New Report Highlights Potential for Online Insurance in Ireland

Chill.ie launches new online insurance broker

Dublin, Thursday, 15 th May, 2008:

A new study finds that Ireland is well behind other countries when it comes to the provision of online insurance services. The report was commissioned by Chill.ie, a new web based Irish owned insurance broker, that aims to take the hassle out of obtaining or changing home, motor, life and travel insurance.

The Chill.ie report entitled "Can Online Insurance Change Irish Consumer Apathy?" which was conducted by the Finlay Consultancy, highlights the potential for the growth of online insurance in Ireland . It states, "While there has been significant growth in the level of online shopping for services and goods in Ireland the big exception to this has been in the area of financial services".

The report estimates that currently in Ireland only 1-2% of all general insurance is purchased online. It said that this contrasts dramatically with recent developments in the US and the UK which suggests that between

15% -20% of general insurance is purchased online.

"The reluctance of Irish consumers to go online for insurance products may be due to the fact that insurance is a more complex purchase than books or airline tickets," commented Orlagh Nevin, managing director of Chill.ie. "However, we aim to overcome that barrier by providing direct personal contact and advice by phone as a back up to the online service."

Investors and board members in Chill.ie include Seamus Lynch who was CEO for the launch of Digicel into the Caribbean and software entrepreneur John Power who sold his first company Software Computing Power to Software AG.

Orlagh Nevin, who was one of the early senior management team in O2, said that, unlike other online insurance services, Chill.ie would provide quotes from all the major insurance providers. "Our new online broker service is different as we shop around all the major providers not only for best price but most appropriate cover. We then take the hassle out of making a change by processing the application as well as claims." She added, "Really our customers can 'chill out' when it comes to changing, saving money and getting the best insurance cover."

Tom Finlay of the Finlay Consultancy and author of the report said, "Notwithstanding the complexities of the insurance purchase, online financial services have the potential to radically change the Irish insurance and broker market in the same way that online created a revolution in the hospitality and travel agency sector."

"We conducted extensive user group research which found that Irish consumers are paying the price for sticking with the same provider because they can't be bothered to change," added Orlagh Nevin of Chill.ie. "By taking the hassle out of changing we aim to shake up the cosy, traditional Irish insurance market."

The Chill.ie report, conducted by the Finlay Consultancy, stresses that when buying insurance, consumers should not only consider price but product and service features. Tom Finlay , of the Finlay Consultancy commented, "Insurance is a complex purchase. Getting the best price is of little value if important risks are excluded or the claims process is intimidating."

Orlagh Nevin agreed, "Chill.ie will provide price and cover comparisons and advice." Chill.ie has invested €1m in the new company. "We are bringing a totally new concept to Ireland . We are providing the ease and cost savings of dealing online with the direct contact a traditional broker can offer. For the first time we are making it easy for consumers to switch providers, save money and get the most appropriate cover."

Chill.ie is backed by corporate insurance brokers, Power Lynch & Associates whose directors have over 40 years' experience in the insurance industry.