Car rental companies, bodyshops and automotive dealerships can now take advantage of increased revenue and profit margin opportunities resulting from a new motor insurance claims model.
Outsourced motor insurance claims specialist Vamco has become the first in its sector to operate its own in-house law firm with an Alternative Business Structure (ABS) licence granted by the Solicitors Regulation Authority (SRA) to Kingsley Law.
Kingsley Law is a wholly-owned subsidiary of Surrey-based Vamco, specialising in motor insurance, public liability and employer liability claims.
Vamco managing director Tony Rand (pictured) says his company can now offer an integrated outsourcing service covering every aspect of a motoring insurance claim - from first contact to final settlement - under the protection of an SRA-regulated business.
There will be no referral fees or paint mandates; just improved rates and settlement terms for bodyshops, car rental hire, parts and motor dealerships.
Rand explained: “Our new model marks a major leap forward for the motor repair industry, providing a faster and more cost effective claims service for all parties involved.
“However a major education job has to be done to alert motorists that there is an alternative to first reporting a claim with their insurance company, and that a direct, hassle free, one-stop claims solution is also available.
Since 1997, Vamco has recovered millions of pounds for its clients, through the successful management of thousands of car and motor-bike accident claims, but the company hadn't been happy with the quality of service provided by a panel of solicitors for some time.
"We thought that approach inefficient and time-consuming which delivered poor quality results to clients.
“When the Legal Services Act introduced the concept of ABS licences, allowing non-lawyers to own or invest in law firms - subject to approval - it was something we fully embraced.
"From the moment we began using Kingsley, there was an immeasurable improvement in communication and efficiency, not least because it doesn't give fee-earner responsibilities to inexperienced paralegals or overseas claim handlers, as many law firms do.”
Vamco is an independent claims management company, authorised by the Claims Regulator, specialising in motor insurance claims