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									The Professional Insurance Broker
The official magazine of the Professional Insurance Brokers Association

                                                            Issue 21 • Summer 2008
Chairman’s Remarks

By Jack FitzPatrick

Welcome to the summer ’08 edition of The Professional Insurance             the service we provide and charge our clients for the work we do on
Broker.                                                                     their behalf. We are currently working on a marketing and training
                                                                            strategy to assist and support brokers who wish to implement a fee
It’s a great honour for me to serve as your chairman again for a
                                                                            policy and hope to run seminars in this regard starting in September.
second term.
                                                                            We are also continuing negotiations with broker-supporting lenders
Firstly, I would like to thank all those of you who attended our recent     who have not finalised their commission policy for 2009.
AGM in Moran’s Red Cow Hotel, which gave members the
                                                                            The Financial Regulator’s review of the Insurance Intermediary
opportunity to raise and debate issues of concern. On behalf of my
                                                                            market, of which PIBA is a very active participant, is due to be
fellow committee members we would like to express our thanks to
                                                                            finalised in the autumn; and we are also continuing to press the
those members present for the overwhelming endorsement of the
                                                                            Department of Finance to issue its proposals for the implementation
committee and the executive’s dedicated work on behalf of the
                                                                            of the new IMD regulations, which are considerably behind
members over the past busy and challenging year.
Your new committee and I look forward to working on behalf of all of
                                                                            We hope to announce soon an attractive new non-clawback pension
you and supporting you in tackling and overcoming the many
                                                                            option with Eagle Star, and on the General side we have recently
challenges and issues that we as Brokers face in this very difficult and
                                                                            established an online motor quote engine: PIBA Sure – a system
uncertain period for our profession. Our absolute priority is to
                                                                            which gives Brokers the facility to provide quotes directly from their
continually ensure that Broker interests are represented and
                                                                            websites. We are also looking at bringing home insurance quotes
safeguarded with the Financial Regulator, insurers and lenders and,
                                                                            online soon.
where appropriate, in the financial media and with Government.
                                                                            The inaugural PIBA Conference, “Building on Your Success”, was held
On the mortgage front, it is incumbent on us to clearly explain and
                                                                            in late April and was an outstanding success; and we have already
differentiate to consumers the quality, choice and independence of
                                                                            commenced work on next year’s event, which will again be held in
our services compared to those when dealing direct with a lender. In
                                                                            the Four Seasons Hotel.
the present ‘hard’ market, with lower commissions being introduced
by most lending institutions, it is inevitable in certain situations that   Finally, I wish you and your staff and families a joyful, sunny(!!!!) and
consumers will have to pay a balancing fee for engaging our services.       productive summer and hope you all find our latest edition to be an
If certain lenders won’t pay for our services I believe we must value       enjoyable read.

   Mortgage Brokers                                                                                                                            5
   What to do when Lending gets Ugly                                                                                                           6
   Minimum Competency Requirements — Are you compliant?                                                                                        7
   PIBA WriteNow celebrates its 1st Anniversary                                                                                                9
   Pensions and Wealth Management                                                                                                             10
   Making ‘Life’ Easier — Improving service through the use of innovative technology                                                          11
   Together we can go further                                                                                                                 12
   Professional Standards Advisory Board – General Insurance Strategic Objectives 2008-2009                                                   13
   Hot Commodities vis Pensions                                                                                                               15
   Announcement: LIA Brendan Glennon Achievement Award Scheme                                                                                 15
   PIBA Conference ‘Building On Your Success’ (photos)                                                                                        16
   Income Protection — Grow your Business, Protect your Clients                                                                               18
   Meet … Brendan Glennon, Former Chief Executive, LIA                                                                                        20
   Managing Sickness and Absence                                                                                                              22
   Every Cloud has … Potential!                                                                                                               24
   Claims Administration — Cost or Benefit?                                                                                                   25
   Deposits: Shelter from the Storm                                                                                                           26
   The Options for Investors in a Volatile Market                                                                                             27
   Topic: Using Technology for Better Financial Planning                                                                                      28
   Broker‘s Voice — Billy Morgan Financial Services                                                                                           29
   PIBA Activities                                                                                                                            30
   Understanding Income Protection claims can really support your protection advice                                                           31
   Updates                                                                                                                                    32
   Crossword                                                                                                                                  32

                                  By Emer O’Flanagan

                                  Getting proper financial advice has become ever more important in recent years, not only due to the increased
                                  disposable income we are supposed to have, but also because unsuspecting members of the public are
                                  constantly being bombarded with marketing material offering to make a real difference to the quality of their lives!

                                  Unfortunately financial and/or retirement planning is neither earth-shatteringly interesting nor alluring; but it is very
                                  necessary. We all need to plan for major events in our lives and sometimes the lead-in time is longer than we
                                  would wish; this is especially relevant when it comes to retirement planning. However this does not take from the
                                  importance of deferring income now to have when we need it most. This is the fundamental principle on which
                                  retirement planning is based. The alternative is expecting the State Pension to cover our needs – not a pleasant

                                  Proper, independent financial advice is worth seeking out and here the role of the independent Broker is crucial.
                                  The Financial Services Ombudsman is very busy at the moment dealing with complaints, ranging from Payment
                                  Protection Insurance and Critical Illness to Whole of Life Insurance. It is fair to say that the biggest offenders
                                  keeping the Financial Services Ombudsman busy are the larger institutions, not the smaller, independent Brokers.
                                  Maybe the situation is best understood by looking at the gradual return of discerning shoppers to smaller, quality
                                  shops which a decade ago were forced out of business by the large supermarket chains.

                                  There is a real need for proper (as opposed to improper) financial advice, and being one of life’s optimists I like to
                                  think this means that the smaller independent Broker is here to stay!

                                  Committee Members                                                                    Sub-Committee Chairpersons
                                  Jack FitzPatrick                      Chairman                                       Life                                    Michael Hoare
                                  Michael Hoare                         Vice-Chairman                                  General                                 Maurice Harnett
                                  Tom O’Keeffe                          Secretary                                      Mortgage                                Jack FitzPatrick
                                  Michael Leyden                        Treasurer                                      Legislation                             Anne Hession
                                  Jarlath Jordan
                                  Niall Lynch
                                  Anne Hession
                                  Maurice Harnett
                                  James Cumiskey                                                                       Chief Executive: Diarmuid Kelly

The Professional Insurance Broker
14B Cashel Business Centre, Cashel Road, Crumlin, Dublin 12 • Tel: (01) 492 2202 • Fax: (01) 499 1569 • e-mail: info@piba.ie • Website: www.piba.ie
Chief Executive: Diarmuid Kelly
Editorial Group: Jack FitzPatrick, Edel Morey, Paul Kelly, Janet Furlong. Editor: Emer O’Flanagan
Publisher: Salient Print Management, Naas, Co. Kildare. Tel: (045) 866057 & (087) 254 3463. Design: Salient Print Management, Naas, Co. Kildare. Tel: (045) 866057 & (087) 254 3463
Views expressed by contributors or correspondents are not necessarily those of PIBA or the publisher and neither PIBA nor the publisher accepts any responsibilty for them.

                                                                     The Professional Insurance Broker                                                                                3
            Mortgage Brokers

            By Diarmuid Kelly, Chief Executive, PIBA

In the beginning there were building societies. How far we           in the mortgage market, forgetting that the Broker market share
have come from a place where products were bought and                is now 70% in the UK.
sold from a man wearing one hat. When we look at the
marketplace today, we see how far we have come with cross-           I have heard all sorts of diatribe about the rationale for
pollination of products and services. The banks and building         mortgage commission cuts. The reality is that some lenders cut
societies are in our business and we are in theirs. Was this         commissions because they could. A shortage of credit meant
unavoidable progress a good thing or a bad thing? One thing is       they could weather the fallout and they used this situation to
certain: the modern day client has a sophisticated source of         ration the business with no regard for Brokers or their clients.
financial products; in many cases brought right to their living
                                                                     The best description of this mortgage market is that it is like a
rooms. Gone are the days of young couples and their families
                                                                     hard general insurance market. As the soft cycle inevitably
coming together in prayer the night before they met the
                                                                     follows, so too the seeds of a future change in the mortgage
building society manager. In the current climate, there are
                                                                     market are well and truly planted. The bean counters in banks
those who say it might return. Not if Brokers have anything to
                                                                     are already calculating the enhanced profits on loans sold at
do with it.
                                                                     significantly higher interest rates in the last few months – they
The Mortgage Broker revolutionised the mortgage industry and         will assume the loan continues for five years but the crunch will
turned it into a consumer focussed industry. Within a short          be over in a fraction of that time. The question is will the banks
time, what was the domain of the banks and building societies        be quick to cut loan rates once the crunch subsides?
became another service that Brokers brought to their clients in
                                                                     What can the Broker market learn from this episode when
the community. Customers switched in droves to using Brokers
                                                                     supply frees up and we have a competitive market again?
for advice, choice and personal service; and today Brokers
                                                                     Certainly proper agency agreements are a core fitness test for
account for 50% of mortgage business transacted.
                                                                     any lender with pretensions in the Broker market. But does the
Competition, choice, product innovation and customer service
                                                                     whole of market concept need to be revisited? Perhaps long
stepped up several gears in the mortgage market with the
                                                                     term agreements covering all aspects of the supply relationship,
arrival of Brokers.
                                                                     with a core panel of partner lenders alongside
Even with the current storms in the property and lending             price/underwriting match agreements to plug niche gaps may
market, Brokers need not fear their future in the mortgage           better serve Brokers and their clients.
sector. As long as there are clients who want their interests
represented, Brokers will flourish. As long as Brokers realise the   This story has another 18-24 months to go before it runs its full
unique position they hold in the marketplace, they fear no           course, and only when the market frees up will there be a fuller
competition. As long as there is a marketplace – vibrant or          picture of the fallout from the escapades of certain lenders over
otherwise – Brokers will dominate it.                                the last few months. But Brokers should feel confident in their
                                                                     position in the marketplace and the value of their services to
Lenders have only recent history in the Broker market and            clients. And remember the old Broker adage – “the best thing
some do not appreciate the long term value of the relationship       you can do for your clients is be in business next year”. The
with the Broker market. It is quite possible that some lenders       best response to the lenders who have cut commissions is the
eyed with some jealousy the growing market share Brokers had         same thing.

                                      The Professional Insurance Broker                                                                   5
    What to do when Lending
    gets Ugly
    By Karl Deeter, Operations Manager, Irish Mortgage Brokers

    Mortgage brokers haven't had it easy in 2008: in recent
    months broker commissions were slashed by up to 50% in
    some cases, and every lender that hasn't followed suit thus far
    is probably only biding their time. This is coupled with a slow
    down in the property market, during a time when consumer
    sentiment is at a historic low, and when due to bank driven
    rate increases it's increasingly harder to place loans. That's the
    good news...

    The final frontier was passed in early May when we witnessed
    the dawn of 'Dual Pricing' (I like to spell it 'Duel' pricing
    because this time the banks have well and truly thrown down              unethical business practice. Secondly, we are not going to hide
    the gauntlet!), where a borrower can obtain a better rate by             from tiered prices; instead we'll ensure that everybody knows
    going direct than they can via a broker.                                 about them and the reasoning behind them. Using a broker on
                                                                             a 300k loan with a dual price difference of 0.05% (BOI) only
    On the one hand it sends out the message that brokers 'can't             costs 35 cent a day more, a small price for quality advice and
    get the best deals'; there was always a minor perception of this         honest independence.
    in the past because certain lenders didn't deal with brokers.
    However, dual pricing means that the lenders we do deal with             Dual pricing doesn't affect inter bank competition either, so if
    have a different price for non-broker clients. In an environment         Bank of Scotland’s one year fixed is not as good as Halifax
    where the (mortgage broker) industry may try to move                     then it's okay: First Active can beat both of them. Just stick to
    towards fees to reduce the damage of sudden commission                   the core broker strength of independent advice and the ability
    cuts this has virtually undone that prospect.                            to shop around and the customer will always stay true.

    The first line of defence must be for brokers to focus on the            The deplorable service of many direct channels (especially call
    values and qualities of the broker market proposition, part of           centres) is only a boon to the broker market and lack of
    which involves educating the customer during the sales                   transparency coupled with staff that don’t trade on their
    process.                                                                 ongoing reputation means that brokers will not only survive but
                                                                             will thrive.
    Walk a customer through what you do, in detail. Don't tell
    them 'I'll take care of that': write out a list so that they can see     Commission reduction is of course a blow, and a trend that’s
    on paper all of the work you are going to do for them. Make              not likely to reverse, but there is still business out there and
    sure they know that the broker process is 'customer-centric'             with a mortgage market reduction of 25% from 2007 there is
    and ‘advice oriented’ rather than the 'take-a-number' way it is          over 25 billion to play for in 2008; even at half commission
    in banks.                                                                that's a lot of money!

