PracticePeople In PracticeThe Financial Week Ahead – Newswatch: Insurance dot.com start-up puts

The Financial Week Ahead - Newswatch: Insurance dot.com start-up puts

Insurance start-up, The Claims People, says the plc experience of its

Its directors, including FD Peter Morgan, are determined it will not fall into the same traps as some recent dot.com failures.

The listing has been funded thorough investments from founder capital, directors and individuals and is expected to exceed #4m.

Morgan, a former FD at Pycraft & Arnold, said: ‘Our strengths lie in our management team and experience. We have all had plc experience and the concept is based solely upon traditional business.’

It is a claim many dot.com failures like collapsed boo.com and myriad lesser-known ones like ezesurf.com cannot assert.

New research released in August showed that as the new economy pans out, investors are looking specifically to finance directors with main board plc experience or who have been involved in an MBO or MBI to take start-ups forward.

The Claims People’s management team appears to fit the bill.

The three main players – Morgan, managing director Barry Whtye, 53, and operations director David Croston, 46 – have all had experience in major buy-outs, acquisitions and mergers.

Chartered accountant Morgan was a leading member of the management buy-out of Pycraft & Arnold and group finance director of the company when it was listed on AIM.

The firm will provide loss adjustment services to insurance companies, assessing claims for validity and value.

It plans to focus on the personal domestic sector dealing with claims arising from burglaries, fire, and natural disasters to people’s homes.

Despite the sector’s bricks and mortar tradition, the firm is embracing all aspects of the internet to reduce costs and speed up the claims process.

‘The website supported by our database will be the backbone. It will provide the opportunity to market our services to insurance companies and suppliers and communicate with claimants.’

Dot.com FDs in demand

www.accountancyage.com

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