30th Apr 2010 07:00
NARS
30 April 2010
NATIONWIDE ACCIDENT REPAIR SERVICES PLC
("Nationwide" or "the Company")
Announces
Preferred Supplier Contract
With a Leading Insurance Group
Nationwide, the largest provider of dedicated accident repair services in the UK, is pleased to announce that it has agreed a significant three year contract with a leading insurance group in which Nationwide will be the preferred supplier for vehicle accident repair and repair management services across the UK. The agreement is estimated to be worth approximately £8m per annum, once fully implemented. It was secured after a rigorous tender process, following the insurer's decision to consolidate its large supplier network in order to improve efficiencies and enhance customer service levels.
Under the terms of the agreement, Nationwide will manage the deployment of all vehicle repairs via its Network Services Division. The insurer will also use Nationwide's mobile repair services (Mobile Restore), which complete smaller repairs at a customer's preferred location.
This new agreement follows Nationwide's recent renewal and contract extension with RSA Insurance Group plc ("RSA"), where it is one of two dedicated repairers for RSA. Management is pleased to further strengthen Nationwide's core insurance customer base at the same time as it is increasing the Company's presence in the retail and fleet markets, with the planned expansion of its mobile repair services this summer.
The contract will help to underpin the Company's trading performance in the current financial year, with the full benefits being felt in the financial year to 31 December 2011.
Michael Wilmshurst, Chief Executive of Nationwide, said,
"This is a significant win for us and I am delighted that we have been selected as the preferred vehicle repair partner in the UK for this major insurance group. We focus on providing Quality, Value, Speed and Service to our customers and look forward to delivering all these benefits under this new agreement.
It is also encouraging to see early uptake of our enhanced mobile repair services, which enable us to complete light repair work quickly and efficiently at car owners' preferred location, whether at home or at work. By offering mobile services alongside our on-site capability, we are able to reduce our cycle times and facilitate quicker resolution of claims on behalf of our insurance customers."
Enquiries:
Nationwide Accident Repair Services plc |
Michael Wilmshurst, Chief Executive
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T: 01993 701 720 |
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Biddicks |
Katie Tzouliadis/ Sophie Lane |
T: 020 7448 1000 |
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Arbuthnot Securities |
James Steel/ Ben Wells |
T: 020 7012 2000 |
About Nationwide Repair Services plc
Nationwide provides automotive crash repair and accident administration services to the UK insurance industry. With a network of accident repair centres in England, Scotland and Wales employing over 2,200 people, it is the largest dedicated provider of accident repair services in the UK.
Nationwide's accident administration services, provided to insurers, insurance brokers and affinity groups, encompass full claims management, engineering services, emergency and roadside assistance as well as vehicle repair services and total loss management.
In the summer, the Company will be launching a mobile repair service (Mobile Restore) which will enable light vehicle repair jobs to be undertaken at a location of the customer's choice. This service will be available to consumers and fleet operators as well as to motor insurers.
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