Saturday 20 January 2018

FBD must spend more on IT - Muldoon

FBD chief executive Fiona Muldoon Picture: INM
FBD chief executive Fiona Muldoon Picture: INM
Sarah McCabe

Sarah McCabe

FBD must be prepared to invest more in IT, chief executive Fiona Muldoon has said.

It will hire a newly-created chief technology officer before the year is out, she added.

FBD has spent around €20m on a new IT system that went live in June but still has a distance to go, she said.

"We have invested a lot so first of all we have to leverage that. But insurance is going to be hugely disrupted by technology, there is a lot of change coming in the form of everything from driverless cars to the way people submit claims. FBD has traditionally been very paper-based. We've come a long way, but need to leap-frog now to stay on top in terms of technology," she said.

Spending on IT "will more than pay for itself", Muldoon added.

The former Central Banker spoke at the release of FBD's half-year results. Losses narrowed by 96pc to €3.65m as it hiked premiums by 7pc.

Farmers have shown "incredible loyalty" to the company, Muldoon said. "If you want a bunch of people in your corner you could do a lot worse than Irish farmers."

FBD postponed a price hike for farmers earlier this year. "We could see they were challenged."

The company has made "a huge amount of progress" she added. "We expect to be profitable in 2017, barring cataclysmic weather events."

Sunday Indo Business

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