Winn Group, one of the largest providers of accident management services in the UK, announces its year-end financial results for 2023 which the business describes as “exceptional.” The Newcastle-based company has significantly increased its turnover compared to the previous year, driven by higher volumes of business as the claims management industry contracts, as well as market driven increases in the cost of vehicle repair and hire charges.
“We are delighted with the financial performance the business delivered in 2022-2023, said Chris Birkett, CEO at Winn. “Our continued growth not only reflects how we have benefitted from the challenges our competitors have faced; it has also been driven by our commitment to being a trusted business partner delivering an exceptional service. Winn has successfully adapted to the persistent and significant reduction in legal fees which now account for just 7.2% of our turnover. We have shown the ability to not just ride out the storm in the legal market, but to flourish when many others have fallen by the wayside.”
Since its establishment in 2002, Winn has grown exponentially, and currently employs 535 people with a turnover of £235m, a substantial 139% increase from the previous year’s £98m. Furthermore, its EBITDA is at a strong £24.7m (2021-22: £15.8m)
Capabilities drive growth
Winn’s capability to offer a national one-stop-shop service offering a comprehensive range of services, is a proven underlying driver of its success. The in-house delivery of insurance related products, vehicle hire and repair, recovery and storage, as well as personal injury advice is compelling for business partners. The new contracts signed during the past 12 months reflect the organisation’s strong market position.
An advanced processing system ensures speed, efficiency and excellent results and helps support the delivery of a best-in-class service. This performance is reflected in Winn’s exceptional 4.8 Trustpilot score from c9,000 reviews. This is a significant performance in its own right and it also reflects favourably compared to its key competitors where the average is 3.2.
FNOL assessment is crucial
Chris Birkett explained that Winn’s unique one-stop-shop 24/7 First Notification of Loss (FNOL) service capability has been, “instrumental in establishing the company as a preferred partner to the insurance industry. In the past year, our 158 strong team of practitioners has supported 60,000 customers.”
Winn’s success also reflects the ability of its in-house legal team of solicitors to work with third-party insurers. The team is able to plan from the outset and ensure all evidence is prepared meticulously, leading to an excellent rate of recovery. Consistently outperforming its competitors, Winn settles 98% of cases successfully, with only a few cases needing to go to trial.
Winn now has protocol agreements for rapid payment with 42% of the insurance market, demonstrating its industry-leading assessment process. “Insurers frequently approach us to tap into our early intervention and defence capability, acknowledging our expertise and reliability in this field,” said Chris Birkett.
Winn’s early involvement in telematics helped build a solid foundation for its success in this market. A dedicated team has the capability to analyse data in real-time and provide instant accident response to customers. The business now provides emergency claims support to 34% of the UK telematics market through its partnerships with brokers.
Innovation
Winn has made substantial investments in technology which it sees as crucial if it is to continue its success. Examples are a customer facing cloud based omni-channel contact centre solution and most recently, a three-year extension deal to build on its low-code automation and AI journey for customer.
“We will continue to invest in technology to become even more efficient and at the same time achieve the right balance between human based customer interaction and AI cloud-based solutions,” said Chris Birkett.
ESG performance
A leading business based in a disadvantaged area of Newcastle, Winn is a committed ESG company. The business provides significant local employment opportunities and is a major contributor to charitable causes. A unique ownership structure whereby 21% of the business is directly owned by the Souter Charitable Trust, means Winn’s success directly benefits the trust and its causes. In a significant show of confidence in the company, in March 2023 the Souter family significantly increased its holding which now stands at 43%.
Chris said: ”We are proud of our role in the local community and when we grow as a business, that success is shared with the many good causes we support. We are a leading employer in Newcastle, and we have plans to increase the number of employees to around 700 over the next 12 to 18 months. This will be a significant boost to the local employment prospects for people living in and around the area.”
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