60 seconds with John Molloy on Business and Finance, Oomph.ie
.Business and Finance interviews John Molloy, Managing Director, Oomph.ie, providing competitively-priced life assurance and advice on running a business.
What was your first job?
While in college, my first temporary job was a part-time barman in The Tuning Fork in Rathfarnham (sadly recently demolished). My first full-time job was an Account Manager in Norwich Union Insurance, Dún Laoghaire in 1988.
What would you regard as your greatest achievement to date?
Giving up smoking.
In three words or less, how do you define success?
Contentment, freedom and happiness.
What is the best advice you have ever been given?
Learn from your competitors, but never copy.
How do you motivate yourself and your staff?
Even if we are on the right track, we will get run over if we just sit there.
If you could step into the shoes of one business person for a day, who would it be and why?
Charlie Munger, American financier and philanthropist, Vice Chairman of Berkshire Hathaway and the low-key partner of Warren Buffet. If I could step into his shoes for a day it would lead to a lifetime of accrued knowledge.
What’s your motto?
I don’t have the power to make life ‘fair’, but I do have the power to make life joyful.
What are your aspirations for the future of the business?
To grow our online life assurance portal, www.oomph.ie, to the largest online independent provider of competitively-priced life assurance to families in the country by 2020.
To grow our Core Life Assurance, Pensions and Investment Business, Orca Financial Ltd to a €1,000,000 recurring annual income business by 2028, adding value through timely transparent financial advice to our clients nationwide through continued long-term relationships.
Even if we are on the right track, we will get run over if we just sit there.
Oomph.ie was set up to make purchasing life assurance an easy and convenient experience. Oomph helps attain the most competitive prices available from the main six providers of life assurance in Ireland. Business and finance are important, so why wouldn’t you buy a life insurance policy. Get your quote here.
Compare Life Insurance Costs Online With Oomph
New site developed by Orca Financial
Financial advisors Orca Financial have launched Oomph. Oomph is an online way to compare life insurance costs. Therefore, Oomph will make the purchase of a life insurance policy easier and more convenient. Oomph promises “the most competitive prices” from the six main providers in Ireland.
Oomph.ie A New way to compare life insurance costs
Oomph.ie is the brainchild of John Molloy and Sarah McGurrin. They say that convenient site will allow people to choose when and where they consider life insurance.
“The major insurance providers regularly survey the market. The research shows that somewhere in the region of half a million parents with dependent children have no life insurance,” said Molloy. “The sad fact is that in the event of an untimely death, many families face very reduced financial circumstances. They also could end up in poverty if their welfare isn’t provided for.”
“The industry hasn’t a great track record when it comes to explaining policies. Every day we have clients totally confused as to term assurance, mortgage protection, and whole-of-life cover. Our aim is to explain the product and simplify the purchase, so that people know exactly what they’re getting and can reduce their financial worries knowing their family is provided for.”
Customers input their personal detail at Oomph.ie and are guided as to the policy type and levels of cover appropriate for different life stages.
At present, 40% of potential customers prefer to go online directly with an insurance company. For instance, people will now have the ability to find policies online. According to an opinions.ie survey, 24% would use an online broker. Subsequently, using a bank and buying by phone with an insurance company are ranked third and fourth.
Get your personal Quote today, Click Here.
Orca Financial talks to the Independent.ie about business
Orca financial chief is man with a plan. Sean Gallagher meets owners of small and medium sized businesses. They share the lessons they’ve learnt in building their companies.
Orca Financial was set up in 2004 by John Molloy and Stephen Byrne. Orca is headquartered in The Grange Offices, on the Stillorgan Road, Blackrock, Co Dublin and with a second office in Portlaoise, Co Laois. The company employs 11 staff and this year will see their turnover reach close to €1.5m
“Ours is a financial brokerage business. It acts as an umbrella for three separate yet complementary services,” says John, the company’s managing director. “Orca Life and Pensions is our core business. As an authorised financial broker, offers Life Assurance, Pension and Investment advice to almost 3,000 clients.
“I am a huge believer in the benefit of life assurance. I have received lots of letters and emails from spouses, families and indeed businesses who have lost loved ones or business partners and whose troubles were lessened as the result of such a payment. Likewise, our pensions and investment business is about ensuring people put in place sufficient provisions to ensure they are protected for unforeseen events. This makes sure they have enough money to enjoy a quality of life once they reach retirement age.”
Their second service, Orca Private Equity, is a separate company within the group that deals with unregulated investments. Managed by John’s business partner, Stephen Byrne, this caters for those investors looking for greater risk and potentially higher returns. “To date, we have raised significant capital for a number of property developers. Private companies such as Pre-pay Power and Homesecure are also who we have raised capital for. We are now currently raising equity for another exciting business, Urban Volt,” says Stephen.
The company’s third and most recent addition is their online service, OOMPH.ie. Oomph was launched last year to help people between the age of 20 and 40 to purchase life insurance. This provides fast and efficient online life assurance cover.
“With over 450,000 parents in Ireland with no life cover, this leaves a lot of families potentially exposed to financial challenges in the future,” says John. “Having researched the market, we found there was an increasing appetite for this service. This services enables customers buy cover in the evenings or over weekends. It provides fair and transparent pricing and provides choice rather than offering only one company’s products.”
“In addition, the lower cost online model allows us offer discounts. These discounts are on life cover rates and mortgage protection plans which also makes it more attractive for customers.”
