Faster payment offered by insurers in return for fixed price
Helphire claims to have reached a fixed price for faster payment deal with one of its insurer clients and has pilots with other insurers, expecting several new deals soon.
In a statement for its AGM Helphire says: "We have now reached agreement with a significant at fault insurer to fix the cost of our hire services in return for improved payment terms. This is in addition to pilots that are already being undertaken with other at fault insurers.
“In total the number of cases under pilot or agreement would represent approximately 13.5% of our new cases going forward. This will ultimately reduce frictional operational costs in the business model and shorten the cash cycle.
“Management intends to explore fixed deal opportunities with at fault insurers where there are mutual cost benefits and improved case processing.”
Older claims a problem
“Case management around older claims and cash collection remain a focus and priority and the number of cases being sent to litigation is rising where in house recovery has been unsuccessful. Where cases are sent to litigation this does have the effect of delaying cash recovery, although settlement rates tend to be better than those achieved in house.”
“Our new business prospect pipeline continues to grow in line with management expectations and we expect to convert some of these prospects over the next few months."
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