    Lenders are tiering prices because it was done in the UK. Apart          Mark Twain said 'A banker is a fellow who lends you his
    from the lack of originality this displays, it proves irrefutably that   umbrella when the sun is shining, but wants it back the minute
    banks are willing to lose mortgage income so that they can hit           it begins to rain'. Too bad that in his time they didn't have
    the client for the higher margin products such as mortgage               Brokers, because we were, are, and always will be the true
    protection, pensions, savings and investments; and the only              consumer champions.
    time they stand a chance of success is with direct customers.

    'Will a bank ever send you down the street to a different lender?'
    is a rhetorical question, but it's one that many customers don't
    consider. Extend it and ask 'will they advise on different life
    companies' products?' No, banks don’t do that, but a broker
    does this all the time, finding value on every aspect of finance.
    Broker clients don't get the best deal 'for today' they get the best
    deal 'forever' and that is the power of using a broker.

    The bank that started same institution (as opposed to same
    owner) dual pricing was Bank of Ireland. The response of our
    firm has been to cancel our BOI agency; that's how we reward

6                                             The Professional Insurance Broker
               Minimum Competency
               Requirements – Are you compliant?
               By Eamon Masterson, Managing Director, Compliance Consultants Limited

In July 2006, the Financial Regulator introduced Minimum Competency                       obtain their qualification. The level of supervision required to be
Requirements (MCR) establishing minimum standards for Brokers.                            given by your firm will reduce as the individual gains more
These requirements have been effective since the 1st of July 2007.                        experience.

From dealing with life, general and mortgage brokers over the last two years, it     2. Are all staff fulfilling their annual Continuing Professional
is quite clear that there is a lack of both knowledge and understanding of the       Development (CPD) hours?
MCR. As a breach of any of its requirements is taken seriously by the Regulator
                                                                                     Both qualified individuals and grandfathered individuals must comply
it is extremely important to ensure that both you and your employees
                                                                                     with the CPD requirements. The brokerage must ensure that CPD
understand and meet the MCR. In this article I will try to explain the obligations
                                                                                     records are maintained by its staff members and that all staff comply
imposed on brokerages and their employees.
                                                                                     with their requirements. Each individual can be subject to a ‘spot
To currently operate your brokerage in compliance with the MCR there                 check’ of their records either by the Regulator or by the educational
are two questions you need to answer yes to:                                         body that issued their qualification.
 ! Do all of your current staff meet the requirements?                               QFA and CIP diplomas have their own specific CPD requirements for
 ! Are all staff fulfilling their annual Continuous Professional                     holders of the qualification.
   Development hours?
                                                                                     CPD requirements for grandfathered individuals and individuals who have
1. Do all of your current staff meet the requirements?                               a qualification which does not have a CPD requirement are as follows:

Your staff may fall into four categories, namely:                                     ! 60 hours must be completed over a three year cycle.
                                                                                      ! 40 must be formal CPD.
   You hold a recognised qualification in respect of the category of                  ! The balance of 20 hours may be wholly comprised of either
   product in which you are acting. The QFA diploma is a recognised                     formal or informal activities, or it may comprise a mix of both.
   qualification for the life and mortgage business. If a broker who holds            ! The minimum hours to be completed in each year are fifteen, of
   the QFA also wishes to provide general products to clients they will                 which at least ten must be formal CPD.
   have to complete a bridge examination in general insurance policies.
                                                                                     For grandfathered individuals the three year cycle begins when the
   The CIP diploma is a recognised qualification for the general
                                                                                     brokerage has certified on file that the experience requirement was
   business. Again, if a broker who holds the CIP also wishes to provide
                                                                                     met; in other words, if you were grandfathered in September 2007
   life assurance protection products to clients they will have to
                                                                                     your three year cycle begins from that date.
   complete a bridge examination in life assurance protection policies.

      Please note that there are other qualifications which meet the                 A brokerage’s Minimum Competency File
      competency requirements; these can be got from the competency                  Each brokerage must maintain this file, and record details of all staff
      requirements handbook or you may contact me directly.                          which fall under the MCR.

 ! GRANDFATHERED STAFF                                                               For grandfathered individuals the brokerage must have, before the 1st
   Individuals may be grandfathered in specific areas if they have                   of January 2008, certified and retained on file the names of those
   obtained four years experience within the last eight (01/01/1999 –                who have been grandfathered. The criteria for assessment of
   01/01/2007) for the activity for which they wish to be grandfathered.             individuals for grandfathering purposes must be documented on the
   They therefore meet the requirements by virtue of experience and are              file, i.e. evidence on file of employment records confirming that the
   not required to hold a recognised qualification in the area. Please note          individual met the experience requirement. For qualified individuals
   that the criteria for assessment of individuals for grandfathering                evidence of the qualification should be placed on the file.
   purposes is the responsibility of the firm and must have been
                                                                                     All staff’s individuals records of formal and informal CPD must also be
   documented by the brokerage by the 1st of January 2008.
                                                                                     recorded on the file, including evidence of the hours obtained.
                                                                                     Your aim now is to ensure that both you and your staff fall into one of
                                                                                     the four categories named above and are complying with the required
   These staff members have until 2011 to obtain a recognised
                                                                                     CPD hours each year!!!
   qualification. These staff members can continue in their current
   role while they complete their studies.                                           I hope that this has shed some light on the MCR and CPD
   These staff members have four years from the date of
   employment to obtain a recognised qualification; however these                    If you have any queries with regard to the above or you wish to discuss
   staff members must be initially trained by the firm and must be                   any compliance issue in detail please do not hesitate to contact me.
   supervised by a staff member (who meets the MCR) until they                       Contact: eamon@complianceconsultants.ie. (086) 237 8739.

                                                The Professional Insurance Broker                                                                               7
            PIBA WriteNow Celebrates
            its 1st Anniversary
            By Enda Burns, Business Development Manager, PIBA

I am pleased to announce the renewal of the PIBA WriteNow                  ! Best Doctors®2 for all new Serious Illness policies.
Scheme for 2008/2009. A central element of the scheme is that
                                                                           ! Market leading Serious Illness coverage and definitions.
there are no minimum production requirements for you to
receive the over-ride payment of 25% of commission on                      ! Accidental death benefit is an automatic benefit offered for
protection business. This means that it is accessible to all                 the period during which an application form is being
members who use the online service (unlike other schemes,                    processed.3
which may only be available to Brokers doing relatively large              ! Customers who take out a life policy through PIBA
volumes of business with Life Offices).                                      WriteNow will qualify for an additional 5% customer
                                                                             discount on their PIBA Hibernian home insurance policy
Launched in May 2007, Hibernian’s online service is available to             and 5% discount on their motor policy. Where customers
PIBA members through the Hibernian Life & Pensions broker                    have two or more products with Hibernian, they will receive
website www.writenow.ie. It gives Brokers the ability to process             a 10% discount on their Hibernian motor policy (if it hasn’t
life protection business from initial proposal right through to              been applied already).
policy issue. Hibernian are unique in providing this service to
Brokers, which means that you can transact your clients’                  It is important that the system evolves and improves and
business and provide cover without any intervention from                  feedback from members over the past year has resulted in many
Hibernian.                                                                developments and enhancements to the website.

Writenow.ie also gives you the ability to:                                Other exciting enhancements will be rolled out to PIBA members
                                                                          in the coming months; which will include the option of keying
 ! Track pipeline business
                                                                          PRSA products online. Making this option available to PIBA
 ! View and download product information                                  members proves that Hibernian are listening to your feedback.
 ! Monitor commission
                                                                          Saving time and money
 ! Obtain fund values and general policy/scheme information.
                                                                          By conducting business online, PIBA members get:
It also provides informative micro sites like Fund Choice - for all        ! Lower administration charges
your fund information - Underwriting Centre and Compliance
Matters, which houses all the up-to-date regulatory information.           ! No minimum production requirements
                                                                           ! Higher commission
When building www.writenow.ie Hibernian were careful to
ensure that the system was far more than just a fancy front-end            ! Technology support/ training
system; and in fact it has now become an integral part of                  ! Dedicated support team from Hibernian - WriteNow
Hibernian’s business. In the twelve months since it was launched             Support Team contactable on 1850 456 001 or by email at
to PIBA, over 50% of PIBA members have joined the scheme                     writenowfeedback@hibernian.ie.
and benefited from the many advantages that use of PIBA
                                                                          PIBA members can arrange one-on-one training through PIBA or
WriteNow delivers. These include:
                                                                          with their Hibernian Broker consultant.
 ! Over-ride payment of 25% of commission, irrespective of
   volumes                                                                If you have not been using PIBA WriteNow and would like to get
                                                                          started or receive more information, you can contact PIBA or
 ! All business keyed online receives priority service                    your Hibernian Broker consultant today.
 ! Full control for you to key, submit, issue and print policy
   documentation for clean cases in your own office
 ! Expert underwriting decision available, or feedback on             1   Guaranteed Insurability Option allows your client to increase their sum
   additional requirements within seconds of application input            assured or extend the term of their Mortgage Protection policy within certain
                                                                          limits for a new or increased mortgage.
 ! Processing and tracking your clients’ business in real time        2   BestDoctors is an exciting new endeavour for Hibernian Life and Pensions Ltd
   from proposal to policy issue                                          and we are the first in the Broker market to offer this service. This service
                                                                          provides a valuable expert medical review of diagnosis and treatment for
 ! Competitive rates for Term Assurance and at most key ages              those covered under the policy who have been diagnosed with a serious
   and terms                                                              illness. Further details of this service are available on writenow.ie.
                                                                      3   Cover will be provided at a level equal to the life cover proposed, or
 ! Market leading non-medical limits.
                                                                            150,000 if less. Cover will cease when processing of the application is
 ! Guaranteed insurability option1 for new Mortgage                       complete or after 30 days if sooner. It is available on all new applications for
   Protection policies.                                                   Term Assurance, Mortgage Protection and Guaranteed Whole of Life policies.

                                        The Professional Insurance Broker                                                                                    9
                  Pensions and
                  Wealth Management
                  By Aidan McLoughlin BCL Solr FITI TEP AIIPM
                  Director, Independent Trustee Company Ltd.

     Wealth Management Defined                                                         annum growth will deliver a fund of 3 million in 10 years.
     One of the key issues concerning wealth management is the                         The same funds extracted directly from the company and
     difficulty of arriving at a clear understanding of what it involves. The          invested personally would generate a total fund of 1.5m. Tax
     following definition captures the true essence of wealth                          relief in this instance has doubled the value of the assets
     management:                                                                       accumulated.
                                                                                           The tax efficiency also aids portfolio management. As
        “Wealth management means taking care of the needs of                           assets are traded in and out of the portfolio without triggering
        affluent clients, their families and their businesses as part of a             taxes, the investment advisor can focus solely on investment
        long-term, consultative relationship. It’s best conceptualized as a            quality and ignore the possible tax drag on returns.
        platform where a number of different sets of services and
        products are provided. It’s a full-service model that can offer            ! An Asset Protection Tool: Because many of the benefits
        advice on investment management, estate planning, retirement,                available under pension schemes are held under trust it is
        tax, asset protection, cash flow, and debt management.”                      possible to regard it as a strong asset protection
                   The Wonderful World of Wealth Management by Michael J Koreto
                                                                                     mechanism. It can withstand attack from disgruntled
                                                                                     creditors of the beneficiary and it can also, in cases
     This definition highlights the key features of wealth management:               involving family law disputes, provide a potential safe
                                                                                     harbour for assets.
      ! Focus on families;
      ! Long-term relationship;                                                   Apart from the tax benefits, there are three key features of the Irish
                                                                                  Pensions System which make it extremely attractive as a wealth
      ! Consultative in nature;
                                                                                  accumulation tool.
      ! Interaction with and management of other services.
                                                                                   ! Single Member Self-administered Pension Schemes: Single
     Clearly investment is only one part of the jigsaw.                              Member Self-administered Pension Schemes (SSASs) offer
                                                                                     investors full control over the investment content of their
     It is also clear that the necessary services will not be provided from          pension structures. They can choose to invest through any
     a single source and thus co-ordination with and the introduction of             fund or investment manager based anywhere in the EU. In
     other advisors will be critical.                                                addition they can access direct equity (quoted and unquoted),
                                                                                     direct property (residential and commercial), and various
     Relevance of Pension Structures                                                 forms of alternative investments (such as hedge funds).
     Pensions in Ireland are a key to wealth management infrastructure.            ! Borrowing: The single member pension structure is allowed
     This is because pensions are:                                                   to borrow on a non-recourse basis in order to effect
      ! An Investment Vehicle: The primary purpose of a pension is                   investments. This is an extremely important means of
        to facilitate investment and thus it forms a key part of any                 enhancing the returns available to the investment fund.
        wealth management strategy. On average between 20% and                     ! Approved Retirement Funds: One of the traditional
        50% of wealth at retirement will be contained within some                    difficulties associated with pension structures is the
        form of pension structure.                                                   requirement to ultimately purchase an annuity. The
      ! An Estate and Succession Planning Structure: Most pension                    introduction of approved retirement funds (ARFs) in 1999
        benefits are held in trust, which is a key estate planning tool.             radically changed this position. Rather than purchasing an
            The tax benefits attaching to a pension and the manner in                annuity, the ARF operates as a drawdown mechanism which
        which it is funded also add to its advantages in this regard. For            permits the ARF owner to access the monies when he or she
        example, two parents with an estate comprised of a single                    wishes.
        asset, a business worth 20m, and with two children can tax                       Ultimately this fund can be passed on to a spouse or other
        efficiently divert half the value to a pension structure. This will          next of kin without triggering inheritance tax.
        ultimately divide the single asset in two and allow it to be
        inherited free from inheritance tax.                                      Conclusion
                                                                                  Wealth in Ireland over the last decade or so has had a symbiotic
      ! A Tax Efficient Method of Wealth Accumulation: The                        relationship with Irish pensions structures. As wealth boomed, more
        benefits offered by pensions in this regard include tax
                                                                                  and more monies flowed into these structures. Equally, the assets
        deductible contributions, tax-free growth (free from income tax
                                                                                  accumulated within these structures have been enormously
        and capital gains tax), access to tax-free cash on retirement,
                                                                                  enhanced by the tax reliefs available and their flexibility for
        and tax efficient transfers to the next generation.
                                                                                  investment purposes.
           The tax reliefs available have a powerful impact on wealth
        creation. Consider, for example, a private business investing             With Ireland focussed on becoming a centre for pan-European
          150,000 per annum (indexed) in a pension structure for                  pensions, this extremely beneficial method of wealth accumulation
        one of its shareholding directors. Assume that 10% per                    will continue to prosper – as will its users.

