Crawford & Company Market Research Report

Background

Founded in 1941 by Jim Crawford in Columbus, Georgia, Crawford & Company has grown into the largest publicly listed independent provider of claims management and outsourcing solutions globally. With nearly 9,000 employees operating in over 70 countries, the company is dedicated to restoring and enhancing lives, businesses, and communities. Its mission is to provide comprehensive, integrated claims services, business process outsourcing, and consulting services to the risk management and insurance industry, as well as self-insured entities.

Key Strategic Focus

Crawford & Company specializes in loss adjusting, third-party administration (TPA), and platform solutions. The company leverages advanced technologies such as Asservio, Digital Desk, and WeGoLook to enhance claims processing efficiency. Its primary markets include insurance carriers, brokers, and corporations across various industries, including construction, healthcare, manufacturing, and transportation.

Financials and Funding

In 2023, Crawford & Company reported total revenues before reimbursements of $1.267 billion, marking a 6.5% increase from the previous year. The net income attributable to shareholders was $30.6 million, a significant turnaround from a net loss of $18.3 million in 2022. This growth was driven by new client acquisitions and pricing adjustments, despite a 5.0% decrease in overall cases received.

Technological Platform and Innovation

Crawford & Company distinguishes itself through proprietary technologies and innovative methodologies:

Asservio: An estimate review technology that ensures faster, more accurate property repair estimates.

Digital Desk: An automated claims adjusting platform integrating with leading insurance systems.

WeGoLook: An on-demand field services solution combining technology with the gig economy to gather and validate information.

These platforms enhance the company's ability to deliver efficient and accurate claims management services.

Leadership Team

Rohit Verma: Chief Executive Officer since April 2020, with over 20 years of international strategic expertise.

Joseph Blanco: President since April 2020, overseeing shared services functions and centers of excellence.

Andrew Bart: CEO of International Operations, leading global strategies outside North America.

Benedict Burke: Chief Client Officer, focusing on global client development.

Mike Hoberman: President of TPA: Broadspire, North America, managing third-party administration services.

Michelle Montgomery: Chief Marketing Officer, directing global marketing strategies.

Tami Stevenson: General Counsel, overseeing legal and compliance matters.

W. Bruce Swain, Jr.: Chief Financial Officer, managing financial operations.

Larry Thomas: Global President of Platform Solutions, leading technological innovations.

Pat Van Bakel: President of Loss Adjusting, North America, overseeing loss adjusting services.

Nidhi Verma: Chief People & ESG Officer, focusing on human resources and environmental, social, and governance initiatives.

Daniel Volk: Chief Information Officer, managing information technology strategies.

Competitor Profile

Market Insights and Dynamics

The claims management industry is experiencing growth due to increasing complexity in insurance claims and the need for efficient processing solutions. Technological advancements and the integration of AI are key trends shaping the market.

Competitor Analysis

McLarens: A global claims services provider specializing in complex, commercial, and niche markets.

Gallagher Bassett: Offers risk management services, including claims management and loss control.

Sedgwick: Provides technology-enabled risk, benefits, and integrated business solutions.

These competitors focus on delivering comprehensive claims management services, leveraging technology to enhance efficiency and client satisfaction.

Strategic Collaborations and Partnerships

Crawford & Company has formed significant partnerships to strengthen its market position:

WeGoLook Acquisition: In 2016, Crawford acquired a majority interest in WeGoLook, enhancing its on-demand field services capabilities.

HOVER Partnership: Provides customers with access to innovative 3D property scanning technology.

These collaborations expand Crawford's service offerings and technological capabilities.

Operational Insights

Crawford & Company's strategic focus on technological innovation and comprehensive service offerings positions it competitively in the claims management industry. Its global presence and diverse service lines provide resilience against market fluctuations and client demands.