Devine targets drivers facing higher premiums

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GREIG CAMERON DEPUTY Business EDITOR

Brendan Devine has appointed a amount of senior folks at Sure Factor Insurance coverage Providers and taken on a lease for a 5,000 square feet workplace at Eurocentral.

There are 35 employees working there presently and the firm has an choice to double the size of the office room if its development trajectory meets inner projections.

The business, which will trade as Positive Factor!, will specialise in car insurance and target higher premium drivers ranging from individuals who have just lately passed the driving test to owners of strong and imported automobiles, as properly as any individual who may have accrued points on their licence.

Mr Devine stated: “Our company model has been very carefully created to widen the selection and accessibility of insurance to an region of the market place that I think has had restricted alternatives in the previous.” The venture has received multi-million pound help from the Bermuda and London-based mostly investment company Major Group, which has previously been concerned in establishing Swiftcover and more than-50s insurance coverage specialist Castle Cover.

Swiftcover was purchased by Axa in February 2007 for a sum reported at £110 million, even though Castle Cover received snapped up by Ageas in a £52.8m deal 3 years in the past.

Seasoned business veterans Steve Hardy, co-founder of Swiftcover, and Peter Hubbard, chief executive of Uk Standard Insurance coverage, have joined the board of Confident Thing as non-executive directors.

Alongside them Stevie Sutherland, previously of Ageas Retail, has been appointed as industrial director, former Towergate Insurance executive Eileen McFadden gets to be operations director, Axa’;s Vincent Goldie has moved to grow to be head of finance, even though Michael Lynch, previously at Hastings Direct and KFFS, is marketing director.

Mr Devine, who has worked in economic solutions for 25 years including spells at GE and Woodchester Credit score Lyonnais, said he has been functioning on the start-up method for most of the previous 10 months.

Following at first approaching Principal Group with a proposal he quickly gained their backing.

Mr Devine explained: “As it turned out, they had been watching me anyway simply because of my earlier background as it fitted with the kind of business leaders they had been looking for.

“They had been looking at this marketplace and I was searching at it, so when I came with the proposition they acquired it straight away.

“We have acquired considerable backing, as it will consider a bit of time just before we are in a profits situation. We comprehend the mechanics of this and how significantly funds it will cost us to get there.”

Mr Devine outlined that there had been hefty investment in back office methods, marketplace investigation and design in order to make the Confident Thing website is as client pleasant as achievable across several devices and browsers.

He said: “We did a good deal of analysis and noticed that our [likely] buyers love their vehicles, but they almost certainly will not enjoy insurance. We know most of our clients are on-line customers anyway which is why we have offered the engineering the bodyweight we have.

“What we desired to do was make it as easy and easy for them to acquire insurance,” he additional.

That involves instantly populating as numerous information fields as possible from small chunks of info, such as a vehicle registration.

Mr Devine was managing director of KFFS from January 2009 and was there when it was sold to Fortis, now named Ageas, in 2010 for £215m.

He then became commercial director for Ageas retail but left in April last 12 months.

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