Quindell has signed a new three year contract with the Direct Line Group worth over £150 million.
The insurer will use Quindell's claims processing system after a weighing up a number of options available to it, rounding off another busy period of contract wins for the claims outsourcing group during which it agreed new deals with ten other companies worth over another £150 million of annual revenue.
Quindell is now delivering organic growth totalling in excess of £300 million per annum and will announce its Q3 trading statement on 21 October 2013, which is expected to confirm that Q3 has been a record quarter in terms of revenue for the company.
Rob Terry, founder and executive chairman of Quindell said the group's pipeline for new business had reached an all time record level.
"It is quite clear that the benefits of generating our customers significant ancillary income whilst driving down the costs of claims in the industry by using new settlement approaches, such as our collaboration model with at fault insurers, is driving rapid organic expansion of our business model," he said.
"We are extremely pleased to be adding both Direct Line Group and the ten other key brands to our existing circa 50 major referral partners as we prepare for further significant organic growth during 2014 and beyond.
"In 2014 we will be operating with a significant proportion of the market under an improved cost model for the industry and for our own cash generation, reducing the typical claim settlement cycles from circa 180 days to circa 30 days with those brands operating under our collaboration model.”