John grew up in Rathfarnham in Dublin. He wanted to go to UCD, but did not receive a high enough score on his Leaving Exam. He completed a diploma in retail marketing in the College of Marketing and Design. Later that year, while deciding whether to advance his studies, John got a job selling life assurance door-to-door. While he didn’t particularly enjoy that aspect of the business, he fell in love with the sector. As a result, he postponed going back to college and joined Norwich Union as a trainee account manager. It would be later in his early 30s that he would eventually return to the Smurfit Business School in UCD. This is where he completed an executive MBA.
He was still only 20 years old when he was promoted as account manager by Norwich. He later moved to Prudential. Through a series of mergers and acquisitions where Prudential became part of the Irish Permanent Group and then the Irish Life and Permanent group. John ended up becoming head of pension distribution for the national network of Permanent TSB branches. “I had felt for a long time that there was a lack of long-term service for pension and retirement planning. In order for customers to get the most out of their investments, annual reviews should be routinely carried out to assess the customer’s risk appetite as their circumstances changed or they grew older. So in 2004, I decided to set up Orca Financial with Stephen.”
Also from Rathfarnham, Stephen had studied IT in Trinity College before forming an IT-based startup. When the pair met, Stephen was working as a mortgage broker. The combination of their skill sets and experience seemed a perfect fit for this new venture.
“I realised that mortgage advice was going to be key and that I had little or no experience in this area, so I approached Stephen after a recommendation from a friend. He was also involved in property development and had a great handle on fundraising and private equity which would also become an important part of our business,” says John.
Starting out in a small basement office in the city centre the pair were joined shortly after by Sarah McGurrin, now a fellow shareholder and sales director in the business. Apart from customers, John emphasises the importance of a strong team.
The company’s focus on mortgages was central to their success until the market collapsed in 2008. “That was our greatest challenge and resulted in a significant drop in income in a very short term. However, we were lucky to have invested to acquire three other life and pension brokerages which we merged into the company, one each year in 2006, 2007 and 2008,” he adds.
One of the businesses they acquired had an office in Portlaoise, which they continue to use to service their many clients throughout the Midland region.
“Referrals, too, have played a key part in our continued growth and today we are proud to have €130m of funds under advice for our 3,000 clients,” he adds. “Unlike some businesses, our emphasis is on personal service where we get to know the customer rather than treating them as a policy number,” says John.
Optimistic about the future of the company, John’s short-term strategy is to grow the business by way of further acquisitions and mergers as a result of the number of smaller brokerages struggling with the increased burden of new legislation. And with his new life assurance online service, OOMPH.ie now up and running, he sees this, too, as a strong source of future revenues.
New website wants to put a bit of Oomph into your life insurance search
Oomph.ie talks all about life insurance
The duo behind established financial brokerage company Orca have branched into life insurance with a new website.
John Molloy and Sarah McGrurruin have set up Oomph.ie to offer cover from the six main insurance providers. These are Irish Life, New Ireland, Friends First, Zurich, Royal London and Aviva. In addition, they hope to target the near 500,000 families in Ireland without life insurance.
Customers have to simply input their details into Oomph.ie. After that, they can access up-to-date information on policy types and levels of cover available. They can also see stories of people like them and what they pay.
Get life insurance online with Oomph.ie’s jargon-free website. You can use the FAQ section or web chat feature if you need assistance.
When Molloy spoke to Extra.ie, he said life insurance is ‘normally cheaper than individuals realise’. For example, a couple in their mid-40s can attain €250,000 coverage over 10 years for around €15 per week.
‘In our business we see the benefits of having protection in place far too regularly when we receive calls from a remaining partner making claims on policies,’ he said.
‘The loss of a partner or parent is a very traumatic event but to know there is financial stability for a family going forward because of advice we provided can be rewarding.’
In conclusion, the company wants to appeal to the 500,000 Irish families without life insurance.
In researching the market, Molloy found people often confused a mortgage protection policy with a family protection policy. Therefore. a website would be the best way to encourage more people to ‘protect themselves from this type of financial stress’.
‘A couple can get insured by us with a policy documentation issued if there are is no significant medical history,’ he said
‘Naturally, we are constantly timing the process if purchasing life insurance. Our fastest time is 50 minutes. The lady bought mortgage insurance.’
Contact us to speak to one of our experts and they will guide you through the process. Click Here.
Article featured in Extra.ie by George Morahan
€39+ Million Paid Out in Life Insurance Claims in 2017
You take out Life Insurance for security. It gives you peace of mind for your family’s future.
Then it happens and you have to make that call to make the claim. It’s only really then that you are glad of the protection plan you have in place.
Life Cover pays a lump sum to your family of beneficiaries if you die. It is the simplest form of protection available and it is usually taken out to provide for your family or to pay off your mortgage in the event of death.
In 2017, Zurich paid €39.6 million in death claims with an average payout of approximately €94,000.
Here are some really interesting facts from Zurich relating to claims in 2017.
- Total amount of life and serious illness claims paid out was €58 million.
- Life Insurance claim amounted to €1,277,890.
- Cancer and heart related to deaths accounted to 61% of all death claims in 2017.
- Average claimant was 63 years old.
- Serious illness cover claims
- Largest claim amounted to €687,320.
- Cancer accounts for 58% of all serious illness claims in 2017.
- Average claimant was 50 years old.
- 47% of all male claims were related to cancer.
- Followed by heart related illness at 29% of male claims.
- 77% of all female claims wow related to cancer.
- Over half of total related to breast cancer.
- Hospital Cash Claims
- The average payout was €1,137.
- Personal Accident Cover Claims
- Largest claim amounted to €20,055.
- Average paid was €2,371.
- Males account for 76% of personal accident claims.
At Zurich, 40% of claims were for people aged 60 or less. Cancer is the principle cause of death and it accounted for nearly half of Zurich death claims in 2017. Cancer and heart related deaths accounted for 61% of all death claims in 2017.