Team size: 18

What impact did Brexit have on the financial Industry in Ireland?

Many insurers with Irish, European and UK activities have had to adapt to the loss by their UK operations of passporting rights to provide services in, and into, the EU. Throughout the Brexit process Zurich Insurance worked closely with regulators and policymakers to prepare for all potential Brexit outcomes and to minimise any impact on our customers’ policies and on our operations.

In what ways do you see the in-house legal role evolving in your region over the next few years?

The in-house legal role will continue to evolve to one of a true business partner focused on providing pragmatic, compliant solutions in an ever more complex world. The role will be expected to project manage, educate and execute in an environment in which digitisation, data security and sustainability are central to business advancement.

What are the most significant cases and/or transactions that your legal team has recently been involved in?

One of the most important was an internal reorganisation of Zurich’s UK business following Brexit. The project has thrown up many novel legal and regulatory questions as regulators and policymakers set expectations for UK insurers.

We also had a major part to play in the implementation of the Consumer Insurance Contracts Act which has transformed how insurance business is to be conducted in the Irish market and required a huge cross-functional effort to operationalise the new legislation in a challenging timeframe. The legal team played a leading role in collaboration with colleagues from across the business, and were centrally involved in drafting new policy wordings, interpreting complex new legal requirements and designing compliant solutions which were workable in practice.

As well as this, we assisted the development of a new individual and corporate income protection product for which the paperless customer journey will be the first of its kind for this type of product in Ireland, and created a Master Trust pension product which will bring efficiencies in terms of governance and administration.

As we enter the next decade, what skills will a corporate legal team need to succeed in the modern in-house industry?

Lawyers will have to be extremely agile in their learning and willing to step outside of their comfort zones to master new areas (for instance through new sustainability-based requirements) which will have to be implemented quickly. Excellent interpersonal skills and an ability to think, and communicate, clearly will remain key, as will the emotional IQ needed to provide strong, independent advice in a demanding environment. Technical IT competency will be an absolute asset as digitisation and the possibilities of a hybrid working model take centre stage.