Kwik Fit Insurance reveals £1m expansion plans
Kwik Fit Insurance (KFI) has revealed ambitious plans for expansion over the next five years.
The Lanarkshire-based intermediary, which is backed by French venture capitalist group PAI Partners, told Scotland on Sunday that it is looking to double in size through acquisitions that could top £1 million.
Speaking to the newspaper, chief executive Brendan Devine explained that the KFI plans to buy-up brokers and double its motor insurance volumes from 500,000 to one million policyholders before 2014.
In addition, negotiations are underway with potential joint venture partners which could result in KFI branching out into underwriting its own policies.
According to Mr Devine, the firm’s ambitions will fundamentally alter its business model in the decade ahead.
Despite the recession the intermediary is continuing its run of good news.
In May, the firm reported a 42% month-on-month surge in home policy sales and announced plans for further expansion in the sector.
In June KFI received the Best Practice in Recruitment award at the Scottish Recruitment Awards 2009, having been recognised for its support of diverse religions, cultures and abilities within its workforce.
Also last month, KFI scooped the award for Customer Focus in recognition of its Smart Co department, at the Contact Centre Innovation Awards.
Category: Car Insurance News, Companies News, Insurance News
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