Section 172 statement of InsurEvo Group Limited

The Directors are required under section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole. In doing so, the Directors must have regard, among other matters, to:

As the Company is the holding company of the InsurEvo Group, the Board’s principal decisions relate to the activities, financial position and long-term success of the Group as a whole.  The Board therefore considers the interests of stakeholders across the Group when discharging its duties to the Company.

The Board retains responsibility for the Group’s overall strategy, governance, financial performance and risk management.  Day-to-day operational matters are delegated to management within clearly defined authorities.  The Board meets regularly and also considers significant matters through additional meetings and written resolutions where appropriate. Information provided to the Board includes financial and trading performance, customer outcomes, regulatory and risk matters, employee matters, insurer and business-partner relationships, major projects and the Group’s liquidity and funding position.

 

Long-term consequences of decisions: The Board seeks to balance short-term performance with the long-term success and sustainability of the Group.  Significant investment and commercial decisions are assessed by reference to their expected financial returns, strategic benefits, customer and regulatory outcomes, operational resilience and impact on the Group’s employees and business partners.

During the year, the Board considered investment in technology, finance, marketing and operational improvement projects, changes in senior management and the continued development of the Group’s operations in Ireland. In reaching its decisions, the Board considered the anticipated long-term benefits, implementation risks, resource requirements and the effect on the Group’s ability to serve customers and maintain effective relationships with insurers and other partners.

Employees:  The Board recognises that the Group’s employees are central to its performance and long-term success. The Group communicates regularly with employees through business updates, town-hall meetings, team briefings, internal communications and employee surveys. Feedback obtained through these channels is reviewed by management and, where relevant, reported to the Board.

The Board considers employee interests when reviewing significant organisational and operational changes. During the year, this included consideration of the effect on employees of changes in senior management, investment in systems and processes and the development of the Group’s international operations. The Board sought to ensure that changes were implemented with appropriate communication, support and consideration of employee wellbeing and development. Further information on employee engagement is included in the Directors’ Report.

 

Customers, insurers, suppliers and other business partners: The Group’s principal business relationships are with customers, insurers, distribution partners, technology providers and other key suppliers. The Board recognises that maintaining strong and constructive relationships with these stakeholders is important to the Group’s long-term success. Day-to-day engagement is undertaken by management, with the Board receiving regular information on customer outcomes, service performance, complaints, insurer relationships, significant contracts, supplier performance and operational risks. When considering principal decisions, the Board takes account of the potential effect on service quality, customer outcomes, regulatory compliance, operational resilience and the Group’s commercial relationships.

During the year, these considerations informed decisions relating to investment in technology and customer-service processes, the continued development of operations in Ireland and the management of key insurer and supplier relationships.

Further information on engagement with suppliers, customers and other business partners is included in the Directors’ Report.

 

Community and environment: The Board recognises the Group’s responsibilities to the communities in which it operates and the importance of reducing the environmental impact of its activities.  A significant proportion of the employees of the Group’s trading subsidiaries are recruited from local communities surrounding its principal offices.

 

The Group continues to consider opportunities to reduce energy use, carbon emissions and the environmental impact of its operations. The Board also considers environmental matters when reviewing significant investment and operational decisions. Further information on the Group’s energy use and greenhouse-gas emissions is included in the Streamlined Energy and Carbon Reporting section of the Directors’ Report.

 

High standards of business conduct: The Board recognises that the Group’s reputation and the trust of its customers, regulators, insurers and other business partners are essential to its success. The Board seeks to promote a culture of integrity, professionalism, regulatory compliance and appropriate customer outcomes. The Group maintains policies, controls and governance arrangements designed to support high standards of conduct. The Board receives regular reporting on regulatory, compliance, risk and customer matters and considers these factors when making significant decisions.

 

Shareholders: The Company engages with its shareholder and the wider group on matters affecting the strategy, financial position, funding and long-term development of the Group.  The Board seeks to act fairly and transparently in its dealings with shareholders and to make decisions that promote the sustainable long-term success of the Company.

 

Principal decisions during the year: The principal matters considered by the Board during the year included:

In considering these matters, the Board assessed the expected long-term benefits to the Group, the financial and operational risks, the impact on employees and customers, regulatory requirements, the interests of insurers and other business partners and the interests of the Company’s shareholder. The Board considers that the decisions taken during the year were consistent with its duty to promote the success of the Company for the benefit of its shareholders as a whole.