Accident management specialists Winn Group has posted its latest financials, with turnover up 35%, EBITA up 62% and credit hire contracts now past the 10K mark, at 10, 188 – another healthy increase year-on-year. Here’s the word;
“We have followed an exceptional year in 2022 by delivering another excellent financial performance during the first half of 2023. We have grown the business organically by delivering efficiency gains on existing protocol arrangements, as well as adding new partnerships with insurers.”
We now have agreements with 50% of the motor market compared to 25% at the same point in 2022. Our people deserve great credit for continuing to deliver an exceptional level of service to our business partners and their customers.”
Jeff Winn, Founder and Executive Chairman comments
The company’s focus is on consolidating and building upon its existing business partnerships, but it is also open to acquisition opportunities if there is a good strategic fit with the business. Chris Birkett, Winn’s Chief Executive said:
“We have grown exponentially over the last 18 months and it’s important we remain fully focused on delivering for our existing partners. But, should an opportunity present itself, for example in the credit hire sector, we would take a serious look at it, but the price has to be right and it will have to deliver scale that we cannot achieve organically in the short-term.”
Market Overview
Everyone in the motor insurance sector knows that it’s been a tough year for claims costs, as skilled labour demand, heavier vehicles like hybrids and EVs, plus more LTNs and lower speed limits all extending delivery, storage and recovery times. Add on parts supply chain issues and you have a hefty bill for many insurers, which means every part of the vehicle accident/claims chain is being looked at closely.
Winn’s performance has been achieved against a background of challenging headwinds in the claims supply chain, especially motor, as Chris Birkett explained:
“Government intervention in the claims market has created problems for many players, not least because fees have not risen anything like the level of inflation and neither have disbursements, which, coupled with the whiplash reforms, have led to a large number of practitioners exiting the market.
“There is a concern that government action has resulted in claims becoming uneconomic for firms to take on, especially minor claims, which threatens access to justice for citizens seeking redress after an accident.”
Turning to credit hire, companies are running older fleets because vehicle manufacturers are not releasing new vehicles. Older fleets mean higher running costs. We understand this is unlikely to change until at least the first quarter of 2024. And finally, the increasing number of electric vehicles is also causing much higher repair costs, with some insurers refusing to cover EVs or charging much higher premiums.”
Technology:
Winn’s commitment to technology and the belief in its potential to drive further growth and greater efficiency was marked by significant investment in the first half of the year. Winn signed one of its largest-ever IT contracts with Contact Systems, a leading contact centre technology provider. As a result, Winn has implemented the Puzzel customer service platform, a cloud-based omnichannel contact centre solution. Furthermore, a partnership with Toca, a low-code enterprise development solution provider, has already yielded significant improvements in handling duration and claims processing, so enhancing the customer journey.
Finally, Winn has engaged Palladium, a prominent provider of digital transformation and management consulting services, to explore the potential of AI-based technology within the accident management industry which could bring exciting operational efficiencies.
Environmental, Social and Governance
During the period, the business also re-emphasised its commitment to environmental sustainability. A comprehensive carbon footprint analysis by Carbon Footprint Ltd highlighted Winn’s proactive approach to environmental responsibility. To reduce emissions and achieve carbon neutrality, the business has implemented eco-friendly transportation initiatives like “Bike2Work” and “Metro Train Saver.” The company will continue to explore ways for the business and its employees to play a part in creating a sustainable future.
Winn is also pleased to announce a significant increase in donations as part of its charitable giving programme. Nearly £80,000 has been donated which is more than double the contributions made at the same point last year, underscoring the unwavering commitment of the business to support the communities it serves. This significant increase also reflects the dedication of our team and the enduring spirit of generosity of the people within our organization.
We have taken action to bridge the gender pay gap between men and women in our business, and we have achieved a notable reduction. Over the last 12 months the mean gender pay gap has reduced by 9.2% to 10.3%, and the median down by 2.9% to 0.8%. We will continue with our commitment to gender pay equity and be transparent about our efforts to close the gap. Addressing and rectifying pay disparities is essential not only for ethical and legal reasons but also for promoting a healthy and inclusive work environment.
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