With accident management in the UK potentially about to shapeshift amid personal injury (PI) claims reforms, several players involved in the process – aside from motorists and insurance providers – are likely to be impacted. These include PI lawyers, claims management companies, and credit hire firms.
However EDAM Group, which is a credit hire-led business with a small PI capability, is confident of its growth trajectory. The Manchester-based company has grown from a fleet of five vehicles to over 2,000 in less than two decades, with further expansion in the offing.
“As we continue to expand, we plan to maintain our market-leading service position, with our customer base benefitting from being kept mobile in situations that they might otherwise be significantly inconvenienced,” chief revenue officer Marc Lafferty (pictured) told Insurance Business.
When asked whether he thinks the reforms will affect the business, and in what way if at all, Lafferty cited an ongoing review within EDAM Group.
“We are reviewing how we deliver PI, making it more of a streamlined process,” he said. “We aim to improve efficiency so to position PI successfully within the business as the reforms are introduced.”
As for the firm’s relationship with insurers and brokers, Lafferty described it as excellent.
“We work with insurance companies and brokers as partners and they refer business to us,” noted the chief revenue officer. “We also work closely with insurance companies through the debt recovery processes.”
Moving forward, Lafferty said they will continue to work hard to ensure that EDAM Group delivers on quality at the same time as managing its growth, adding that the business’s rapid development has been a welcome challenge.
“With this in mind, we must always ensure that we are employing the right people in our team, as well as having the right processes and systems in place to deal with our constant expansion,” he told Insurance Business. “We have also needed to make sure that the foundations of our business growth are valid so that we can easily scale up and adapt in line with further expansion.”
In addition, Lafferty foresees an accident management landscape wherein customers are possibly more demanding, which he believes highlights the greater importance of service.