10                                               The Professional Insurance Broker
            Making ‘Life’ Easier
             Improving service through the use of innovative technology
            By Brian Allen, Chief Underwriter, Eagle Star/Zurich

The Broker Centre at www.zurich.ie has been enhanced to               ! Where relevant, you will be sent an e-mail (to the address
include an Expert Underwriting System and a new facility that           you designated when completing the application form),
enables the original policy documentation for Guaranteed                confirming the underwriting requirements and attaching any
Mortgage Protection and Guaranteed Term Protection to be                client questionnaires that are required in order to proceed.
printed in Brokers’ offices.
                                                                      ! If a case is submitted that has outstanding underwriting
                                                                        requirements, the proposal tracking system on the Broker
New Expert Underwriting System
                                                                        Centre (‘Pipeline’) will be updated automatically.
The Expert Underwriting System is a ‘rules-based’ system that
gives underwriting results while the application is being             ! Reference material and questionnaires are available in the
                                                                        Underwriting section of the Broker Centre and this section
completed. The system indicates if an application is acceptable
                                                                        includes additional client questionnaires that can be
at standard rates, if it has further medical requirements or if it
                                                                        completed at point of sale.
needs to be referred to an underwriter.
                                                                     Printing in Brokers’ Offices
Making the application process easier
                                                                     This facility saves you waiting for the post and enables a
The new system improves the quality of the information
                                                                     quicker turnaround for urgent cases.
supplied at application stage, meaning fewer underwriting
queries, less hassle for you and quicker policy issue.               Printing in Brokers’ Offices gives you the option to print the
                                                                     Guaranteed Term Protection and the Guaranteed Mortgage
 ! If your client answers ‘Yes’ to a medical question, we now
   provide an extensive search facility that will help you to        Protection original policy documentation in your own office
   specify the exact medical condition.                              once the policy has been issued by Eagle Star/Zurich.

 ! When describing a client’s occupation you can choose an           You will be asked if you wish to avail of this option when
   exact occupation description from the database provided.          completing the online application. We will notify you by email
                                                                     when the documents are available to print. This email contains
 ! There is also a pastimes/pursuits database which will help
                                                                     a link that will take you directly to the web page where you can
   you in completing these details.
                                                                     view/print the necessary documents.
 ! A comprehensive database of doctors allows you to
   search for a doctor by their surname or clinic: if found a        As an added incentive for PIBA members, Eagle Star/Zurich is offering
   simple click populates the full doctor details on the             special enhanced commission terms when you opt to print the
   application form.                                                 policy documentation in your office. Through PIBA OnLine, the
                                                                     enhanced commission that you will receive will increase from the
 ! The Family History question will only ask for relevant
                                                                     current 22.5% to 30% of annual premium (i.e. total maximum
   family histories at given ages – thus leading to fewer non-
                                                                     commission of 120%) where the policy term is at least ten years and
   relevant family history disclosures which in turn will lead
                                                                     you opt to print the policy documentation in your office. The
   to less underwriting referrals.
                                                                     enhanced terms are available until the 15th of September 2008 on
Faster Underwriting                                                  the understanding that members will also participate with other future
                                                                     enhancements of the system, such as reflexive underwriting and
This means an improved service for clients.
                                                                     electronic signatures, as and when they become available.
 ! Once you submit an application online you are
                                                                     Note: You must submit applications online through your
   immediately given the acceptance terms or underwriting
                                                                     PIBA OnLine agent code in order to avail of the extra
   requirements in a large number of cases. For the
                                                                     enhanced commission.
   remainder of cases, applications will require referral to an
   underwriter in order to advise on the outstanding
 ! Enhanced systems and processes now mean quicker
                                                                     FURTHER INFORMATION
   issuing of any underwriting evidence that may be required,
                                                                     If you have any queries in relation to submitting an application
   e.g. doctors'/medical reports will be automatically               online or printing in Brokers’ offices, please contact your Broker
   generated and issued immediately where possible.                  Consultant or our Underwriting Helpline on (01) 799 2825 or
                                                                     (01) 799 2826.
Keeping you informed
                                                                     Alternatively, you can e-mail our Underwriting department directly at
Improved and quicker communication means that you keep on            underwritingsupport@zurich.ie. An underwriter will reply to your
top of the business you submit.                                      query within one hour during the day.

                                      The Professional Insurance Broker                                                                       11
     Together we can go further

     By David Infantes, Country Manager/UK & Ireland, Solbank

     “Spain is different” is a slogan used to describe that “something
     special” this country has to offer you and your customer. It’s not
     only about the sun, the beach etc., it’s about people and their
     art of living. You can’t explain it; you have to feel it, like many
     other Irish residents who chose this country for the purchase of
     a property in order to live temporarily or permanently in Spain.
     And here is where Solbank comes into play.

     Buying a home in a foreign country without assistance can be
     a complicated process and a different language and local
     habits won't make it easier. With or without mortgage finance,
     Solbank can provide expert advice on all the steps to be taken
     and the professionals to be contacted, so that your time in
     Spain is spent enjoying your home and not chasing
     bureaucracy. Nevertheless, you are strongly recommended to
     engage your own independent lawyer (abogado). Bear in mind
     that even though a public notary (notario) is always involved in
     the legal process of buying and selling a property, he or she
     will not verify or guarantee the accuracy of statements made in
     a contract.

     Effecting the Purchase: Helpful tips
     Your lawyer should carry out the following checks:

      ! Ensuring at the local Property Register (Registro de la
        Propiedad) that the property is exempt from mortgages or
        outstanding debts                                                  Taxes and fees
      ! Verifying with a surveyor the adequacy of the purchase             These will commonly amount to some 10% of the purchase
        price                                                              price, but there may be regional changes. The taxes payable
      ! Checking at the Town Planning Department                           will probably be:
        (Departamento de Urbanismo) of the Local Council
                                                                            ! In the case of a new construction, 7% value added tax
        (Ayuntamiento) that your property won't be affected by
                                                                              (IVA) plus a 0.5% on 'Documented legal Acts' (Actos
        any public or private building project
                                                                              Jurídicos Documentados)
      ! Making sure that the former owner of the property is up             ! In the case of resale, a transfer tax, which is 7% of the
        to date on the Property and Capital Gains Tax payments,
                                                                              assessed value of the property (Impuesto de
        as well as on the payments for basic utilities (water,
                                                                              Transmisiones Patrimoniales)
        electricity, telephone etc.) and to the Owners'
        Community.                                                          ! The Capital gains tax (Plusvalía), traditionally payable by
                                                                              the vendor, may sometimes be paid by the purchaser.
     Mortgage conditions
                                                                           Other related costs would be notary fees, stamp duty, legal
     Solbank generally limits its lending to 70% of the purchase           fees, deed registration fee, surveyor's fee, etc.
     price or the valuation price, whichever is the lower, but the
     actual LTV depends on the property and other conditions. The          In October 2007, Solbank signed a Co-operation Agreement
     maximum term for a mortgage loan depends on the                       with PIBA.
     borrower's age when signing the contract, but will not exceed
     40 years.

     The bank will require a first full legal mortgage charge over the
     property to be purchased through a Mortgage Finance Facility.         Find out more about preferential finder fees and mortgage terms by
     Life insurance and house/contents cover (including                    calling us on 00 34 902 627 267, or just send an email to
     compulsory fire insurance) are available through the bank and         sep@solbank.com.
     may be made a condition of the Facility.                              www.solbank.com/en/PIBA

12                                           The Professional Insurance Broker
             Strategic Objectives 2008-2009
             By Tony Culley, Chairman, PSAB-GI

As independent Chairman of the newly established Professional                ! To provide a forum in which holders of the CIP designation and
Standards Advisory Board — General Insurance (PSAB-GI), I am de-               other such designations and other industry interests can
lighted to update PIBA members on the new Board’s role in                      exchange information, views, ideas, and, as appropriate, best
supporting competency requirements.                                            practices in the interests of developing the overall standard of
                                                                               the CIP qualification to the benefit of the individual members,
Mr Joseph Grogan, Past President and Chairman of the CPD Committee
                                                                               their employers, industry and commerce in Ireland generally and
and co-founder of the PSAB-GI Board, ended his tenure of office as
                                                                               with the consequent creation of a well-formed public regard for
Chairman of the CPD Committee on the 11th of February 2008. He
                                                                               the CIP qualification;
delivered the Institute’s key objective for 2005-2006 by guiding the
development of CPD to support competency requirements.                       ! To strive for a high standard of professional conduct among
                                                                               holders of the CIP qualification.
Since the PSAB-GI’s incorporation on the 23rd of February 2008,
PIBA, IBA IIF, The Insurance Institute of Ireland and The QFA Board         Our first challenge in 2008–2009 is to raise awareness of regulatory
have been working together to implement, maintain and supervise             competency requirements among CIP holders and with that in mind
compliance with Continuous Professional Development for all CIP             the Board’s priority this year is to implement a communication
holders. Continuous Professional Development (CPD) is an essential          outreach campaign. The Board has recently developed its corporate
companion in supporting the lifelong learning requirements of               brand, reflecting who PSAB-GI is and the principles and values that
accredited individuals, and the maintenance of the CIP qualification.       underpin the Board. From June 2008 a nationwide campaign will
CPD enables professional development to be structured in a way that         provide members with clear and appropriate information about CPD
meets personal needs, the requirements of employers, and indeed             compliance. The campaign will deliver at the following levels:
those of the Financial Regulator; ensuring that one remains compliant        ! Membership: through regular communication and support via
and up-to-date, which is the mark of a true professional.                      the Board’s new website, email and helpline
According to its Articles of Association the Professional Standards          ! Nationally: through a co-ordinated national strategy of media
Advisory Board-General Insurance’s primary objectives are:                     communication and face-to-face presentations

 ! To implement and maintain a programme of Continuous                       ! Corporate: by working alongside employers to support CPD
   Professional Development (CPD) and all related activities for               compliance internally
   holders of the CIP (Certified Insurance Practitioner) qualification       ! Partnerships: by working closely with professional and industry
   and other designations as determined by The Insurance Institute             bodies involved in general insurance, to ensure their members
   of Ireland from time to time and to supervise the compliance of             are kept fully informed with their ongoing CPD requirements.
   holders of all such designations with such CPD requirements as
   the Company may from time to time prescribe for such holders;            Employers may submit in house training and seminars in general
                                                                            insurance requiring CPD approval to the Professional Standards
 ! To take steps to investigate failures by holders of the CIP              Advisory Board — General Insurance (PSAB-GI) for accreditation. App-
   qualification and other such designations to comply with CPD
                                                                            lications should be submitted online at
   requirements prescribed for them from time to time by the
   Company, to recommend to the Insurance Institute of Ireland the
   taking of disciplinary action against persons failing to comply with     The Professional Standards Advisory Board – General Insurance (PSAB-GI)
   such requirements and in appropriate cases to recommend the              can be contacted via its helpline and email facility by graduates and
   removal by the Insurance Institute of Ireland of the designation of      corporate members in relation to CPD compliance. Please contact
   CIP and other such designations from persons failing so to comply;       PSAB-GI helpline: (01) 645 6699 or email PSAB-GI: cpd@psab-gi.ie
 ! To develop and to amend from time to time as it sees fit, disciplinary   for further details. Our website will be ‘live’ this summer.
   procedures to be implemented by The Insurance Institute of Ireland
   against persons failing to comply with CPD requirements prescribed
   for them from time to time by the Company;                               PIBA is represented on this board by Liam Carberry.

