Willem Roos, the CEO of Outsurance, has shared about the company’s ambitious plans to substantially increase their workforce in Ireland in the coming years. The South African insurance firm, which recently launched in Ireland after getting the green light from the Central Bank of Ireland, is vying for a significant portion of the market share, aiming to acquire a single or double-digit percentage.
Despite being a newcomer in the Irish market, Outsurance has received a favourable response since it was established. Their thinking behind the move was to take advantage of a market that was competitive, but not overly saturated, which offered room for a fresh player with novel product features like theirs. Mr Roos mentioned potential of receiving premiums back if no claims are made as one such feature.
Contrary to other insurance firms, Outsurance presently has no intention to delve into sports sponsorships in Ireland. Although securing an insurance license is typically not an easy task and the Irish process was challenging, Mr Roos explains that they have successfully navigated it. Outsurance’s launch in Ireland represents only its third international expansion since its birth in 2006. The firm has already marked its presence in South Africa and Australia.
Roos also pointed out that the cost of insurance, in relation to disposable income, is considerably high in Ireland. However, he anticipates ongoing reforms of personal injury awards rules could effectively reduce these costs.
Currently, Outsurance employs around 140 staff in Ireland. Their future plans include doubling or even tripling this number within the next few years. Mr Roos revealed to the delegation that the car insurance market in the Republic is approximately 80% the size of that in South Africa, which means even a small presence in Ireland would be a positive stride for the company.
Outsurance acts as a kit sponsor for rugby referees in South Africa, however, they have yet to reveal intentions of delving into the sports sponsorship realm within Ireland. They hold a belief that large sponsorships don’t hold as much value as simply purchasing advertising space, being relatively poor value for money.
Speaking to the EOY delegation at the Graduate Business School in Cape Town on Tuesday was Mr Roos, one of two renowned South African executives. Jannie Durand, CEO of Remgro, a versatile investment conglomerate and among the biggest listed companies nationally, spoke alongside him.