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.

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.

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