MCL InsureTech offers online insurance and tests their IT Solutions in a Realtime environment. It has become one of the leaders in the U.K market and manages its4women, 25plus, Boxymo and McCarty’s insurance. The Company has expanded dramatically over the last three years, tripling its staff and extending its service far beyond the original geographical scope. But now, since their success, they have started to think about the consequences of possible Brexit and decided to move their headquarters to Dublin to make sure they have access to 500 million market without any real risks. 

The rise of Insurance Technology

Insuretech just like many industries is moving into the digital space, but the physical obstacles keep creating challenges. While digital insurance has a great potential to simplify the routine and make insurance more accessible, there are some challenges that come with making these services online-based. But despite these challenges, there are reports saying that bigtechs like Google, Amazon and Alibaba are already signing deals with online insurance companies. But it is not surprising that these companies don't care much about the downsides of these online insurance companies, since the main challenge people keep mentioning is that of privacy and security which is something these companies disregard pretty regularly, or have been accused of disregarding in the past. When it comes to most online based services security and privacy are the issues that keep coming up in every conversation. But since the benefits of having easy access to these services and the simplified routine that help you avoid spending hours at the insurance home many people choose to ignore these security concerns, especially for the companies that have no history of abusing customer information. During the last five years the rise of online life insurance insurance companies like PolicyGenius Life Insurance have helped normalize the concept even further. 

MCL’s history in Northern Ireland

Insuretechs have been popping up everywhere are becoming very popular very quickly. MCL Insuretech is a northern-Ireland-based software company operating in the insurance market. 

The company is currently servicing approximately £60 million of gross written premium and 90,000 customers in Ireland. The Irish customer base was extremely important for the firms and will continue to operate as a separate entity from their northern Ireland office so the insurance company decided to maximize their gains and to keep their existing customer and open doors for new ones as well. Insurance technologies have been around for a while, but in the last year or two, they have started to rival traditional insurance companies as well and started to gain momentum as the world moves towards more online bases management the insurance tech firm will become more prominent and we will likely be hearing about them a lot more.

The whole insurance business is currently undergoing a massive change. The standard has been changing it for health insurance, but for property insurance as well. 

Future of Insurance technology

One of the most interesting trends of 2019 was the impact of natural disasters on these insurance companies and how the frequency of such weather conditions has urged these companies to change the way they operate. Even though climate change can become a very divisive topic, the changes in the environment will have an effect on the entire insurance industry. The payout levels have never been so high and insurance companies are looking to change their approach and to keep the business profitable still. The entire industry of insurance is on a brink of a major shift, both in form and in the way they operate. 

With the success fintechs, the success of insuretechs although maybe less obvious it is a pattern that all of our major service needs will soon be transferred into a digital space and it will probably introduce a lot of simplifications to the existing routine but that doesn't mean that it is not without its complications as is the case with MCL Insurtech.

The company has been around since 2014 and has managed to expand far beyond its original capabilities. With the new office in Dublin, they will be creating 40 new jobs for the locals and the position levels will cover director-level positions, as well as management and team leader roles in the customer experience department.  The company expansions will bring £3 million into the Irish economy. 

What caused the change in Insurance business

Brexit has created a lot of confusions for many business owner and some companies simply cant afford to be in the unknowns for a long time and want to take action immediately MCL was one of these companies and for them, this is actually exciting because they are not losing any client from Ireland but they do have an insured access to the European market no matter what the outcome of the Brexit talks might be. Recruits in Sword have been very impressive and the company looks forward to their expansions.

The insurtech that operates online is easier to manage from a distance but the regulations from other countries are impossible to deflect. And for companies that want to operate internationally, under the European Union law access to these markets is crucial

Insuretech has allowed to simplify the process of insurance and doing it remotely just that much easier. 

Insurance business is on a branch of a major change and whether that be insurance technology or traditional insurance the change in the way we live and the environment around us has made it necessary to make these adjustments. In 2020 we will definitely see more insurance companies taking the tech approach and embracing the possibilities that come with taking insurance online. But some of the challenges that come with taking the personal aspect out of it will remain and hopefully since the trend is already quite strong work on the solution will become more intense this year.

MCL is a good example of a very successful online insurance company that will continue to pave the way of innovative insurance for other firms, looking to make insurance more digital. The fact that MCL can afford to make decisions like opening a branch in a different country without losing it’s Northern Ireland customer base point to just how successful the company has managed to become with something that is pretty innovative and probably scares some customers always because of it. 

When it comes to security challenges and recurring themes in all innovative technologies that offer services without the fullproof guarantee of safety, customers take a gamble in a way to work with a company like that. But so far we;ve only seen talks about this possible security issue but haven't seen many fraudulent cases, at least when it comes to insurance fraud. 

Slowly the transition to online insurance and making technology a part of every business. No matter the industry is becoming a new standard. Success of these companies point to the demand for easier and more accessible services across nations but mostly in developed countries, where people are tired of overly complicated procedures that take up entirely too much time.