Quindell announces additional deals worth £150m

Outsourcing and technology firm Quindell has announced a further 10 deals in addition to the £50m per annum three-year contract it has signed with Direct Line Group.

The deals are worth a further £150m, taking the total amount of additional revenue from recent deals to £200m per annum.

Approximately £150m of this revenue is expected to start in Q4 2013 with the remaining £50m coming into force in the new year.

Combining this with the £100m of new business Quindell has already commenced over the second half of 2013 means that the firm is delivering organic growth in excess of £300m per annum.

Quindell founder and executive chairman Rob Terry said: “Beyond these key agreements announced today our pipeline for new business and the opportunity for extending our relationships with existing customers has reached an all-time record level. It is quite clear that the benefits of generating our customers significant ancillary income while driving down the costs of claims in the industry by using new settlement approaches, such as our collaboration model with at-fault insurers, is driving rapid organic expansion of our business model.

“It remains a key goal for Quindell and for those brands that we are working with that our business does not have too great a dependency on any one individual source of income. Therefore, we are extremely pleased to be adding both Direct Line Group and the 10 other key brands to our existing circa 50 major referral partners as we prepare for further significant organic growth during 2014 and beyond.

“In 2014 we will be operating with a significant proportion of the market under an improved cost model for the industry and for our own cash generation, reducing the typical claim settlement cycles from circa 180 days to circa 30 days, with those brands operating under our collaboration model.”