The loss adjuster market has evolved dramatically over the past two decades, and the people now at the top have had to adapt quickly. In this extract from the original article Insurance Times talks to Charles Crawford, CEO of Davies Group about his career journey, business goals and the challenges the sector must face.
Undoubtedly, the claims adjusting world is facing a turbulent period, as players in the sector grapple with fast-changing client needs, private equity demands, the prospect of increasing consolidation and a skills shortfall.
The sector has broadened its scope considerably over the past 20 years, with many leading figures now preferring the term ‘claims management solutions’ to define the wide range of services now offered.
Charles Crawford’s decision to join Royal Insurance after leaving school was driven by a desire to take one step away from the pack. “I didn’t want to be a boring lawyer or accountant or something like that – I decided I wanted to do a professional qualification in something that was a bit different,” he says.
After seven years of learning the ropes, he joined the “upstart insurgent insurance company” Churchill Direct, getting to grips with the roles of sales director and IT director. In 2003, RBS bought the company and Crawford went on to become managing director of the partnerships and international business. Earlier this year, he jumped ship to head Davies.
“I decided that 16 years was a long time to work in the same location, and it was time to do something different,” he says. “The role in Davies came along, and I was attracted by the idea of a private equity business and running my own show.”
He believes that one of the main challenges that lie ahead for the sector is demonstrating to insurers that loss adjusters are a worthwhile investment. “You have to provide evidence that you’re bringing value for money,” he explains. “Every organisation is looking at the cost of goods and supply. Quite often we are the only face that a customer of an insurance company or broker sees. So when we go out to handle a claim, we are the face of the business. The challenge is that we have got to deliver a high level of service.”
With an annual turnover of around £35m, Crawford says the company is constantly on the look-out for new products and services to invest in to give it an added edge in the marketplace. “I think we meet the needs of insurance companies far more than in the past,” he says.
An extract taken from 'Alter Ego', an article first published in Insurance Times 24th June 2010 www.insurancetimes.co.uk |