                                          The Professional Insurance Broker                                                                           13
              Hot Commodities
              via Pensions
              By Brendan Barr, Head of Marketing, Standard Life

Gold and copper are literally ‘hot’ commodities. Savvy investors wish               involved in dealing with solicitors, property managers and tenants etc. in
they owned substantial amounts given their strong investment                        order to purchase and manage investment properties.
performances in recent years.
                                                                                    The provision of these specialist third party services via the Synergy
As asset classes move in and out of favour, investors want to be able to            pension product is proving a major attraction with time-poor investors.
move quickly between them. The ideal is to have a financial product
which allows such switching between cash, equities, property,                       Typically, existing providers simply provide you with the mandatory
investment funds, individual stocks and exchange traded funds as your               Revenue approved tax wrapper in order to buy property within the
investment preferences change.                                                      pension. Thereafter, you’re on your own.

As with many successful international products, it tends to be simply a             You invariably have to find your own solicitor, surveyor, lender,
question of time before they reach Ireland. The Irish answer to the                 property manager, foreign exchange provider (e.g buying sterling-
increasingly popular UK self invested personal pension (SIPP) is                    based property) and insurance. This clearly is not time-effective or
Standard Life’s Synergy pension product, a self-directed pension.                   convenient. With the Synergy product, you don’t have to worry about
Synergy allows pension investors a one stop shop option where they                  this.
can purchase all the aforementioned asset classes for a minimum
investment of just 175 per month.                                                   For whom is this type of pension suitable?
                                                                                    Self-directed pensions in the main are designed for:
For example, an investor’s portfolio might be:
                                                                                     !      Self-employed individuals
 ! Borrow to purchase an investment property in Cork and a
   commercial property in London.                                                    !      Owner/managers (of a company)

 ! Own AIB/Bank of Ireland and CRH shares or any shares traded on                    !      People who have left pension schemes and can transfer their
   major global exchanges.                                                                  pension to the Synergy pension product

 ! Choose from over 30 investment funds including exposure to the                    !      Retiring individuals (using Approved Retirement Funds)
   increasingly important economies of China or India via an                         !      Syndicates — two or more people.
   investment fund.
                                                                                    A feature which has proven attractive to many investors is syndication.
 ! Purchase copper, gold or wheat via exchange traded funds (ETFs).
                                                                                    You can pool your money with friends, family or whomever you wish to
 ! Or simply park some of your money on deposit with Ulster Bank,                   form a syndicate and purchase a bigger and hopefully better property
   Anglo Irish Bank or AIB Bank within your pension.                                while reducing your costs. Charges are applied per property, not per
                                                                                    syndicate member.
Experienced investors are all too familiar with the hassle and time                 For further information, speak to your Standard Life account manager.

      ANNOUNCEMENT — LIA Brendan Glennon Achievement Award Scheme
      LIA is delighted to launch the LIA Brendan Glennon Achievement Award Scheme. This award will recognise the outstanding contributions of
      individuals to both the Financial Services Industry and to the wider community. In launching this LIA award scheme Liam McGrory, President, LIA Ireland
      stated that ... “calling this the ‘Brendan Glennon’ award is our way of recognising the enormous role that Brendan has played in the development of
      LIA Ireland from its origins in 1978 to the success it is today with over 7,000 members. It also ensures that many of the attributes that Brendan has
      espoused throughout his time with LIA will continue into the future. Brendan retired from LIA recently and I believe that this is a fitting way of
      ensuring that Brendan is remembered as a lifelong friend and colleague by all LIA members well after his retirement. I expect that the recipient of
      the LIA Brendan Glennon Achievement Award will be an individual who has enriched all our lives through his/her contribution to our industry”.
      The first LIA Brendan Glennon Achievement Award will be presented in early 2009. Nominations are welcome from LIA’s 7,300 members and
      must be received in LIA offices by 31st December 2008.

      Some of the attributes/criteria to be considered by the adjudicating committee are:
      ! Contribution to our industry – over and above the call of duty                   ! Professional minded                       ! Generosity of spirit
      ! Contribution/assistance to colleagues, LIA and community at large                ! Universally & nationally recognised       ! Friendship

      For further information contact Colin Brosnan, LIA, 183 Kimmage Road West, Dublin 12. Phone (01) 456 3890.

                                              The Professional Insurance Broker                                                                                  15
                                             PIBA Conference                                                                                                                                                                                                                                                               IN ASSOCIATION WITH

                                             ‘Building on Your Success’
                     Thursday April 24th 2008, Four Seasons Hotel

                                                                                                                                                                                                                                         twood Software Ltd)
                                                                                                                                                                                                                        Paul Armson (Pres

                                                                                                                                                                                                                                                                                            Maeve O’Flaherty,
                                                                                                                                                                                                                                                                                                              Seán O’Flaherty
                                                                                                                                                                                                                                                                                            (Best Advice)

                                                                                                                                                           George Ho
                                                                                                                                                                    ok (Key No                                                                                                                                                                                                  rances Ltd)
                                                                                                                                                                              te Speake                                                                                                                                                                              (Roban Insu
                                                                                                                                                                                          r)                                                                                                                                                           Myles Roban (Perfect Mortgages)
                                                                                                                                                                                                                                                                                                                                                       Claire Brenn

                                                                     Edel M
                                                                            orey (P
                                                                           el Ahe IBA)
                                                                                 rn TD
                                                                                              er for In
                                                                                                              n Polic
                     , Mary Fitzpat
        Conor Murray
                       l Solutions Ltd)
        (CMCC Financia

                                                                                                                                                                                                                                                an), George Hook (Key Note
                                                                                                                                                                                                                Jack FitzPatrick (PIBA Chairm
                                                                                                                                                                                                                                                                                                                                                                                               ion Policy)
                                                                                                                                                                                                                                                                                                                                                               l Ahern TD (Minister for Innovat
                                                                                                                                                                                                                                                                                                                                 Janet Furlong (PIBA), Michae
                                                                                                                                                                                                                                                                                                                                                               an), Diarmuid Kelly (PIBA CEO)
                                                                                                                                                                                                                                                                                                                                 Jack FitzPatrick (PIBA Chairm

                                                                                                                                               20   08
      Diarmuid Kelly                                                                                                           PIBA Co
                       (PIBA CEO), Geo
      Jack FitzPatrick                 rge Hook (Key Note
                       (PIBA Chairman)                    Speaker)

                                                                                                                                                                                                        Jack FitzPatrick (PIBA
                                                                                                                                                                                               Joe Meade (Financial            Chairman)
                                                                                                                                                                                                                    Services Ombudsman)
                                                                                                                                                                                                                                                                                                                                            PIBA Committee
                                                                                                                                                                                                                                                             Jack FitzPatrick (PIBA Chairman), Diarmuid Kelly (PIBA CEO)                                      2007-2008 & Geo
                                                                                                                                                                                                                                                                                                                                                                              rge    Hook (Key Not
                                                                                                                                                                                                                                                             Michael Ahern TD (Minister for Innovation Policy)                                                                                     e Spe     aker)

                                                                                        (Best Ad
                                                                              M   urray
                                                                                                                                                                                                                 ALSO SPONSORED BY

     (Micha a Roche, M
           el O’Lea       ich
                    ry Insu ael O’Leary
                                                                                                                                        lly   (PIBA CEO)
                                                                                                                             Diarmuid Ke

16                                                                       The Professional Insurance Broker                                                                                                                                                                                 The Professional Insurance Broker                                                                                         17
                 Income Protection – Grow your
                 Business, Protect your Clients
                 By Karen Gallagher, Business Development Manager – Income Protection, Friends First

     In the current economic environment we are all experiencing a          their existing client bank. Do you have clients who would
     downturn in the appetite for investment products and                   listen to this advice? Are there clients who have a good
     mortgages. Many life companies and brokers are now behind              investment portfolio but are exposed in the event that their
     last year's earnings levels due to the impact of the credit crunch     income should stop?
     across our product range. We now need to assess the
     opportunities that are currently available to us to grow our           A similar situation could arise for your pension clients. These
     business in this uncertain climate. Well the good news is that         clients have put a lot of their earnings into ensuring that their
     there are still some opportunities out there; the key is to know       pension fund is built up. What would happen if they couldn't
     how to exploit them!                                                   work for part of their working life due to ill health, even if it was
                                                                            only for a few years? Their pension funding would be severely
     Past experience shows us that in times of economic downturn,           hit. Are there clients on your database who fall into this
     consumers switch from investments to protection. Their                 category? We suggest that now is the time to talk them through
     mindset in these times is less optimistic and so typically             this scenario. Ensure that they have income protection in place
     consumers work to protect the assets they have already built           to protect their pension funding and enable them to
     up. In the current climate, protection is firmly back on the           understand their exposure should their income stop.
                                                                            Here at Friends First we are market leaders in Income
     This is where Income Protection has become a key ingredient            Protection. We hold over 85% of the individual income
     with brokers who want to make up their earning losses from             protection market and this figure is growing.
     other areas. In fact, at Friends First our income protection
                                                                            The expertise we can provide you with, not only on the product
     business is up over 25% on last year's levels. Brokers who
                                                                            itself, but on how to position it, ensures that you can make a
     have focused on this area are reporting continuing business
                                                                            strong case when presenting the concept to your clients.
     growth this year.
                                                                            Friends First has been involved in this business for over 30
     Income Protection is now being positioned as a priority need in        years and we are now experts in this area. We can advise you
     many Brokers’ factfinds with their clients. The rationale is that if   as to what works and what doesn't. This ensures that you don't
     their client is not in a position to earn an income due to ill         waste time and energy on activities that won't bring you the
     health, they will not be in a position to pay for their life           rewards, and that your valuable time is spent on successful
     assurance, pension contributions, mortgage etc. Income                 income protection selling.
     Protection is the vital component in holding all these other
                                                                            We are currently organising a series of roadshows focusing on
     financial plans together.
                                                                            Income Protection training. These will take place around the
     Continuing on this theme of protecting assets, it is vital that        country for PIBA members. If you have missed these sessions,
     your client understands that without Income Protection he              don't worry: we will continue to provide regular training events
     may be forced to divest some of his current investments                as we know how important it is to keep you up to date with
     earlier than expected due to ill health and his income                 developments in the income protection area.
     ceasing. Take for example a client whose assets are in                 In the meantime all our account executives are extremely well
     property. In the current market would your clients really want         versed in all elements of this product and, as always with
     to be forced to sell these properties and possibly gain less           Friends First, are happy to provide you with whatever support
     than his original projections? Ill health leading to loss of           you need.
     income could put your client in this position: having to sell
     assets to support lifestyle costs. If he is covered by income          So finally, there are still areas of growth even in this dampened
     protection then this will pay for his lifestyle, ensuring that his     climate. It’s back to basics for all of us - protection selling is
     assets remain intact. Now is the time for brokers to look at           where it’s at!

