Pure Options, a new and innovative insurance intermediary has set up its business in Cardiff where it plans to create 185 jobs.
Pure Options has a unique business model with income protection insurance as its core specialism and life insurance as an ancillary product.
It is well placed for rapid growth as an estimated 24m UK households are presently unprotected against the risks of accident, sickness or unemployment.
The new company, which is supported by the Welsh Assembly Government through the Single Investment Fund, will create 185 jobs over the next three years, with the potential to employ more by year five. It has already employed 39 people, 72% of whom are graduates.
The leading insurers in the UK have all shown keen interest in joining the Pure Options panel and the first insurers already have their products on Pure Options’ website.
Customers can compare cover and obtain quotes, but unlike price comparison websites, Pure Options provides highly trained advisors to guide customers to the best product for their needs.
Income protection insurance is a specialist area and income protection products are too complex for ordinary price comparison websites to handle.
Few people know about income protection cover, yet most insurers have policies available that offer extensive protection for modest premiums.
Pure Options combines the best of internet technology and customer advice, with extensive and carefully targeted marketing, bringing together income protection insurance buyers and insurers. Many of the policies on the website are only available from Pure Options.
Ieuan Wyn Jones (pictured), Minister for the Economy and Transport, has welcomed the investment and said it would provide a boost to the financial services sector in Wales.
“It is particularly good news to hear the company has already taken on a significant number of staff and plans to create many more well paid and highly skilled jobs in the future.
“The Assembly Government is committed to supporting businesses with high growth capability and companies like Pure Options have the potential to play an important role in the Economic Renewal Programme in Wales, helping to develop a resilient and sustainable economy.
“Pure Options has identified a large but poorly served market and will be in a prime position to exploit this market opportunity in one of our priority sectors.”
Headquartered in Fairway House, Pascal Close, St Mellons, Cardiff, the company’s six executive directors, led by Neville Allport, founded Firstplus Financial Group, which was sold to Barclays and Picture Financial.
Chief Executive Neville Allport said the support of the Assembly Government was invaluable in enabling them to locate the new business in Wales and they were delighted with the calibre of staff recruited.
“We have spent the last two years developing our business model to reflect the anticipated demand resulting from regulatory changes and market conditions and believe we are offering what customers, regulators, insurers and lenders all want. Our model completely supports the market changes the FSA want to see happening and they have authorised our business.”
