Quindell has agreed to enter into an initial outsourcing contract to 31st March 2014 with a large UK broker underpinned by Quindell's software, consultancy and technology enabled outsourcing services. The contract has a run rate of over £25m per annum and further growth to be generated in line with the broker's business plan and mutually planned initiatives. Outsourcing with Quindell beyond March 2014 will be subject to a further contract.
The broker offers a broad range of products including motor, property and commercial. This significant new agreement will see the broker using Quindell's end to end proposition of a complete technology enabled supply chain offering for Personal Injury claims, Medical Reporting, Multi Disciplined Rehabilitation plus Auto Accident Repair including Vehicle Hire Services supporting the broker's goal of service excellence via every customer communication channel.
Having taken third party references and having worked directly with Quindell in the provision of legal services since January, the broker is more than confident in benefitting from a significant improvement in customer service compared with the levels of performance achieved previously. The Quindell service offered is operated in an ethical manner and delivers a 20% reduction in the total cost of claims compared to industry norms. This is achievable by addressing the total cost of claims, including the provision of a quality legal and rehabilitation service for customers, rather than simply focusing on recovering and repairing customers' vehicles.
Further contract wins
The contract announced today, and in combination with a further seven significant contracts signed over recent weeks, should together increase the Group's run rate revenues in the region of £100m per annum from July 2013.
Robert Fielding, chief executive of Quindell's Services Division, said "We are delighted to announce these significant new contract wins. We are still seeing substantial traction in the market post LASPO as a number of leading industry figures are finding appropriate solutions to meet their requirements and as a result, we continue to sign significant new business, increasing revenues in the second half in the region of £100m per annum. These agreements once again validate Quindell's significant market leading model, through a combination of innovative technology and integrated supply chain stamping down the cost of claims whilst above all improving the customer experience for the brands who choose to partner with Quindell."
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