Quindell secures 20m-pound contract with UK insurer

AIM-listed technology and consultancy outsourcing provider Quindell Portfolio has secured multiple contract terms for the direct operation of a UK insurer, an update from the group has shown.

AIM-listed technology and consultancy outsourcing provider Quindell Portfolio has secured multiple contract terms for the direct operation of a UK insurer, an update from the group has shown.

The group said that the initial contracts, for up to three years, forge a multi-year relationship and in combination are expected to generate approaching £20m of revenue. It said the deals would see the group provide a range of business process outsourcing services to the client including medical reporting and rehabilitation and credit hire and deployment of repair.

Quindell said that the contract followed a competitive tender against other outsourcing players in the market and had the potential for the relationship to broaden to other distribution channels over time.

Rob Terry, Chairman and Chief Executive of Quindell, said: "We are delighted to be working with one of the UK's largest and most valuable direct insurance brands.

"This win is another example of the growing momentum of our insurance services offering and we look forward to developing the relationship further over time, helping insurers to refine their business model, improve their service levels whilst above all improving the customer experience, whilst driving down the cost of claims."

Quindell's share price was up 1.82% to 14p at 09:29 on Wednesday.

MF

Recommended

Marks & Spencer shares look cheap – should you buy in?
Retail stocks

Marks & Spencer shares look cheap – should you buy in?

Marks & Spencer shares have been a disappointment for investors for two decades. But with the company now on something of a comeback, Rupert Hargreave…
25 May 2022
The Federal Reserve wants markets to fall – here’s what that means for investors
Stockmarkets

The Federal Reserve wants markets to fall – here’s what that means for investors

The Federal Reserve’s primary mandate is to keep inflation down, and lower asset prices help with that. So, asks Dominic Frisby – just how low will st…
25 May 2022
Four high-quality US stocks to give shelter from the storm
Share tips

Four high-quality US stocks to give shelter from the storm

Professional investor Timothy Parton of the JPMorgan American Investment Trust picks four solid US stocks to buy now.
24 May 2022
Three undervalued mid-cap stocks with attractive prospects
Share tips

Three undervalued mid-cap stocks with attractive prospects

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing mid-cap stocks to buy now.
24 May 2022

Most Popular

The world’s hottest housing markets are faltering – is the UK next?
House prices

The world’s hottest housing markets are faltering – is the UK next?

As interest rates rise, house prices in the world’s most overpriced markets are starting to fall. The UK’s turn will come, says John Stepek. But will …
23 May 2022
The Federal Reserve wants markets to fall – here’s what that means for investors
Stockmarkets

The Federal Reserve wants markets to fall – here’s what that means for investors

The Federal Reserve’s primary mandate is to keep inflation down, and lower asset prices help with that. So, asks Dominic Frisby – just how low will st…
25 May 2022
Should you be worried about energy windfall tax proposals?
Energy

Should you be worried about energy windfall tax proposals?

Calls have been growing for a windfall tax on UK oil and gas producers. It's a popular idea, but is it a good one? And what does it mean for investors…
24 May 2022