Broadspire is gaining momentum in Central and Eastern Europe (CEE), having hosted two very successful events in Bucharest, Romania in June to introduce our offering to the market.
With the CEE insurance market consolidating and maturing, senior executives from across our network first met local insurers and brokers at a workshop in which we explained how Broadspire can play a key supporting role by offering a mature, digital claims administration solution.
We also gave our definition of a TPA – something which has been lacking in the region until now. Several companies in CEE claim to be TPAs, though not all meet our definition and we believe Broadspire offers a more robust, comprehensive solution than anything available in the market.
A key selling point is our integrated global offering as One Crawford is bringing together best-in-class technology and technical expertise from across the Crawford group. Many local CEE insurers are owned by larger insurers headquartered in Europe or the UK, yet TPAs in the region rarely operate across borders, making data integration difficult, expensive and time-consuming.
We offer a full pan-European servicing option across multiple lines of business – from the UK to Russia and all points in between – and our systems bring data together in one central, readable format with reporting tools to help clients drill deeper and generate insights.
As a US-listed company, Crawford’s financial stability, transparency, ethics and compliance standards also resonated strongly with local insurers, who felt that working with a respected partner would boost their credibility with their boards.
And as a direct result of the event, we’ve already won new clients, and are in discussions with several more. It’s never easy entering a new market, so to generate business, prospects and momentum from our first event is a huge success and a very promising start.
Insurers are still maturing in CEE and in the immediate future, motor business is a key target market. The workshop included a presentation on how our offering could support motor insurers in the region, however, we are ready to roll out any line of business in CEE, from cyber to general liability to cargo, where there is demand.
In a second event for Crawford offices and correspondents in the region, we conducted a deeper dive on some of the issues above, as well as cyber risk. This meeting - which drew people from every CEE country - was designed to inform our colleagues that CEE is very much in our plans, and to familiarize and align our correspondents with Crawford's overall vision and strategy.
One Crawford is all about providing a simple solution for our customers, and we expect the growth of Broadspire in CEE to generate new business in other areas of the Crawford group, from Global Technical Services to subrogation and recovery.
This also represents a fantastic opportunity for Crawford employees keen to move up the organization and tackle new challenges. Our team is still small but the CEE operation is a rich with opportunity – both internally and externally.
CEE is an important growth market that is still emerging. Our aim is to embed ourselves with customers and potential customers in the region so that as they grow and mature, we grow with them.