One Year On. Chartered Insurance Institute 12 th November 2018

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1 One Year On. Chartered Insurance Institute 12 th November 2018 Mark Lewin Department for Enterprise Chief Exec Michael Crowe Finance Isle of Man Chief Exec

2 Agenda Department for Enterprise Update Agencies Update Cross Cutting Initiatives

3 DED to DfE Review Aims Increase Capability for Economic Strategy & Policy Leverage Private Sector Expertise through Agencies To build a modern organisation for a modern economy Refocus Organisation

4 Our Mission : To create an environment through innovation and collaboration, where the economy thrives. Economic Advisory Board 53 FTE Locate.im Business Intelligence & Mktg Policy & Strategic Planning Strategy & Policy Finance Isle of Man Sector Development Digital Isle of Man Business Isle of Man 40 FTE 4 x Sector Boards Enterprise Support Finance & Governance Visit Isle of Man Legislation Registries Motorsport & TT Our Vision : To be a forward thinking, valued partner, supporting Island businesses and people to fulfil their potential. Central Registries Ship Registry Aircraft Registry 85 FTE Our Values : Respect Integrity Collaboration Innovation

5 The DfE Executive Agencies Creating an environment, through innovation and collaboration, where the economy thrives Aidan Doherty Lydia Barbara Stephen Bradley Ranald Caldwell Non-Exec Members Non-Exec Members Non-Exec Members Non-Exec Members Michael Crowe Lyle Wraxall Adrian Moore Angela Byrne Department Resources Department Resources Department Resources Department Resources

6 NON-EXEC CHAIR Aidan Doherty NON-EXEC CHAIR Lydia Barbara NON-EXEC CHAIR Stephen Bradley, MBE NON-EXEC CHAIR Ranald Caldwell Chief Executive Michael Crowe Chief Executive Lyle Wraxall Head Adrian Moore Head Angela Byrne V o t i n g r i g h t s Mark Denton CSP Mark Dougherty Law Society John Hockney Insurance & Pensions Paul Hotchkiss Tax Gill Marples Life Stuart Nelson Chamber Simon Nicholas Professional Services & nonlife Chris Till Banking Dr Phil Adcock EGSAB Dr Richard Arning Isle of Media Deb Byron Chamber IT Committee Joe Hughes MEGA Russell Kelly Professional Services Kristan McDonald FuEL Katie Nicholson Bridge Kurt Roosen MICTA Tom Chapman Property/Construction Dave Hester Eng/Manuf/Chamber Carol Glover Retail Janna Horsthuis Food & Drink manufacturer Steve Pickett Logistics Jo Pretty UCM Stephen Smyth Construction & Chamber Dave Taggart BioMed Phil Taylor Food & Drink manufacturer MaryBeth Coll Catering & Entertainment Brett Martin Chamber Visitor Economy sector Richard Fletcher Events/Conferences Hilary Peterson Non-Serviced Accomm Ged Power Attraction/Activity Carl Underwood Attraction/Activity John Watt Tour/ Travel operator Mark Wilson Serviced Accommodation V o t i n g r i g h t s Mr Hooper MHK DFE Chief Exec DFE Marketing Partner Mrs Caine MHK DFE Chief Exec DFE Marketing Partner Mr Crookall MLC DFE Chief Exec DFE Marketing Partner Mr Callister MHK DFE Chief Exec DFE Marketing Partner

7 Purpose of the Executive Agencies Promotion Product Become the natural entity responsible for directing the promotion of the sector, on and off the Island, by having clear unique selling propositions (USPs) and a targeted marketing strategy and plan. Become the central focal point for the sector s broad proposition, technical direction, strategy and vision input to Government. Policy Assess, develop and propose ideas and initiatives to help the sector sustain and grow its proposition for the benefit of the broader economy.

8 Strategies Policy Development Product Development Promotion Research Policy Options 5 New Products Product Refresh 4 Markets Campaigns Events 3 Policy Development Competitive & Customer Feedback Outcomes New Products Competitive & Customer Feedback Drive Activity Sector KPIs 2 Economic Outcomes 1

9 Department for Enterprise Update Agencies Update Cross Cutting Initiatives

10 FINANCE ISLE OF MAN Michael Crowe Chief Executive

11 To promote and develop the Isle of Man s significant financial and professional services industry and ensure its recognition as an international financial centre of excellence, in turn delivering long term sustainable economic growth to the Isle of Man.

