Carlyle Selects Direct Group
02/12/2008 17:00:00 by Marketing
Following a competitive tender process Direct Group has been appointed to supply policy and claims administration services to Cardiff based Motor Finance provider, Carlyle Finance. The deal is a three way arrangement between Direct Group, Carlyle Finance and underwriting provider Hollard Risk Partners.
Chris Wood, Director of Sales & Marketing at Direct Group said “We are delighted to partner both Carlyle Finance and Hollard Risk Partners on this deal. Carlyle’s innovative and market leading approach to product distribution, combined with Hollard’s flexible underwriting ethos is complimented by our multi product administration model. The three way arrangement will provide the ideal platform for driving growth, whilst delivering quality customer service in a demanding marketplace.”
The relationship will initially mean the provision of Payment Protection and GAP insurance products, with the addition of further product derivatives which are currently under development to enhance Carlyle Finance’s offer to their customers in the near future.
Mark Standish, CEO of Carlyle Finance said,
“With the volume of insurance sales made by Carlyle, it was important to ensure we get the right partners for both our underwriting and administration, choosing an experienced and established administrator along with a forward thinking and innovative insurer, who we can work closely with is critical to our continuing growth and ongoing success.
The flexibility the Direct Group offer from an administration perspective, coupled with the innovative approach taken by Hollard, not only supports our philosophy and values, it will further enhance the service and products we are able to deliver to our customers and dealer partners”.
Arthur Goldberg, Executive Director of Hollard Risk Partners said,
“This is a fantastic example of how our business model helps one and one equal much more than two. We have brought together distribution, underwriting and administration in a way that aligns everyone’s interests and as such helps build a successful enterprise.
We are very excited about this opportunity and feel that working with both Carlyle and Direct Group will enable us to deliver innovative, cutting edge product, service and delivery to a market that is just crying out for a different approach”.
Derek Coles, Direct Groups’ Chief Executive Officer commented “To be appointed by Carlyle Finance and Hollard Risk Partners further strengthens our position in this space and is right on strategy for Direct Group as a solutions provider of insurance services to the Motor Finance market.”
Notes to Editors
Company Background
Direct Group has grown rapidly since its launch in 1990 and was subject to a management buyout in August 2007; the management team acquired the business with the backing of Lloyds Development Capital and Barclays Bank. This deal has been the launch pad for rapid growth for Direct Group as it on track to treble over the next three years through acquisition and organic growth.
Company Vision and Culture
As a Managing General Agent (MGA), Direct Group aims to be the leading insurance services provider to the UK financial services marketplace. This vision is based around a philosophy of “treating customers and partners as we would expect to be treated ourselves”. The high quality of service offered by Direct Group is supported by a scalable and robust business platform which not only provides Clients’ and Insurers’ with unparalleled quality of management information but also provides the basis for expansion into new products and new market sectors.
Direct Group currently operates on a business-to-business basis by offering products to financial institutions, corporates and affinities. The services offered by Direct Group include product design, account development and training, policy administration, premium collection, claim handling and sales, insurer and captive reporting.
Direct Group Limited is authorised by the FSA.
