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Quindell Portfolio plans acquisition of Intelligent Claims ManagementJun 15, 2012 (M2 EQUITYBITES via COMTEX) -- Quindell Portfolio plc (AIM:QPP), a provider of software, consultancy and technology enabled outsourcing in the insurance and telecoms markets, said today that it has entered into a commercial agreement with Intelligent Claims Management Limited (ICM). Under the new agreement Quindell has formed a partnership with ICM, a cloud based claims management network in the UK, and has also agreed to acquire the business for 27,083,333 Quindell shares. The ICM Network is a software-based virtual network of independent claims management firms who submit business to ICM's service providers, such as solicitors, credit hire companies and medical agents, connecting all parties involved in the claims process in the same online space. Quindell's directors expect that ICM becoming part of the group will provide a platform for Quindell to engage directly with a wide range of independent claims management companies, thereby extending its reach more broadly into the insurance supply chain. According to Quindell, with the banning of referral fees from April 2013, the integration of the ICM platform and network within the group will offer independent claims management companies an alternative business structure through which to continue to transact business in a more controlled and regulated ethical environment, lowering the cost of claims. Comments on this story may be sent to [email protected] |