18                                           The Professional Insurance Broker
                                                                                             Meet …                                           Brendan Glennon                                                       Former Chief Executive,

     Q Firstly Brendan, best wishes on your recent                        when new children arrived in the houses you called on – and         as CEO, Pat O’Sullivan, and the Board of LIA share my passion         was therefore very pleased to accept an offer from LIA to act as
     retirement from LIA and thanks for taking the time to talk           the prospect of hopefully selling a savings type investment on      for continuing the development of LIA in line with our mission        a consultant for a further two years, with specific responsibilities
     to us today. Maybe you can start off by giving our readers           the life of the new arrival. You also experienced at close hand     statement: “increasing the competence, standing and success           and working closely in this regard with my successor Pat
     some information about the private family man behind                 the other end of life when deaths occurred, and in many cases       of those who give and support financial advice”. I believe that       O’Sullivan. I take this opportunity to wish Pat every success in
     the public persona?                                                  the vital role of the smallish type mortality policies in such      this will continue to be one of the main objectives of LIA into       his new role. With his 30 years’ experience in financial services,
                                                                          circumstances.                                                      the years ahead and my successor is fully committed to                and his 100% commitment to any task he undertakes, together
     Thanks for your good wishes on my recent retirement and for
                                                                                                                                              ensuring that our mission statement continues to be achieved.         with his expertise in many areas I have no doubt but that Pat
     giving me the opportunity to ‘put pen to paper’ in your quality      In 1967 I joined Life Association of Scotland (a company some                                                                             will lead LIA to greater heights in the years ahead.
     magazine. After some 461/2 busy years in the financial               readers will remember, but no longer in existence) as a broker
     services industry it was timely that on my 65th birthday (the        consultant. This was a major change in my life, very quickly        Q What do you see as recurring issues in our industry
     10th of May ‘08!) I should retire from the post of CEO of LIA, a     bringing me into contact with a large number of brokers and         and how can the industry find solutions to these?                     Q What are your hobbies and passions away from your
     position I had held since the 1st of December 1995.                  products I was unaware of, and generally experiencing and                                                                                 working life?
                                                                                                                                              I suppose some issues change over time and others stay the
                                                                          learning about the wide scope of the financial services             same. One key issue in the industry in the past has been the
     I am more than happy to share some details of my                                                                                                                                                               For many years past LIA and other industry involvements have
                                                                          business, about which I had very little prior knowledge. The six    need to improve the quality of advice given to our customers.
     private/family life with your readers. I was born in what some                                                                                                                                                 been my hobby and passion — sad as that might seem! But I
                                                                          years I subsequently spent with Life Association were without       In this regard the industry has made great strides over the last
     readers may remember as the original Coombe Hospital in                                                                                                                                                        very much enjoy following all forms of sport, walking and
                                                                          doubt happy years — but most importantly they presented me          decade in professionalising the provision of financial advice.
     Dublin 8. My parents Bobby and Marian Glennon, who both                                                                                                                                                        reading, mainly novels. I have also enjoyed the limited
                                                                          with wonderful opportunities to widen my knowledge of the
     thankfully lived long, healthy and happy lives (until 90!) brought                                                                                                                                             opportunities I have had to travel abroad and in particular to
                                                                          business, which prepared me for my next move.                       I remember when LIA introduced the Foundation Course in
     a total of four of us into the world — I have two sisters, Anne                                                                                                                                                experience how other people live I hope that in the years
                                                                                                                                              1997 we weren’t sure what the demand might be. However in
     and Hilary, and one brother, Brian. In 1966, I married Úna           In 1973 I left Life Association of Scotland and became a partner                                                                          ahead I may, God willing, have opportunities to travel to many
                                                                                                                                              conjunction with our other education partners and with full
     (Whelan) and we subsequently became proud parents of four            in an existing small brokerage firm. Again this was a further                                                                             parts the world that are of interest to me, with a novel
                                                                                                                                              support from the industry (including members of the Institute
     children, Brian, John, Peter and Fiona. Our family life has been     learning opportunity and presented me with additional                                                                                     continuously in my hand luggage!
                                                                                                                                              of Bankers) we now have 7,800 QFA’s providing financial
     extended in recent years by the arrival of four grandchildren:       knowledge of the business, including, at that time, an              advice. It’s been an incredible journey and shows that no
     Rachel, Jack, Harry and Emma. Family life is and has always          introduction, in a very small way, to the non-life (general) side   matter what the current issue or problem may be, the best way         Q And finally Brendan, as a keen sports follower what
     been important to us — we are fortunate that we (sisters,            of our business. On the 1st of May 1978 I set up my own                                                                                   do you make of the appointment of the new Ireland rugby
                                                                                                                                              to solve it is through all the interested parties working together.
     brother, sons and daughter) all live quite close together in         brokerage, Brendan Glennon & Company Insurance Ltd. which                                                                                 coach … ?
     Dublin and this greatly facilitates family gatherings, and even      kept me gainfully employed until I eventually became an
     more so the opportunity to informally visit each other.              employee of LIA.                                                    Q What do you see as the key areas for brokers to                     As a keen admirer of Munster Rugby over many years I have
     Thankfully despite having the experience and pleasure of                                                                                 focus on in growing their business?                                   great hopes for the Irish Rugby team under the leadership of
     always having had a busy life in our business I have found time      My role in LIA commenced in 1980 when I first joined LIA and                                                                              Declan Kidney.
     to also spend quality time with my family — hopefully my             almost immediately became an active member of the Dublin            No matter what service or industry you’re in, my firm belief over
     retirement from full time employment will enable me to spend         Committee. Between 1980 and 1995 I filled many roles in LIA,        the years is that the best way to grow your business is through
     even more time with our new extended family, including our           eventually becoming a director of LIA UK and Ireland (as it was     consistently providing a quality competent personal service to
     two daughters-in-law, Roisin and Lyndsay, and our son-in-law to      constituted at that time), and being elected President of LIA UK    your clients. There really are no short cuts or magic solutions.
     be, Colm. Colm and Fiona are to be married on the 25th of            and Ireland for the year 1989 / 1990.                               Providing a consistent quality service, maintaining regular
     September this year, which we are all greatly looking forward to.                                                                        contact with your clients, and doing as you say are all the basic
                                                                          This was an important development for LIA in Ireland, as it
                                                                          brought us into very close contact with senior members of LIA       things that, if you do them consistently over time, will inevitably
     Q Could you tell us a bit about your career path and                 in the UK, and the very worthwhile working relationship we          help to grow your business.
     how the role you have held in LIA since its inception in             developed with our UK colleagues played a significant role in       Within our business, the one big trend I’ve noticed since I
     Ireland evolved?                                                     the eventual establishment of LIA Ireland in 1993. In addition      started is the growth in pensions and the need for retirement
     I started in financial services on the 31st of December 1961,        to working in my brokerage I also played a part time role in        planning. Most people want a secure retirement and we can
     the day Telefis Eireann began (as RTE was called at that time).      managing LIA Ireland during the period 1993-1995. At the            help them to attempt to achieve that, within the resources
     My initiation into the business was as a home service agent          request of the Board of LIA Ireland I accepted the role of CEO      available to the client.
     with New Ireland, calling on homes in the Perrystown,                of LIA Ireland with effect from the 1st of December 1995.
     Templeogue, Terenure and Kimmage districts of South Dublin. I
     remember my first morning – indeed my first call (using my
                                                                                                                                              Q With your recent retirement as CEO of LIA Ireland
                                                                          Q Can you give our readers a brief description of what              what’s next on your horizon both professionally and
     sister’s bicycle as my mode of transport!), where I collected the    you see the role of the Chief Executive of the LIA office           privately?
     princely sum of one shilling and six pence from a Pauline            now entailing?
     Moore in Flanagan’s (as it was then called) butcher shop at                                                                              Those who know me understand that I was always very much
     Crumlin Cross, Dublin 12. I spent six years in this role and         I have been privileged to be so closely involved in the             inclined to work long hours, whether it was in my days as an
                                                                                                                                                                                                                      Pictured at Brendan Glennon's retirement function
     enjoyed every minute of it. I believe it was a great introduction    development of LIA over the past 30 years, particularly in my       advisor/broker/LIA volunteer or as an LIA employee. The
                                                                          role as Chief Executive over the past 121/2 years. LIA’s
                                                                                                                                                                                                                      Top, left to right: Sean O’Dwyer, Joe Whelan, Willie Holmes, Rory Riordan.
     to the business — calling on so many people’s houses, getting                                                                            opinion has frequently been expressed that I would be unlikely
                                                                                                                                                                                                                      Bottom, left to right: Clive Holmes, Tommy Coyne, Terry Hardiman,
     to know a lot about the people you collected premiums from           membership has increased dramatically over the past few years       to change from being a ‘workaholic’ to spending all my time on          Jack FitzPatrick.
     each week (called fact finding today!), experiencing the joys        to its current level of 7,400. I am delighted that my successor     leisurely pursuits — and that in fact is what has come about. I

20                                          The Professional Insurance Broker                                                                                                                        The Professional Insurance Broker                                                             21
      Sickness and
     Employee absence due to illness is a significant cost to business.      There are four key elements in the recovery and back to work
     The main causes of absence due to illness, whether it be short-term
     sickness or long-term sickness, include colds, flu, stomach upsets,      ! Keeping in contact with sick employees – Ensure contact
     headaches, back pain, stress and recurring medical conditions.             is maintained on a regular basis using a sensitive and non-
                                                                                intrusive approach. This form of contact should be agreed
     Whilst it is accepted that people do get sick, employers do need           between the member of staff and the manager. It could
     to manage absence effectively. The first step to doing so is to            include things like phone calls or meeting the employee at
     have a clear policy in place that supports your organisation’s             a location other than their work environment.
     business objectives and culture. Employers should provide staff
     with information on any terms and conditions relating to                 ! Planning and undertaking work place controls or
     incapacity for work due to sickness or injury, including any               adjustments – Some obstacles may hinder an employee’s
     provision for sick pay.                                                    return to work. A risk assessment can identify measures or
                                                                                adjustments to help workers return to and stay at work,
     Absence policies should cover employees’ rights and obligations            such as allowing a gradual return to work, e.g. building up
     when absent from work due to sickness. The policy should                   from part-time to full-time over a period of weeks, and
     include:                                                                   allowing flexible working.

      ! details of any contractual sick pay terms                             ! Using professional advice and treatment – Occupational
                                                                                health professionals should be able to carry out a major
      ! an outline of the process employees must follow if taking time
                                                                                role in evaluating the reason for absence, carrying out
        off sick — this should include when and whom employees
                                                                                health assessments and assisting HR professionals and
        should notify if they are not able to come into work
                                                                                managers in planning a return to work. The management of
      ! a statement of when they require a medical certificate from             employees who become disabled or who are disabled may
        a doctor to certify their absence and if they are required to           mean that employers have to make reasonable
        fill out a self-certification form                                      adjustments before they can return to their jobs.
      ! mention that the company reserves the right to require                ! Planning and co-ordinating a return to work plan – A
        employees to attend a doctor for an independent medical                 return to work plan must be agreed by the employee, the
        examination                                                             line manager and any other staff likely to be affected. The
      ! provisions for return to work interviews.                               plan needs to include: the goals, such as modified working
                                                                                hours or a modified job role, the time period involved, a
     Return to work interviews can help identify short-term absence             statement about the new working arrangements, and the
     problems at an early stage. They also provide managers with an             dates when the plan will be reviewed by the employee and
     opportunity to enter into dialogue with staff over underlying              the line manager.
     issues which might be causing the absence.
                                                                             It may be useful to appoint somebody to co-ordinate the return
     Asking the employee to fill in a self-certification form, even after    to work process. This may include keeping colleagues of the
     a very short period of absence is a useful tool when it comes to        absent employee informed of progress so that all understand
     repeat offenders, especially those with ‘Monday-itis’. Having to fill   the situation, as well as easing the transition back to work and
     in the same form every Tuesday not only provides a paper trail          maintaining good working relationships.
     to the employer but ensures that the employee can start to see
     that absence is monitored on a continuous basis; and they may           And as always, the Peninsula Advice Help Line is on standby to
     just become fed up with filling out the same form every week.           help you with your query and to help you manage any situation
                                                                             in this area. Call (01) 855 5050 to speak with an advisor.
     Disciplinary procedures for unacceptable absence levels may be
     used to make it clear to employees that unjustified absence will
     not be tolerated.

     But those employers who have to manage long-term absence                Peninsula Business Services is Ireland's leading Employment Law and
     have to be aware of not only managing, but looking at other             Safety, Health and Welfare consultancy. Established in 1983 the
     interventions, which will include:                                      company has grown consistently over the past 25 years, offering
      ! Occupational health involvement                                      valuable problem solving services across Ireland and the UK. Peninsula
                                                                             takes a very hands-on approach to helping its clients, from personal
      ! Changes to work patterns or environment
                                                                             face-to-face consulting and 24 hour availability to legal representation
      ! Return to work interviews                                            in tribunal/high court hearings and indemnity against legal fees and
      ! Rehabilitation/counselling programmes.                               compensations.

22                                            The Professional Insurance Broker
                  Every Cloud has … Potential!

