Origins

As a construction firm, Profix wanted to break into an extremely challenging highly specialised area of the construction industry to carve a niche for a successful business. There are plenty of general and domestic construction firms around so finding a gap in the insurance market was a strategic decision. The vision was to be the number one and first choice construction supplier within the insurance sector in Wales within the first three years. To prove its worth to the large insurance companies and networks, Profix had to quickly achieve an extensive range of national accreditations to meet their standards and procurement requirements. The company knew that its clients [Insurance companies] would demand a first class and cost effective service, with the shortest response times to exceed policyholders’ expectations. So managing the claims process systems and its pricing and project management was a steep learning curve initially, especially when large volumes of work began to accumulate. During the first three years it was very difficult to obtain credit facilities for a start-up company, working within the construction industry as the values of stock is high, but through careful management of cash flow and ordering, Profix built up it credit terms quickly with the volumes of work it started to undertake. From the start, Profix was clear about directly employing local tradesmen so it was not reliant on subcontractors and could manage the quality of its work. The recruitment of a directly employed local labour force became extremely challenging as it undertook restoration projects from Pembrokeshire to Monmouthshire, as well as Mid Wales.

Success Factor

Part of the reason for specialising in the insurance repair industry was the volume of work that comes through the network. Since it began in 2003, it has worked hard to build a reputation for quality and service. This is proven with its lasting relationships with customers who continue to use the company as a preferred supplier as they know that Profix not only understand the process of insurance repair but delivers value for money and a first class service. Profix also believe that achieving and maintenance of a very wide range of National Accreditations is crucial to its rapid growth - it not only focuses business planning and helps to improve systems, but is are often necessary for us to win new work. Finally, the owners believe that having in-house tradesmen and the good quality work that they produce is the reason for the firm’s fast growth. Every member of the team shares the vision for Profix to be the first choice insurance specialist construction firm in Wales and it is their commitment to that makes the business what it is.

The Future

There are many plans for the business, and the owners are constantly reviewing the business plan and looking at future opportunities for new areas of work. Ultimately, Profix wants to become the name within the insurance industry across the UK for its specialist work and is looking at expansion plans in other UK regions and developing other areas of the business within the construction industry that can be offer to different sectors. The team is rapidly growing with its expansion plans and it has developed a clear strategy for continued growth over the short and long term.