Plastic Surgeon may very well have started as one-man band nearly a quarter of a century ago but now, with a work force of over 140 and a turnover in excess of £5 million, it is now well-placed to play with the big boys in the insurance industry.
Having successfully conquered the construction sector, both for commercial and housing development repair work, the message that it is easier and cheaper to repair rather than replace should be a no brainer for the insurance industry. Indeed, Rob Mouser, Plastic Surgeon’s Managing Director, feels the home-owner market is a good ripe market for the clients he believes could transform his business – embattled insurers.
The industry’s premium values have plummeted due to increased price competition, while underwriting costs have risen sharply. This has left insurers desperate to reduce claim costs, and Rob Mouser believes Plastic Surgeon can help.
To reduce administration and third-party costs, insurers will often resort to offering cash settlements. “If there’s a viable repair service, they can make the settlement equivalent to that,” Rob said. The claimant could then be referred to Plastic Surgeon and, Mouser estimates; it could reduce a typical settlement by up to two-thirds. Insurers have welcomed the concept, and two of the UK’s largest insurance companies have agreed to work with the specialist company.
The Telegraph’s recent ‘expert view’ on Plastic Surgeon points to the potential out there for a successful working relationship between the company and insurers – and also the pitfalls. The expert, Martin Leuw from Incube8it, explains: “I’m a massive advocate of larger corporates harnessing the innovative talent of smaller, more entrepreneurial businesses. When it works, the results can be tremendous, but when it doesn’t, it is usually the smaller company that loses out the most, as chasing “elephant” deals can be hugely distracting and costly – you need to recognise quickly when you are ‘swimming in treacle.”
Martin continues saying: “I think Rob is right to focus on the insurers (and possibly even major insurance brokers) to test market his concept. I once ran a successful service business supporting the insurance sector and learned that the goals of smart insurers are twofold: drive claims costs down whilst maintaining (or preferably improving) customer retention to support annuity income. As the insurers only customer contact is at premium renewal time or for a claim, neither of which are joyous experiences, Rob’s service helps support these two goals.”
At Plastic Surgeon, the team has noticed that repairs are becoming popular again after a generation brought up on a culture of throw away and replace. The company is therefore well placed to help the insurance industry thrive in these times, on the basis that it can save them a lot of money.
Plastic Surgeon is the UK’s market leading expert in fine finishing and repair services, and the only nationwide provider. Established for over 20 years, the company was one of the founders of the fine finishing sector, now employing over 100 staff based at its headquarters in Devon and operating from seven regional centres throughout the UK.
Plastic Surgeon can restore almost any damaged interior or exterior surface in commercial or residential buildings. Thanks to specialist training the company’s finishers are expert in repairing and fine finishing practically any material including;