles with Appian Asset “Clients are increasingly looking for a modern-day
Management and Cannacord Genuity. He will report into wealth management offering, which goes well beyond
Donnacha Fox, Chief Investment Officer at QCE. just investment management, and Patrick and Tom will
be integral in helping us to evolve the services we can
Patrick Good and Tom O’Dea join QCE from Kennelly
offer clients.
Tax Advisers (KTA) and PwC respectively to boost
QCE’s financial planning proposition, following the hire “We want to be able to offer a holistic service to our
of Andrew Fahy as Head of Financial Planning in early clients, which combines financial advice with investment
2022. Patrick and Tom will report into Andrew. management, while also fostering our existing
intermediary relationships. All three of these hires help
The three hires will help QCE to evolve its integrated
us to do this, and I look forward to them all contributing
investment management and financial planning offering
to the continuing success and growth of the business.”
to clients in Ireland and Europe, as well as reinforcing
the support we provide to the external intermediary
community. QCE expects to continue expanding its team
in Ireland to support its growth ambitions.

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