Future 50 List
Mike Srokowski

Validus has helped to reduce insurance claims by millions of pounds on behalf of insurance companies in the last few years and is set to save those companies even more in the future.

The insurance services company disputes courtesy car claims on behalf of insurers and it hopes to branch into other areas in the future to sustain its fast rate of growth.

The business has developed software to prevent fraud and lengthy disputes between hire car providers and motor insurers during the claims process.

Since taking on its first business in 2008, the firm has grown to a turnover of £5.6m to the year end of April.

At the end of that financial year invoices claimed from its customers had totalled £320m, which Validus reduced by £80m.

Rather than claiming a percentage of that avoided claim value, it takes a fixed fee for each case.

The firm's software can detect the warning signs of potential 'cash for crash' incidents, where cars are deliberately involved in crashes to cash in on whiplash claims.

New features are often added to the software.

Chief executive Mike Srokowski said there was still a 'huge chunk' of the market left to explore.

Other sectors such as household claims or personal injury claims could provide future opportunities.

Location: Norwich
Sector: Insurance services
Turnover: £5.6m
Staff: 148
Website: www.validus
still a huge chunk of the market left to explore