Insurance add-ons and claims solutions provider Alps Ltd (formally Auto Legal Protection Services Ltd) has surpassed its annual target by reporting a 21% growth for the year ending March 2024.
As an independent company free from debt, Alps is now poised for further expansion, with a substantial fund set aside for potential mergers and acquisitions.
Alps owner and chair Julian Tomlinson expressed his satisfaction with the company’s performance, saying: “We’re delighted with these results against the backdrop of an incredibly challenging year.
We’ve successfully pivoted the business in the last 12 months to focus on our broker add-ons business. Sales of add-ons have risen across our broad portfolio, and broker demand is high for these valuable covers.
“We’ve invested heavily in our proprietary technology, and the business has reaped the benefits of a 50% uptick in claims efficiency and 13% reductions in cost per claim… We’ve also invested in our people – hiring in those areas that directly support our broker clients.”
Tomlinson highlighted that the firm’s next phase of growth aims to double the size of Alps through both organic growth and strategic M&A transactions.
“We are currently looking at suitable acquisitions in our sector,” he revealed. “Alps has a 25-year heritage and outstanding reputation for ‘doing the right thing’ in a market that has been plagued by some unscrupulous players. We’ve played the long game, stood by our values, and now we’re reaping the benefits of that commitment.”
Alps provides a comprehensive range of add-on covers, including sole trader, commercial, landlord, and family legal expenses; motor-related add-ons such as excess protect, GAP (guaranteed asset protection), tools in transit, vehicle replacement, and road rescue; and property-related add-ons like landlord excess protect, home emergency, key cover, and second property legal expenses.
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