New starter spotlight: Paul Moles

Meet Paul, MX Underwriting Europe’s new addition to the Motor Fleet team, bringing over two decades of insurance experience to the table. In this spotlight article, we delve into Paul's journey from the filing room to becoming a Lead Underwriter, exploring his motivations, career evolution and insights into Ireland's dynamic motor insurance market.

Paul's career journey

Paul's journey into the world of insurance traces back to his secondary school days during a business studies course. Fuelled by his pre-existing interest in cars, he discovered the intricacies of car insurance policies and wanted to learn more.

Starting in the filing room, Paul was eager to engage directly with clients. His tenure at St. Paul's (now Travelers) marked his entry into underwriting, providing a strong understanding of policy methodology. A 23-year stint with RSA showcased his versatility in roles ranging from Supervisor and Team Manager to his final position as a Senior Technical Underwriter.

Evolution of the Motor Market

During his career, Paul has witnessed considerable shifts in Ireland's motor insurance landscape. The transition from manual processing to automated systems and self-service options has not only streamlined the insurance process but empowered insurers to identify trends promptly. Automation has enabled the industry to predict potential challenges more accurately, fostering better-informed decision-making.

Regulatory impact

Paul goes into detail about the changing regulatory framework during his career. General Data Protection Regulation (GDPR), Data Security, Central Bank renewal regulations and the Consumer Insurance Contract Act (CICA) have collectively created a substantial workload, especially coupled with ongoing plans to update the Consumer Protection Code (CPC). The impact extends beyond paperwork, requiring a meticulous overhaul of policy wordings, definitions and the information included in schedules and renewal notices. For underwriters, adapting to these changes is not a choice but a necessity to remain compliant and competitive.

• General Data Protection Regulation (GDPR) and Data Security
  The implementation of GDPR and stringent Data Security measures has fundamentally altered the data handling landscape. Insurers and underwriters are now tasked with ensuring the utmost privacy and security, demanding rigorous adherence to compliance protocols. This shift not only safeguards customer information but also protects the industry against potential breaches.

• Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022
  In 2022, the Central Bank presented additional regulations regarding motor policy insurance renewals which introduced a layer of procedural rigidity. The regulatory framework aims to enhance transparency and fairness in policy renewals. For underwriters like Paul, this means a meticulous review and adjustment of renewal procedures to align with the Central Bank's stipulations.

• Consumer Insurance Contract Act 2019 (CICA)
  The advent of CICA has marked a pivotal moment in the relationship between insurers and policyholders. The legislation aims to rebalance the power dynamic, ensuring clearer communication and fair treatment. For underwriters, this translates to a thorough reassessment of policies, emphasising transparency and a customer-centric approach.

• Plans to update the Consumer Protection Code (CPC)
  Paul acknowledges the industry's ongoing commitment to regulatory compliance. Plans to update the CPC signal a proactive stance in enhancing consumer safeguards. As the CPC evolves, underwriters must remain agile, ready to integrate further refinements into their operational frameworks.

• Adapting strategies
  In the face of these regulatory changes, Paul emphasises the need for strategic adaptation. Flexibility and efficiency are paramount. Streamlining processes, leveraging technology for compliance tracking and fostering a culture of continuous learning are key components of an effective strategy. These adaptive measures ensure compliance and help underwriters navigate the evolving motor insurance landscape with resilience.

Joining MX Underwriting Europe

The challenge of underwriting fleets and the desire for career growth led Paul to MX. He was drawn to MX's passionate approach to business and observed a remarkable focus and drive within the company. Paul saw this as an opportunity to contribute his expertise to a dynamic and motivated team.

In his first month at MX, Paul expressed gratitude for the warm welcome received. The evident focus and drive within the company have left a lasting impression. MX had already extended an invitation to Paul to the Insurance Institute dinner, highlighting the inclusive and collaborative culture at the company.

Paul aims to leverage his extensive experience to contribute to MX's growth. Despite primarily working in the Personal Lines space, he believes the core principles remain the same. Paul plans to bring his risk evaluation, market knowledge and sales experience to the table, fostering the growth and profitability of MX's business.

Paul shares his favourite aspects of the role

Beyond the challenging nature of underwriting a different product, Paul highlights the genuine camaraderie among his colleagues at MX. The shared drive and enthusiasm of the team, combined with the opportunity to learn and contribute, make his new role immensely gratifying.

Find out more about our Motor Fleet offering or get in touch with the Commercial team.