How to set up an Insurance Company?

N

Narcissus

Registered User
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10
Hi,

Does anyone know how to go about setting up an Insurance company? I don't mean how to get staff and premises etc. I mean how to get compliance with the financial regulator and the law?

I see all these websites popping up selling motor insurance so it can't be that difficult. Are their specialist consultants you can hire? I am a project manager and could set up companies in a lot of industries for a person, is there an equivalent for the Insurance Industry?

Maybe there are some Insurance people out there who could consult me on this in a professional capacity or as a sideline project?
 
I think you need to be some one with deep pockets initially, like Sean Quinn. Otherwise you're just a broker?
 
Quinn underwrites his own insurance which puts him in a pretty enviable position. Interesting to see that half of the profit from his insurance arm coming from moving his money around with only half coming insurance directly.

123.ie set up and receive quote feeds from several motor insurance providers into their portal and receive referral fees.

A much more impressive setup is moneysupermark in the UK who charge for clicks, impressions, processing requests and the above. They are now valued at over £1.3billion. They have announced plans for entering Ireland.
 
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