Head of largest insurer in the State says Laya deal ‘is transformative’
Marguerite Brosnan, chief executive of Axa Ireland, has spent the bulk of her career working for Bank of Ireland. Photograph: Alan Betson“I’m normally very good at keeping time boxed off in relation to downtime, but this deal was transformative,” says Brosnan in an interview with The Irish Times. “I think my family understood.
Based in Cork and led by long-standing managing director Dónal Clancy, Laya has essentially been an intermediary since 2012, offering health policies underwritten by a unit of Swiss Re called Elips Insurance. “We’re trying to do this in a phased way. We have an awful lot going on in the organisation today but it’s probably something for the agenda further down the road,” she says.
Brosnan was nudged in the direction of doing a higher diplomat in education on graduating and went on to teach for a period in Dublin. “But it just didn’t give me a buzz.”alerted her to hiring going on at the time in the bank’s life unit. “And that’s how I fell into financial services,” Brosnan says.
“We spent a lot of time dealing with customers one-on-one, trying to make sure we could restructure and get through some of the challenges they had,” she says of the time. “But you also really had to think about supporting staff, who were hearing horror stories about some of the challenges customers had.”“The first one is honesty and transparency. When there is a crisis, you have to be very clear with people about where you’re heading.
However, Brosnan says that coverage prices “were fairly flat” last year, as an ongoing decline in injury awards was offset by a spike in motor damage costs, amid inflation for labour and car parts. Half of all injury claims settled in 2022 were resolved under personal injury guidelines – up from 16 per cent for the previous year, according to the latest Central Bank figures.
Other Government reforms of the sector in recent times include the enactment of laws last year to strengthen IRB’s role, including the introduction of a mediation service, as well as legislation aimed at balancing a property owner or business’s responsibilities with those of customers or the general public.
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