Q&A with Martin Hall, Director of Atla

What’s your vision for the Isle of Man employee benefits cluster?

When people work together for a common goal the potential is unlimited - that’s what I see happening here. There’s strength in numbers so it’s about bringing together a range of different financial service providers to work closely together from a central point to ensure the Isle of Man’s continued prosperity. It’s not a pipe dream, it’s already happening. In November 2022 we went to South Africa with a group of other financial service providers. We are all competitors, but our common goal is to promote Isle of Man Business. There’s no tension in this process because we are happy with our skill set and others are comfortable with theirs. That means we’re well-positioned to pull together with one voice on behalf of the Isle of Man.

How do you see the cluster developing?

I see it expanding into other areas of expertise and I also see other pension providers joining. Being part of Isle of Man PLC is a good networking tool. It’s an opportunity to speak to peers and share ideas, innovation, and experience.  A group of voices speaking together is better than one and being part of a collaborative approach is a good way to win business. As the Isle of Man grows, we all benefit.

What are the advantages of being involved?

The big positive for us so far is that it has encouraged us to connect with other providers and other sectors. For example, we wouldn’t normally do business with or connect with HR companies. But as part of the cluster, you can create strong partnerships outside your field. Expanding your business network can open your eyes to fresh ideas and give you a different perspective.

What is Atla’s contribution to the cluster?

We were initially invited to offer pensions and retirement solutions, both on the Isle of Man and internationally. If you imagine a central hub for a large global employer who can then employ a global workforce through the Isle of Man. They could, for example, set up their pension scheme in the Isle of Man and we would then provide a central hub from which to handle those pensions. We can put the structures in place, they and their employees contribute to the scheme, and we run them from the island. That’s what we bought that to the table, along with our knowledge and experience of business.

Why is the Isle of Man so well-placed to deliver on a project like this?

The island is perfectly placed because we offer everything in the employee benefit space from one place. Isle of Man business offers a massive diversity of skills and services, somewhere in the region of 35 employer/employee related support functions. There’s a big pool of expertise and it’s all happening in a relatively small place. Coupled with the Island’s tax neutrality, it’s a no brainer that we should all be working together. We also have on our side the island’s celebrated regulatory sector, our pedigree, and our clean record of openness and transparency – all of which means we’re perfectly placed to offer those support functions from one place.

What pain points could the cluster resolve for the kind of business it’s hoping to attract?

The vision for the cluster is bring all these services and service providers under one umbrella for the benefit of the Island. It can centralise all your employment benefits in one place and if all the providers are part of a strong network, we can always point a client in a different direction if they need something our organisation can’t provide. If we are all working together as part of a cluster, we will get a better idea of what we each have to offer and be able to refer clients on as and when it’s necessary. I think an important part of the work will be connecting with peers on the island who we don’t normally have direct contact with. This way we can expand our industry knowledge and boost our business networks. Ultimately this can only be a good thing for clients. In a small business community, I see us all pulling together to support each other more and bring more business to the Isle of Man.