Clare software firm hones in on British brokers
By Samantha McCaughren, Business Correspondent
Clare-based company that designs software for brokers has launched a new web-based product and is targeting 4,000 brokers in Britain.
Owner Philip O’Reilly has invested €5 million in Broker CRM, which is aimed at brokers in the areas of wealth management, financial services, mortgages and home insurance. The software allows brokers of all sizes to get exact quotes for clients from a range of providers and process the chosen product. ‘‘It gives brokers the capability of large financial institutions,” said O’Reilly.
It is already a leading provider of client relationship management software in Ireland and the web version should grow business, as it is easier for brokers to install.
The company went into examinership last summer, but an insurer subsequently invested €250,000 in the company, O’Reilly said. The company came out of examinership unopposed by creditors and without losing customers. The examinership was prompted by an investor failing to come up with money committed to the firm.
The new web-based service officially launches this week, although 100 customers have already signed up to the service, including AIB, Friends First, Aviva, Irish Life, Permanent TSB and Zurich. The company already has about 200 customers signed up to the existing Broker CRM software product, and has a turnover of about €600,000 a year.
O’Reilly said it had signed up its first British broker to the web product and believed revenue from Britain could be €2 million in two years. It has also signed up its first Latvian client for the software.
‘‘The use of independent financial advisers is growing at the moment,” O’Reilly said. ‘‘Banks have lost moral authority to be the only advisers on products, as their reputation is seriously damaged.”
