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123 Money
123 Money Ltd, trading as 123.ie, is an Irish insurance company with registered offices in Dublin. It sells personal insurance products online, including motor, home, health, life, pet and travel insurance. It became a subsidiary of RSA Insurance Ireland Ltd. in 2010〔("Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 Aug 2010 )〕 and it is regulated by the Central Bank of Ireland. In 2012, it reported sales worth €91 million〔("€415m sales boost RSA challenge", Irish Independent, 24 Feb 2012 )〕 and 270 employees.〔("123.ie accounts", Irish Independent, 15 Sept 2012 )〕 == History ==
The company was incorporated in March 2000〔(CRO entry for 123 Money Ltd )〕 by Dublin insurance broker Derek Richardson.〔("RSA says 123.ie business is continuing to deliver", Irish Independent, 2 Aug 2013 )〕 It was the first online broker in Ireland, selling motor insurance, home and pet policies〔("123.ie price could reach €110m", Sunday Times, 8 Aug 2010 )〕 under-written by the Irish office of US Travelers Insurance.〔("Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 Aug 2010 )〕 By March 2010, it had a consumer base of 170,000 policyholders and annual income of €60 million.〔("RSA purchases 123 Money for €65m, Irish Examiner, 29 July 2010 )〕 It was acquired by the RSA Insurance Group in July 2010 for €65 million.〔("Online insurer 123.ie sold to UK giant Royal Sun Alliance for €65m", Irish Independent, 29 July 2010 )〕 123.ie became a tied insurance agent for Irish Life in 2013,〔("Irish life delivers €31m boost for Great-West", Irish Independent, 14 Feb 2014 )〕 offering mortgage life insurance〔(Mortgage Life Insurance Policy Document | Irish Life )〕 and lifelong insurance policies.〔(Life Long Insurance Policy Document | Irish Life )〕 In March 2013, it reported a €7m profit and an increase in turnover of 31%.〔("Premiums up 5% at insurance firm 123.ie in 2012", Irish Independent, 2 Feb 2013 )〕 In November 2013, it won Contact Centre Management Association awards for its customer retention programme and credit management team.〔(CCMA Irish Contact Centre and Shared Services Awards 2013 )〕
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