12 Finance Sector in Numbers 23% of Jobs (2018) Finance Jobs Other Finance and Business Services, 3,400 Banking, 2,210 Legal and Accountancy Services, 1,250 Other Professional Services, 1,510 Corporate Service Providers, 1,670 Insurance, 1,970

13 Finance Sector in Numbers 42% of National Income (2016/17) Other Finance and Business Services, 510 m Legal and Accountancy Services, 88 m Contribution to National Income 31% of Personal Income (2016/17) Banking, 356 m Other Professional Services, 130 m Corporate Service Providers, 138 m Insurance, 761 m

14 Finance Sector Key Figures bn Total Deposit Base 11 authorised Life Insurance companies with 60bn in assets invested Over 200 licenced TCSPs Deposit taking licences: 15 Investment Business Licences: 45 Services to Collective Investment Schemes Licences: 44 Other Licences: 14

15 Isle of Man Awarded Best International Finance Centre International Investment Fund & Product Awards

16 Finance Agency Journey 11 board members 3 Board meeting and 3 Strategy meetings Sub Groups/ Working Groups in place Embedded within the Department Strategic & Operational Plan Cross Agency Projects

17 Work in progress Finance Isle of Man Strategies Financial Services Policy Banking Tax Talent Product / Proposition Fiduciary Family Office Insurance Savings Promotion Insurance Campaign Event Plan

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19 Strength Security Stability Service

20 Advert

21 Advert

22 Article

23 Microsite

24 External Pressures

25 Forward Thinking Ideas? The best way to have a good idea is to have a lot of ideas. ~Linus Pauling

26 Finance Agency Board Aidan Doherty Non-Exec Chair Gill Marples Life Michael Crowe Chief Executive Stuart Nelson Chamber Mark Denton CSP Simon Nicholas Professional Services & non-life Mark Dougherty Law Society Chris Till Banking John Hockney Insurance & Pensions Lawrie Hooper MHK Political Member Paul Hotchkiss Tax

27 Other Agencies Department for Enterprise Update Agencies Update Cross Cutting Initiatives

28 Purpose : To develop and implement a strategy which will support sustainable economic growth and establish the Isle of Man as a centre of international excellence for the digital economy.

29 Current Product Focus Refresh e-gaming Strategy esports Strategy Digital Creation Isle of Man Alignment of Media Sector Ecosystem Diagram Tech Boot Camp Blockchain Strategy Telecoms Strategy Tech Trials

30 Purpose : To support businesses involved in the physical exporting of goods and services or operating within the domestic economy. Coordinating the promotion and development of opportunities within these sectors in order to ensure a prosperous and vibrant place to live, work and invest.

31 Work in progress Business Isle of Man Strategies To Review: Regeneration * Retail* Manufacturing To Develop: Construction*Logistics * * Food & Drink*Biomed Dovetail: UCM Training & Education for skills strategies Policy Product Promotion Retail Policy Sea Services Grant & Support Aerospace Cluster Airport Technology Gateway Manx Biomed Cluster Aerospace Cluster Airport Technology Gateway Manx Biomed Cluster Retail Promotion

32 Visit Agency Scope Serviced Accommodation Purpose : Catering & Entertainment Non-Serviced Accommodation To realise the fullest economic growth potential of the Island as a visitor destination. Event & Conference Organisers Visit Isle of Man Tour / Travel Operators Attractions & Activity Providers

33 Work in progress Visit Isle of Man Strategies Destination Management Plan Review Policy Product Promotion Air Strategy Strategic Sea Services Consultation Holiday Resort Policy Walking Cycling Event Development Research & Intelligence Travel Packages Winter & Spring Campaigns Website Development 2019 Marketing Plan Customer Service & Satisfaction Measurement

34 Department for Enterprise Update Agencies Update Cross Cutting Initiatives

35 Cross Cutting Initiatives Work Permit / Immigration Locate Brexit Transport Enterprise Support Enterprise Support Locate.im Finance & Governance Legislation Business Intelligence & Mktg Central Registries Policy & Strategic Planning Strategy & Policy Registries Ship Registry Finance Isle of Man Sector Development Digital Isle of Man Aircraft Registry Business Isle of Man Visit Isle of Man Motorsport & TT Promotion Products Policies Environment

36 Work Permit / Immigration Polarised Opinion Removed Employee Application Worked with Industry Reforms Frictionless Simplified Conditions Simplified Fees Automatic Cohabiting Partners / Spouses 10 x Increase in Digital Applications > 90% approved Same or next day Doubled Satisfaction 75%

37 LOCATE ISLE OF MAN NOVEMBER 2018

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39 Enterprise Support

40 Enterprise Support

41 Enterprise Support 1. Increased funding for Start ups 2. Improved mentoring support 3. Enhanced assistance for Export Sectors 4. New assistance for nursery / childcare 5. More employer relocation assistance 6. R&D, Brexit & digital marketing 7. Expanded Business Improvement Support 8. Significantly simplified approval process 9. Fast track for Business Energy Saving Scheme 10.Bringing internal EDS one front door

42 Telecoms

43 Environment Collaboration & Innovation

44 Summary Department for Enterprise Update Agencies Update Cross Cutting Initiatives

45 Thank you