                  By Elizabeth Byrne, General Sales Manager, Cardif Pinnacle

     In today’s economy we are constantly being bombarded by news                        is experiencing losses throughout Europe. Allergan are moving
     coverage about the credit crunch, hard times for sub-prime                          production to Costa Rica, where the cost of labour is
     Brokers and lenders, increasing inflation, and decreasing property                  significantly cheaper. While Engineering, Construction and
     prices in a stagnating housing market.                                              Manufacturing are most affected by job losses it is evident that
                                                                                         redundancies are not sector-specific and are happening in
     Property prices appear set to decrease further — with first-time                    differing locations.
     buyers going into negative equity, repossessions on the increase,
     and mortgage approvals on the decline due to stringent                              How many of those being made redundant are now
     underwriting! And there’s one particularly black cloud on the move                  struggling financially?
     for mortgage brokers: Many mortgage lenders have halved the
                                                                                         Very few households have sufficient financial resources set aside
     mortgage commission payable to brokers!
                                                                                         to see them through a prolonged period of unemployment. What
     But for Brokers who are in a position to sell Mortgage                              can you do to ensure that your clients are financially covered to
     Repayment Protector (MRP) to their clients, the clouds may                          meet their mortgage repayments if made redundant?
     have potential! The following facts and figures present powerful
                                                                                         Mortgage Repayment Protector is the answer, not only for the
     and persuasive reasons for your new or existing mortgage
                                                                                         valuable benefits it provides for your clients, but also for the
     customers to buy MRP in order to safeguard their mortgage
                                                                                         additional income stream it generates for your company.
     repayments against loss of income due to unemployment caused
     by unforeseen redundancy:                                                           MRP is designed to meet all, or part of your customers’ monthly
                                                                                         mortgage repayment in the event of accident, illness or
      ! Fact – At almost 200,000 in April 2008 (5.5%), * un-
                                                                                         redundancy for PAYE workers. Options are available for the self
        employment is at its highest level since 1999 — and is still
                                                                                         employed. MRP is easy to apply for and is subject to eligibility
                                                                                         criteria only. Customers purchase MRP in monthly benefit
      ! Fact – 28,100 of these people have been added to the Live                        multiples of 100, up to a maximum of 2,000.
        Register this year alone! *
                                                                                         Cardif Pinnacle and PIBA have arranged an excellent package for
      ! Fact – Redundancies have risen by 47% since last year. **
                                                                                         brokers, with a competitively priced MRP product and an attractive
      ! Fact – In April this year there was an unadjusted increase in                    commission arrangement. MRP pays commission over the life of
        the number on the Live Register of 41,279. This represents a                     the policy. Further information about MRP is available on the
        rise of 26.7% on April 2007, made up of 27,159 in the                            Business Development page of the PIBA website.
        Southern and Eastern regions, plus 14,120 from the Border,
        Midland and Western regions. *                                                   Cardif Pinnacle offers brokers the opportunity to sell MRP to
                                                                                         existing mortgage clients as well as new borrowers — even if the
     The following table of recent redundancies collated by Cardif                       mortgage was drawn down a number of years ago. The Cardif
     Pinnacle from recent reports in national newspapers shows the                       Pinnacle sales team will provide support to brokers wishing to
     scope and severity of job losses across the Irish economy but                       adopt this business initiative according to individual business
     does not include the wider employment shakeout from many                            needs.
     smaller employers across the nation.
                                                                                         The resolicitation programme for existing mortgage clients offers a
                                       COUNTY                                NO. OF      valuable opportunity to re-contact customers that normal
      MONTH        COMPANY            AFFECTED            INDUSTRY        REDUNDANCIES   circumstances might not provide: an opportunity not only to
     May '08         Diagio         Kilkenny/Louth   Drinks manufacturing     178        ensure that customers are adequately covered in the event of
                                                                                         redundancy, accident and illness, but also to suggest that they
     Mar '08        Arnotts            Dublin               Retail            600
                                                                                         have a full financial review!
     Mar '08         Iralco          Westmeath          Manufacturing         420
     Mar '08        Allergan           Wicklow         Pharmaceutical         350        Maybe MRP will prove to be your company’s silver lining?

     Mar '08    Jacob Fruitfields      Dublin        Food manufacturing       220
     Mar '08     Grove Turkeys        Monaghan       Food manufacturing       130
     Mar '08    SerCom Solutions       Limerick      Chain management         120        For further information on Mortgage Repayment Protector please contact
                                                                                         Elizabeth Byrne, General Sales Manager, on (01) 612 5380,
      Feb '08         Dell             Dublin        IT–Marketing & Sales     250
                                                                                         or by e-mail: elizabeth.byrne@cardifpinnacle.ie.

     It is interesting to note that Dell have not confirmed whether                      *    Central Statistics Office, www.cso.ie.
     further Irish job losses will be announced, but their workforce                     **   Department of Enterprise, Trade and Employment.

24                                                     The Professional Insurance Broker
           Claims Administration –
           Cost or Benefit?
           By Eamon Downey, Business Development Director, Owens McCarthy Ltd.

When I started my career in insurance claims in 1978 in my          PIBA members have a deserved reputation for focusing on their
native Cork an insured party notified a claim to insurers, who      clients’ needs and have shown a real ability to develop and grow
were represented by a loss adjuster. The adjuster then reported     businesses, sometimes from quite humble beginnings. The
his findings to the company and the claim was either paid           independence associated with PIBA that has helped to achieve
following negotiation or turned down.                               this will, inevitably, lead to a demand for advice on certain
                                                                    aspects of our industry, and we believe that utilising the services
Then, broker involvement was not a significant factor unless the    of public loss assessors like Owens McCarthy can remove the
amount involved was considerable; now how times have                considerable administrative pressure that this places on
changed!                                                            independent brokers.
Preferential outsourcing to loss adjusting firms and changes in     As with broking companies, loss assessors vary significantly in
insurance companies’ expectations of them – less detailed           size and ability and careful consideration should be given to the
reports, reduced fees and the introduction of the practice of       following when selecting an assessor:
auditing loss adjusters - has led to marked changes in that
profession. Their professionalism remains unaltered but changes      ! Is the firm regulated?
imposed on them have led to a real need for insured parties to       ! Can you get advice on policy interpretation, market practice
be independently represented by a public loss assessor.                and the suitability of sums insured for your clients?

The concept of independent advice is close to the heart of all       ! Has your assessor the capacity to provide your customers
PIBA members and indeed is at the kernel of what professional          with the 24/7 dedicated Call Assist Centre vital to the
broking is about. Society itself also demands ‘Best Advice’ at         speedy handling of their queries and the processing of their
every level, including from independent brokers.                       claims?
                                                                     ! Has your assessor the financial ability and commitment to
Traditionally in Ireland there were a small number of specialist       develop nationwide, provide specialist IT services and
loss assessing firms and a large number of independent                 commit to growth and profitability?
assessors, architects, surveyors, engineers etc. who developed
reputations and dealt with claims on an ad hoc basis. The market     ! Can your assessor achieve client satisfaction by obtaining
                                                                       better and faster claim outcomes through professional
has now changed and there is a real demand for a national
professional loss assessing firm who can provide comprehensive
claims solutions for all situations.                                 ! Does your assessor operate a rebate scheme to reflect
                                                                       brokers’ involvement in the processing of claims?
Whether from insured parties directly (which, for example
accounts for 65% of Owens McCarthy’s new business) or from          In short, the right assessor will:
insurance brokers (the remaining 35%), there is now a real
                                                                     ! Manage the client relationship on your behalf throughout
demand for competent and skilled advice in claim situations,
                                                                       the claims process;
running from small domestic claims to larger commercial
incidents. In the ‘post trust’ environment the public are not        ! Enhance your reputation and improve client retention;
unreasonable in expecting advice on issues of policy                 ! Increase your revenue stream.
interpretation and guidance through the claims process
generally.                                                          In championing the case for public loss assessors I realise that I
                                                                    can be accused of acting from self-interest. However I am
The Financial Regulator has noted this and has insisted that        convinced that their role in today’s changing marketplace is an
insurance companies advise clients, when reporting a claim, that    increasingly important one, particularly for PIBA members,
they are entitled to retain their own assessor. Unfortunately, it   offering, as it does, an opportunity for them to nail their colours
appears that not all insurance companies adhere to the spirit of    to the mast in defence of their clients’ interests.
this instruction and when that is associated with:

 ! Tougher approaches taken by insurance companies when
   dealing with claims directly;
 ! Commercial pressure being exerted on loss adjusting firms;       Eamonn Downey is a past President of The Insurance Institute of
                                                                    Ireland and is Business Development Director of Owens McCarthy
 ! Consumer demand for best advice;
                                                                    Ltd. Claims Solution Providers.
then it is clear that there is a real and expanding demand for      eamonn@owensmccarthy.com
independent claims advice.                                          www.owensmccarthy.com

                                      The Professional Insurance Broker                                                                   25
     Shelter from the Storm
     By Aideen Moran, Head of Intermediary Sales, Anglo Irish Bank

     Commenting on its latest Economic Outlook, published recently,            can turn a savings habit into a nest egg. Arising from that,
     acting OECD Chief Economist Jorgen Elmeskov described recent              banks keen to encourage that savings habit now offer very
     turmoil in the financial markets as a “near perfect storm”.               attractive regular saver rates, often well in excess of typical
     According to Elmeskov, the odds have improved that the worst is           lump sum rates.
     over in financial markets. But until such time as those odds get              The Financial Regulator this week published its first ever
     better still — unless they have Bertie’s luck with the horses —           regular savings account comparisons on its personal finance
     many investors are looking to deposits to weather the storm.              website (www.itsyourmoney.ie). The comparisons highlight
                                                                               that interest rates on regular savings accounts vary from 3%
     Rising Deposit Returns                                                    to 8%.
     The good news for savers is that while Interbank markets remain
                                                                           ! DEMAND, NOTICE OR FIXED?
     illiquid, banks are becoming more and more competitive on
                                                                             Your decision depends on your need to access the funds and
     deposit rates — highlighting their demand for customer deposits.
                                                                             your expectations for future interest rate movements.
     So now is a good time to look at your cash position and make
     sure you’re getting the best possible return on your money.               –   Demand accounts offer variable rates of interest and
                                                                                   access to your funds immediately.
     Despite the better rates on offer, Central Bank figures for March
     2008 show that just under 40 billion of household deposits in             –   Notice accounts also offer variable rates of interest but, in
                                                                                   return for a better rate of interest, require notice before
     Ireland still earn an average rate of interest of just 1.47%! The
                                                                                   making a withdrawal.
     OECD forecasts domestic inflation to rise from 2.9% to 3.4% this
     year. Interest rate predictions suggest the ECB interest rate of 4%       –   Fixed rate accounts offer a fixed rate of interest over a set
     should be maintained.                                                         period of time but usually offer little or no access to your
                                                                                   funds during the period without penalty. In addition you
     Factoring Deposit Interest Retention Tax (currently at 20%) into              do not benefit from interest rate rises during the term,
     the equation then, just to stay ahead of inflation, savers should             though you are protected from falling interest rates.
     insist on earning a minimum of 4.25% gross on their excess funds
     for the foreseeable future.                                               If your view is that rates will rise you should stick to variable
                                                                               demand or notice accounts; if you expect rates to drop you
     To allow savers to make an informed decision, websites such               could do well by fixing in for a longer term at the higher rates
     as The Financial Regulator’s www.itsyourmoney.ie and                      on offer today.
     www.irishdeposits.ie list the deposit rates on offer from all the
     various financial institutions.                                       ! TAX BENEFITS
                                                                             One of the advantages of deposits for marginal rate tax
     Risk and Security                                                       payers is that the tax on deposit income is less than that for
     While shareholders and not depositors suffered in recent high           dividend income. Approved pension funds and those aged
     profile bank failures, undoubtedly consumer sentiment has been          65 or over benefit from an exemption from DIRT on their
     impacted by those events.                                               deposit interest.

