The latest set of results from Winn Group;
Winn Group believes closer collaboration between insurers, accident management companies, legal providers and technology partners is at the heart of building a better claims system that is faster and more efficient journey as the business reports another year of growth despite challenging market conditions.
The Newcastle-headquartered group increased turnover by more than 10% from £196 million to £217 million during the year. While profitability reflected continued investment across the business, operating cash generation increased to £41m from £39m providing a strong platform for further investment in technology and long-term growth. Legal fee income also rose significantly from £23m million to £30 million, reflecting continued demand for the Group’s integrated claims services.
Over the past year the business has continued to invest across the claims journey, including enhanced AI capability at first notification of loss, a new client portal, further development of its telematics proposition and expansion of alternative dispute resolution (ADR) arrangements with insurer partners. These initiatives are designed to remove unnecessary friction from the claims process so claims can be resolved more quickly while improving outcomes for insurers and customers alike.
Alternative dispute resolution is becoming an increasingly important part of Winn’s strategy to modernise claims resolution. Working with Nuvalaw, the business has expanded the use of ADR to resolve credit hire disputes more quickly. Early cases have shown that disputes capable of taking almost 300 days to conclude through litigation can, in appropriate circumstances, be resolved in around 19 days through ADR.
Building on that experience, Winn believes one of the next opportunities for the claims sector is to extend the use of ADR into suitable personal injury claims progressing through the Official Injury Claim (OIC) portal. The business believes earlier intervention has the potential to reduce claim lifecycles, improve outcomes for claimants and insurers, and further relieve pressure on the court system.
Chris Birkett, Chief Executive Officer of Winn Group, said:
“Our experience with ADR has shown that there are opportunities to resolve certain disputes much earlier than has traditionally been the case. We believe the industry should now look at where those principles could be applied more widely, including within suitable OIC claims, to deliver faster outcomes for claimants while reducing unnecessary cost and delay.
“A lot of time has been spent talking about the challenges facing claims, whether that’s rising costs, court delays, customer expectations or the opportunities created by technology. Our view is that the focus now has to be on implementing practical solutions.
“We’re working closely with insurers because we believe the industry can build a better claims system. One that’s faster and more collaborative to deliver better outcomes for customers while helping insurers manage costs.”
Another significant focus over the past year has been the continued development of Winn’s telematics capability, which the business believes has reached a tipping point within the insurance market.
As more insurers adopt telematics to improve claims prevention, first notification of loss and customer engagement, Winn has strengthened its proposition to support insurers from the moment an incident occurs. The business is currently working with a number of major insurers on bespoke telematics solutions and expects this to become one of its principal growth areas over the coming years.
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