Company secures contracts with eight new insurers

Helphire’s profits are up 7% to £19.4m, according to its latest results.

The accident management company also reported that it signed eight new insurer contracts, increased turnover by 45% and decreased the average age of a claim by 9%.

Revenue increased by 45% to £183.9m.

Chief executive Mark Jackson said: “The UK non-fault accident management market is maturing and all participants in the provision of services to accident victims are now utilising some or all of the services of accident management companies. This includes insurance companies, insurance brokers, resellers of insurance such as banks, legal expense insurance companies, solicitors, car manufacturers and car dealerships/repair shops.

“This has resulted in rapid growth in business in the first half of this financial year with an increase of 41% in the number of cases handled to over 92,000 and a concomitant increase in turnover of 45% to £184m.”

Jackson said there is a financial incentive for insurers to settle claims promptly and as such, discussions regarding accelerated settlement are now underway with insurers representing 70% of the market.