     The Financial Regulator’s Deposit Protection Scheme can provide       ! THINGS TO WATCH OUT FOR
     compensation to depositors if a credit institution is forced to go
                                                                               –   Beware of headline rates that plummet when the
     out of business. It covers deposits held with banks, building                 balance in the account goes over a certain maximum
     societies and other types of deposit-taking institutions, but not
     credit unions. The maximum amount that can be claimed under               –   Know what penalties apply for early withdrawals and how
                                                                                   to avoid them
     the scheme is 90% of all deposits, subject to a maximum
     compensation payment of 20,000.                                           –   Find out if any fees or charges will apply

     With this in mind more and more savers are now diversifying their
                                                                               –   Look for interest rate guarantees, e.g. guaranteed to at
                                                                                   least equal the ECB rate
     funds across a number of financial institutions.
                                                                               –   Read all documentation carefully, especially the small
     Choosing the right deposit option                                             print
      ! REGULAR SAVER OR LUMP SUM?                                             –   Finally, if it sounds too good to be true, it probably is!
        You can choose from a wide range of products depending on
        how much you want to save and what access you need to
        your money. The Special Savings Incentive Account
        phenomenon has shown Irish consumers how quickly they

26                                           The Professional Insurance Broker
               The Options for Investors in a
               Volatile Market
               By Eoin Kennedy, Head of Product Development, New Ireland

Equity investors have endured a rollercoaster ride, with more spills than                       each year is used in determining the level of growth for the year.
thrills over the first five months of 2008. The MSCI World Index in euro                        This new feature is in addition to the guarantee on the policy and
terms fell by almost 20% by March 17th; however markets then began                              can be particularly beneficial in volatile times.
to recover and by the end of May the index was down just 11%.
Against this backdrop, we have experienced a higher level of caution
                                                                                                We are seeing an increase in investor appetite for our Eco-funds.
than normal by customers considering investments over the last few
                                                                                                This is because they offer strong return potential, particularly in the
months. However since St. Patrick's Day the markets have shown
                                                                                                current environment, as the funds have different performance
signs of improvement and we would certainly be of the view that
                                                                                                patterns and behave differently to conventional investments.
now is a good time to invest.
                                                                                                For example, if the price of oil increases most conventional equities
Typically it is these early stages of recovery that investors lose out on
                                                                                                tend to lose value. However, demand for alternative sources of
by trying to time the market. Right now there is a significant
                                                                                                energy increases, as does the price those companies can charge for
opportunity to capitalise on quality stocks that are priced well below
                                                                                                their product — so the companies in which New Ireland’s Innovator
their “fair” value.
                                                                                                and Alternative Energy Funds invest benefit.
Waiting until markets show strong gains is a common mistake for
                                                                                                The advantages of the Innovator Fund product design, which
investors — after all, if you wait until after markets have grown you
                                                                                                bundles investments with a low correlation to global equities
completely miss that growth. The effect of this for too many clients
                                                                                                together, ensures the fund has many diverse drivers of performance
is that they miss out on the very best days. We are undoubtedly in
                                                                                                and provides investors with the opportunity to reduce the overall risk
one of those periods where investor confidence will tend to override
                                                                                                of their investment portfolio. This innovation was recently recognised
investment rationality, which is why we have developed a number of
                                                                                                at the Investor magazine/MoneyMate awards, where the fund
specialised investment products to allay these concerns while still
                                                                                                picked up the much coveted Best New Product Award.
providing the opportunity for growth.
                                                                                                Phased Investment Products
Capital Protected Products
                                                                                                New Ireland’s recently launched Phased Evergreen Fund offers
New Ireland’s Guaranteed Evergreen Fund is the most successful
                                                                                                investors the advantage of spreading their investment over eight
guaranteed product in the Irish market. This hugely innovative bond
                                                                                                months, smoothing the peaks and troughs of their entry into the
gives your clients access to the superb growth potential of the
                                                                                                world of investments.
award-winning Evergreen fund, while also giving them the comfort
of a 100% capital guarantee.                                                                    As a special introductory offer, any investments received before
                                                                                                August 31st will benefit from:
In addition, we have recently enhanced our Guaranteed Evergreen
product by introducing a performance lock-in feature. The industry                               ! A minimum return of 4% p.a. on the cash element of the fund
standard for this type of product feature is to lock in 80% of the                               ! No management charge on the cash element of the fund.
highest policy value. However New Ireland have pioneered a new
concept in performance lock-ins, offering clients an annual                                     In a volatile market, phasing investment into the stockmarket is the
performance lock-in of gains over 6%, where the highest unit price                              best possible way to spread the timing risk of investing.

  Top ten reasons why investors should be getting back into markets

   1 By pumping billions of euro into the financial system, world central banks have clearly signalled they will intervene to limit the effects of the credit crunch.
   2 While economic growth around the world has weakened, it remains positive, with consensus estimates for the US (1.3%), Europe (1.9%), Asia (4.7%), the UK (1.6%)
     and Ireland (2.9%) all remaining positive for ’08 (source: Consensus economics April ‘08).
   3 The emergence of the “consumer class” in India and China means the world economy is no longer reliant on the US; while a US slowdown is unhelpful, it doesn’t have
     anything like the same impact as in the past.
   4 The worst of the current crisis may have been St Patrick’s Day with the near failure of Bear Stearns. Markets rebounded strongly in April.
   5 Stock markets have already priced in a lot of bad news about the credit crunch and are now looking beyond these issues.
   6 Many stock markets are at two-decade valuation lows. Earnings growth rates may have been falling, but have remained in solid positive territory.
   7 The property market is already presenting more bargain opportunities than it has had for many years. We’re now seeing a buyers’ market, after years of a sellers’ market.
   8 The Irish economy remains robust with high savings rates, ample cash and continued positive growth. There will inevitably be some bad news in the local market in the
     short term, but don’t let that distract from the wider picture.
   9 Private investors always look for too much evidence that the recovery is underway and they miss the best returns. Miss the best ten days, miss 30% of the returns.
 10 Wait for the very best time to invest and you’ll look back five years later wondering why your money’s still on deposit and you’ve missed all the growth.

                                                    The Professional Insurance Broker                                                                                            27
                  Topic: Using Technology for
                  Better Financial Planning
                  By Paul Armson, Prestwood Software Ltd.

     In the last ten years software for financial professionals has
     come to the fore. Unfortunately, the majority of software
     available for Financial Planners has one major failing – it
     provides for the needs of the advisor or planner but not the
     client themselves. The problem with technology is that it can
     take away the personal touch. A simple example is software
     driven fact finds. These are great for data gathering of ‘hard
     facts’ but an enduring client relationship is not just about hard
     facts, as the best Financial Planners know.

     Now, more than ever before, clients want to know the truth
     about where they are heading financially. They may have
     assets, investments, and/or high levels of income, but most               Finally, the third and arguably least important job is that of
     people have no idea what it all means, or what sort of financial          transacting investment, protection or other financial products
     future they are going to get.                                             necessary for the financial plan to work – but based on the
                                                                               client’s real lifestyle planning needs.
     Put the client’s needs first, and planners will understand why
     more and more advisors are now turning to ‘lifetime cashflow              Isn’t it funny? Most of the industry’s attention is focussed on
     forecasting tools’ to help clients make sense of their money.             the ‘third’, least important job. That has to change if the sector
                                                                               is to move forward. Here, it is key to look at why the right
     But software is just software. It’s what you do with it that              software can help sector professionals become better Financial
     counts. That’s why I run seminars helping advisors to move                Planners. A comprehensive financial planning tool, which
     towards an advice based ‘lifestyle financial planning’ process.           includes a comprehensive lifetime cashflow forecast, can really
     Without doubt one of the ideas I share with planners and on               help focus on the client’s desired lifestyle needs. Why? Because
     which I get some excellent feedback is the idea that great                it forces planners to ask questions about the client’s real wants
     advisors actually do three jobs for their clients – each of which         and real needs. And if planners do that, the focus is definitely
     should be paid for.                                                       away from financial products and on to giving the client what
                                                                               they really want.
     The first and most important job I refer to is the job of ‘life
     planner’: in other words, helping clients identify their real needs       Once the information is presented to the client it is like being
     and objectives. What is it they want out of life? This, for most          armed with a crystal ball. This gives planners the power to help
     clients, revolves around lifestyle needs. This in turn revolves           clients take a look into their future, and if they do not like what
     around expenditure requirements in order to plan for and                  they see, more often than not they can still do something
     achieve that lifestyle. This first job is the job that clients love       about it. That is immensely powerful and a service which
     most, because it is about them, about what they want to do in             clients will thank planners for, time and again.
     their lifetime. This is the ‘job’ that builds relationships and
     creates long term trust. The focus here is firmly on what the             Financial planning software can be a planner’s secret weapon
     client wants, not on products.                                            to clearly separate their service into three distinct jobs – firstly
                                                                               life planning/lifestyle planning, secondly financial planning
     The second job I refer to is that of ‘Financial Planner’. Having          (using software), and finally transacting the required financial
     identified what the client wants out of life the Financial Planner’s      products. By separating their service into three jobs they also
     job is to identify all resources available to the client right now; all   create more opportunities to be paid. And because the
     resources which may be coming available to the client in the              solutions planners provide help clients identify and achieve
     future; and, most importantly, the resources which might need to          what they really want, they’ll happily pay more for the three
     become available in order to achieve the clients’ lifestyle goals.        important jobs that planners do.

     This is where the right financial planning software (including
     lifetime cashflow forecasting) is paramount. The right software
     used here can help the client to see their current and future
     financial position based on agreed assumptions. This helps the
     client understand the need for action; this could be as simple
     as saving more or perhaps spending more depending on the
     client’s situation. More sophisticated solutions can of course be
     easily identified, with various ‘what if’ scenarios illustrated.

28                                             The Professional Insurance Broker
A Game of Two Halves
 An insight into Billy Morgan Financial Services: the brokerage and the footballer behind it

In 1989 Billy Morgan left the job security that came with Secondary
teaching and moved into Financial Services. This would be a brave
move at any time but even more so as it was in the aftermath of the
crash of ’87. Billy euphemistically says ‘The market was still a bit
down’. He remembers that consumers and lenders tended to be
more cautious than those during our recent boom. His initial
product focus was on Life and Pensions and savings policies, a
lucrative area during a more conservative time.

Eight years later, in 1997, with another brave move from the secure to
the unknown, the brokerage Billy Morgan Financial Services was born.
Having worked in large organisations including Sun Life and Eagle Star,
Billy wanted to ensure that time was always given to understand each
client, their specific requirements and the best financial products for           Billy Morgan with son Brian and nephew William

them. Just as with football, Billy always firmly set his sights on the goals!
                                                                                blue-chip organisations including AIB, Anglo Irish Bank and Irish Life and
Football is a large part of Billy’s life and he played his way up the           specialises in Mortgages and General lending/finance products. While his
ranks with local club Nemo Rangers and the Cork Senior Inter-                   financial expertise is proving a fair match for his father’s, Brian’s football
County team from 1966 until the 1980’s. He is regarded by many as               skills are not quite there ‘I never reached the level that my father played
the soul of Cork football and considered to be one of Cork's greatest           at but, as a former Cork Junior Captain, the family joke is that I have a
ever players. During Billy’s fifteen-year career he won an All-Ireland          better kick out!’ laughs Brian; and he then concedes that Billy disagrees!
title, five Munster titles, one National Football League title and five
Railway Cup titles. As manager he guided Cork to All-Ireland titles in          Billy’s nephew, William Morgan, also joined the board in 2008,
1989 and 1990. Billy readily admits that combining finance and                  making it even more family-centric. ‘Billy Morgan Financial Services
football was ‘Like having two full-time jobs simultaneously’.                   is going to be around for the next generation’ said Billy ‘We are
                                                                                building a brokerage that will be there in the future’.
                                                                                With trusted and experienced family members working alongside, Billy
Skip to 2008 and the industry is still reeling from the recent property         has been able to concentrate on the foreign property market, with work
slump. Billy’s son and business partner, Brian Morgan acknowledges              taking him to destinations including London, Portugal, Cape Verde,
that ‘Things are tightening up. The volume of mortgages is down,                Germany and Budapest – payback for hard work in the early years!
lenders are stricter in their lending practices, investors are seeing
share portfolios plummet. It’s not a totally dissimilar situation to the        Anyone who reads the sports pages will know that in 2007 Billy
one that my father experienced when he joined the industry first.’              stepped down as Cork football manager. The silver lining is that he
Billy interjects, ‘Those of us who worked during the ‘70’s and ‘80’s            finally has more time; ‘Managing the team was almost a full-time job
know that the wheel will turn again.’                                           for me over the last couple of decades.’ admits Billy. However, he
                                                                                still keeps an involvement by training the Nemo Intermediate team:
‘On a positive note’ said Brian, ‘because house prices have decreased           ‘A good bunch.’ Billy has transferred the passion and energy he
over the last couple of years, many consumers feel that now is a good           exuded on the pitch into his office.
time to buy. We’re finding that the savers with deposits of at least 10%
are coming to us for mortgages. We’re also seeing an increase in                With such a rich heritage and strong team on side, it will be quite
mortgage switching requests. A challenge for us now is Life and Pensions;       some time before the final whistle is blown on this brokerage…
this area was ignored during the Celtic Tiger by many who opted to spend
on property. Income protection, life and pension products were neglected
and this shortfall is now being recognised and addressed by our clients.’
                                                                                All queries relating to this article can be directed to Brian Morgan,
Billy was delighted to welcome his son Brian to the board of Billy              Company Director, Billy Morgan Financial Services, 78 South Main
Morgan Financial Services in 2003. Brian did his ‘apprenticeship’ in            Street, Cork. (021) 422 2734. www.bmorganfs.com.

