29th July 2010
Personal lines broker Hastings Direct has just sold to its 600,000th customer.
Since the management buy out in February 2009, the new team — led by CEO Edward Fitzmaurice — has turned the company from a loss making enterprise to a financially sound, dynamic and rapidly growing business.
Volume of business underwritten has grown by more than 50%, whilst the broker has also improved its income per policy and grown staff numbers by 370 employees.
In the last twelve months Hastings Direct has created a new look web site, call centre and anti-fraud team, streamlined its management information services, built a new control room, intranet and introduced a new broking system whilst reviewing and extending its panel of insurers to meet growing customer needs.
Edward Fitzmaurice, CEO: "We have doubled our market share and are on course to become one of the U.K.'s top brokers by 2012. This successful growth has been achieved by reviewing every aspect of the business from our own internal structures, processes and information systems through to customer acquisition, product supply and suppliers."
"We have achieved both a good quality book for our insurers whilst offering the types of products and services at a price point that is appreciated by our customers."
Neil Utley, chairman: "We took over Hastings at a very difficult time when it had been losing business consistently. The turnaround that Edward and the team have achieved is superb and is a credit to the huge dedication and effort the team has put in. The business has great momentum and we look forward to passing the ¾ million mark very soon".