                                             The Professional Insurance Broker                                                                                   29
                     PIBA Activities

             Date Subject Matter                                         External Party                                    Attended by

     26/02/2008 Cork Member meeting                                      PIBA Members                                      Diarmuid Kelly, Jack FitzPatrick, Rachel Doyle, Edel Morey

     05/03/2008 Review of the Insurance Intermediary Market              Financial Regulator                               Diarmuid Kelly, Liam Carberry, Ciara Minnock

     07/03/2008 Advisory Forum on Financial Services Legislation         Department of Finance                             Liam Carberry

     11/03/2008 Business Development                                     Friends First                                     Enda Burns, Paul Kelly

     13/03/2008 Business Development                                     Hibernian General                                 Diarmuid Kelly, Enda Burns, Paul Kelly

     19/03/2008 Mortgages                                                Mortgage Brain                                    Rachel Doyle

     27/03/2008 General Insurance                                        Relay                                             Enda Burns

     02/04/2008 Waterford Workshops                                      Cardif Pinnacle                                   Paul Kelly

     04/04/2008 PIBA MS Annual Meeting                                   PIBA Members                                      PIBA Committee

     09/04/2008 Review of the Insurance Intermediary Market              Financial Regulator                               Diarmuid Kelly, Jack FitzPatrick, Ciara Minnock

     14/04/2008 Mortgage Issues                                          permanent tsb                                     Diarmuid Kelly, Jack FitzPatrick, Rachel Doyle

     15/04/2008 Business Development                                     Hibernian Life & Pensions                         Enda Burns & Paul Kelly

     21/04/2008 Mortgage Issues                                          Haven Mortgages                                   Rachel Doyle & Karl Deeter

     23/04/2008 Membership Iniative                                      Solbank                                           Rachel Doyle

     23/04/2008 Business Development                                     Northdoor IT                                      Enda Burns & Paul Kelly

     24/04/2008 Membership Schemes                                       H.W. Wood                                         Liam Carberry, Enda Burns, Paul Kelly

     28/04/2008 Mortgage Issues                                          IIB                                               Jack FitzPatrick, Frank Bodley, Rachel Doyle

     07/05/2008 Advisory Forum on Financial Services Legislation         Department of Finance                             Diarmuid Kelly

     08/05/2008 Mortgage Issues                                          permanent tsb                                     Rachel Doyle & Karl Deeter

     08/05/2008 Review of the Insurance Intermediary Market              Financial Regulator                               Diarmuid Kelly, Jack FitzPatrick, Ciara Minnock

     13/05/2008 Business Development                                     Anglo Irish Bank                                  Liam Carberry, Enda Burns, Paul Kelly

     15/05/2008 Mortgage Issues                                          PIBA Members                                      PIBA Committee

     28/05/2008 Cork Workshops                                           Friends First                                     Enda Burns

     29/05/2008 Green Paper on Pensions Seminar                          Department of Social Welfare and Family Affairs   Liam Carberry, Ciara Minnock, Terry Hardiman

     03/06/2008 Half Yearly Meeting of the Pensions Board                Pensions Board                                    Liam Carberry & Ciara Minnock

     05/06/2008 Review of the Insurance Intermediary Market              Financial Regulator                               Diarmuid Kelly, Jack FitzPatrick, Ciara Minnock

     09/06/2008 Membership Issues                                        Caledonian Life                                   Diarmuid Kelly & Liam Carberry

     16/06/2008 High Level Review of the Insurance Intermediary Market   Financial Regulator                               Diarmuid Kelly & Jack FitzPatrick

     16/06/2008 General Insurance                                        Eagle Star General                                Maurice Harnett, Enda Burns, Paul Kelly

30                                                                 The Professional Insurance Broker
                 Understanding Income
                 Protection claims can really
                 support your protection advice
By Paul Smith, Protection Sales and Business Development Manager, Irish Life

Our clients’ protection needs continue to evolve                                          The average age at which Income Protection claims
                                                                                          commence can be seen above. It shows that a significant
Traditionally a broker’s role in offering personal protection was                         number of claims start when plan holders are in their 30s
to recommend an appropriate level of life cover to ensure that                            and 40s.
your client’s family would be financially sound in the event of
death. This role developed in recent years to include advice in                           Despite these compelling reasons Income Protection remains
relation to specified illness cover and permanent health                                  one of the most under sold products in the market. Industry
insurance.                                                                                figures would suggest that of the total business written in
                                                                                          2006, it accounted for as little as 5%.
Getting clients to protect their future earning potential, namely
income protection, is absolutely vital. Perhaps the time has                              What are the alternatives?
come to make this the hub of the protection advice offered to                             The State will pay you illness benefit (based on your PRSI
clients? For me, Income Protection is the comprehensive cover                             contributions). But do you think you could maintain your
of protection planning. It provides a regular replacement                                 current lifestyle on the weekly Personal Rate of just 197.80
income in the event of your client not being able to work due                             ( 329.10 with an adult dependant)? [Source: www.welfare.ie]
to illness or injury. This can remove significant financial stress                        Anyone who is self employed is not entitled to any payment.
during a difficult period because the replacement income
payments will continue until your client returns to work.                                 If you are lucky enough to be covered by your employer for sick
                                                                                          pay then you are in a minority. The reality is that the vast bulk of
As people progress through their career, their income increases                           workers in the private sector will receive no sick pay after six
and, with it, their families’ standard of living rises. This includes                     months. Perception would seem to be the big problem yet again.
regular bill payments such as mortgage and loan repayments                                People would appear to be unaware of the risk they are exposed
and household expenses. An unexpected illness or injury,                                  to and do not fully realise the harsh reality of the exact level of
resulting in time off work, could put their whole financial well-                         support they will receive from with the State or their employer.
being into jeopardy. Most clients already insure their houses
and their cars, but do we encourage them to insure their                                  How Irish life has improved Income Protector
incomes and their families’ lifestyles?
                                                                                          As well as providing the highest service levels, Irish Life offers a
We can typically provide cover for income protection up to                                range of services to assist income claimants, such as
75% of earnings after any state benefits, subject to maximum                              rehabilitation support, career change assistance, and claims
levels of cover. Your clients can also claim tax relief on this                           advisors to help your clients through the claims process.
cover of up to 10% of their taxable income. But do Income                                 We have also significantly enhanced our ‘Income Protector’
Protection claims actually occur? Well yes, in 2007 Irish Life                            product by offering some really attractive features.
alone paid out over 42 million in Income Protection benefits
to 2,300 plan holders.                                                                    These include:
                                                                                           ! New commission levels
 % BREAKDOWN OF CLAIMS                                                                     ! Very competitive rates
 A sample of actual claims paid by Irish Life last year
                                                                                           ! Increased maximum benefit level to 150,000 a year
    Cancer : Male 6/Female 13%
                                                                                             (less any social welfare benefits or income from other
    Arthritis : Male 6/Female 5%
                                                     MALE 49%

    Mental Health : Male 26/Female 37%
                                                                                           ! A huge increase in the occupations we cover, including
                                                                                             most skilled trades
    Fybromyalgia/CMS : Male 1/Female 3%

    Back Pain : Male 14/Female 10%
                                                                                           ! Smoker/non-smoker rates
    Other Causes : Male 11/Female 11%                                                      ! New 52 week deferred period.
    Digestive/Renal/Respiratory : Male 6/Female 5%                                        This should make Income Protector from Irish Life the first
                                                     FEMALE 51%

    Other Neurological : Male 6/Female 3%                                                 option for your clients.
    MS : Male 5/Female 4%

    Injuries : Male 7/Female 3%

    Heart Disease : Male 7/Female 6%                                                      For more information, please contact your Irish Life Account Manager or
                                                                                          visit www.bline.ie

                                                                  The Professional Insurance Broker                                                                 31
                      Date Event                                                          Time                                  Speaker / Venue

         Wed 02 Jul 08 Update from                                                        09.00 am to 10.00 am                  Joe Meade, Financial Services Ombudsman
                       the Financial Services Ombudsman
                              (1 formal CPD hour applies)                                                                       The Clarion Hotel, Clarion Road, Sligo, Co. Sligo

          Thu 10 Jul 08 Employment Practices Liability Insurance                          01.00 pm to 02.00 pm                  Breege Lynn, Marsh Ireland
                              (1 formal CPD hour applies)                                                                       The Insurance Institute, 39 Molesworth Street, Dublin 2
                                                                                                                                Co. Dublin

        Tue 09 Sep 08 Mortgages and Client Management                                     05.00 pm to 07.30 pm                  Ian Duffy, Eanna McCloskey
                              (2 formal CPD hours apply)                                                                        The Clarion Hotel, Lapps Quay, Cork, Co. Cork

       Wed 10 Sep 08 Business Interruption                                                10.15 am to 11.15 am                  Martin Barry, Pro-Adjust
                              (1 formal CPD hour applies)                                                                       Courtyard by Marriott Hotel, Headford Point, Galway, Co. Galway

                                                                                                                                                                                           CR OM
                                                                                                                                                                                             OS P E
         Win a 2-Night Break* in

                                                                                                                                                                                               SW TIT
         The Maritime Hotel, West Cork

                                                                                                                                                                                                   OR ION
         * The package comes with two nights bed and breakfast and one evening meal.

         West Cork Awakens …                                 which enjoy uninterrupted views across
         There are many reasons to visit Bantry in West      Bantry’s famous bay. The hotel also features
         Cork: splendid scenery, world-class golf and        the Windward Suite, which provides excellent
         fantastic food are just a few. It is a haven for    wedding, conference and banqueting facilities
         those seeking peace, rejuvenation and               with a capacity for up to three hundred
         relaxation as well as a playground for outdoor      guests, as well as a business centre with a           Simply complete the crossword puzzle and send your entry along with the form to:
         enthusiasts and adventurers.                        range of conference rooms of varying                  Crossword Competition, c/o Salient Print Management, 37 Woodlands, Naas, Co. Kildare.
              In the very heart of West Cork,                capacities.                                           Entries to arrive not later than 31st July 2008.
         overlooking beautiful Bantry Bay, stands the             Sample the delights of the Ocean                 Name:
         newly opened Maritime Hotel. Set amid               Restaurant, where a world of flavours and
         scenery of staggering beauty the Maritime           influences together with the finest local             Company:
         Hotel is a celebration of luxury, elegance and      ingredients are brought together to create a
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              The hotel consists of luxuriously              Situated on the Quay, the Maritime Bar is the
         appointed guest rooms and a selection of            perfect place to sit back and unwind after a
         one and two bedroom suites, the majority of         day of activities and fun.                            Phone:

                 1               2               3              4             4              5                     General Knowledge Crossword
          6                                                            7                                           Across                                         Down
                                                                                                              6. Person called to give evidence (7)       1. Conservative side of a political party
                                                               8                                                                                             (5)
                                                                                                              7. Aims in life (5)
                                                                                                              9. Snooker player known as 'The             2. Guy Ritchie movie starring Brad Pitt
          9                                             10
                                                                                                                 Whirlwind' (5)                              (6)
                                                11                                                           10. And 13 Down. Tom Cruise movie            3. John McCain is hoping to be this
                                                                                                                 set in Japan (3,4,7)                        country's next President (3)
                         12                                                                                  12. Coldplay singer and husband of           4. Person who hunts wild birds for
                                                                                                                 Gwyneth Paltrow (5,6)                       food (6)
                 13                                                                                                                                       5. John Lennon's group used to be the
                                                                                                             14.   Manchester United and England
                                                                                                                   striker (5,6)                             _______ Ono Band (7)
          14                     15                                           16
                                                                                                             18.   Sandra, the actress whose movies       8. 'Man On ____ ______', a classic
                                                                                                                   include 'Speed' and 'Practical Magic'     REM track (3,4)
                                                                                                                   (7)                                   11. He wrote the lyrics for Andrew Lloyd
          18                                                          19                                     19.   Strong, sweeping cut with a sharp         Webber musical 'Evita' (3,4)
                                                                                                                   instrument (5)                        13. See 10 Across
                                                               20                                            21.   Breakfast food (5)                    15. Victor at the Battle of Trafalgar (6)
                                                                                                             22. People can also use these to take           16. Oblong cream puff (6)
          21                                            22
                                                                                                                 photographs (7)                             17. Bodily remains after a cremation (5)
                                                                                                                                                             20. Jones, the veteran Welsh singer (3)

     Lucky Winner ! The lucky winner of our Spring ‘08 competition was: Roisín MacDonagh, MDI Insurance Brokers, 1 Main Street, Tallaght, Dublin 24

32                                                                             The Professional Insurance Broker

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