Crawford & Company announced on Thursday that it has finalized its majority acquisition of WeGoLook LLC, an online and mobile collaborative economy platform headquartered in Oklahoma City.
Crawford & Company, an independent provider of claims management solutions to insurance companies and self-insured entities, said in a press release that the strategic investment will “empower Crawford to revolutionize, automate and expedite the claim handling process by using a large mobile workforce for automotive and property inspections.”
The acquisition of 85% of the membership interests of WeGoLook for US$26.125 million by Atlanta, Ga.-based Crawford was approved last month by both companies’ boards of directors.
“The Crawford-WeGoLook alliance propels us to the forefront of the industry and will transform the way we conduct business,” said Crawford president and CEO Harsha V. Agadi in the release. “Combining Crawford’s global footprint, established client relationships and industry longevity with WeGoLook’s groundbreaking technology and streamlined processes opens up endless possibilities.”
Crawford added that the acquisition also serves as the impetus behind Crawford Innovative Ventures, LLC, a Crawford entity created and funded to invest in strategic acquisitions and partnerships that will provide avenues for the company to “become stronger, more efficient and more responsive to clients.” Crawford Innovative Ventures is led by Ken Fraser, Crawford’s chief strategic and development officer.
“The WeGoLook partnership is the first majority acquisition of Crawford Innovative Ventures and signifies a remarkable shift in Crawford’s strategic position in the market,” Fraser said in the release. “Crawford’s new direction promises to revolutionize our claims handling process and positions Crawford to lead the global transformation and digitalization of claims management.”
Related: WeGoLook in discussions with Canadian insurers as acquisition by Crawford & Company proceeds
Key WeGoLook features that bolster Crawford’s service offerings include:
- On-demand claims response – By tapping into WeGoLook’s network of 30,000 local, on-call “lookers,” the claim process is expedited, allowing adjusters to complete their jobs faster;
- Independent data capture – By leveraging WeGoLook’s mobile platform to securely collect claim data and automate data consolidation, claims are resolved quicker and more cohesively;
- Improved customized service – By combining the reach of the on-demand workforce with the advanced capabilities the mobile platform provides, policyholders will receive higher-quality service at a reduced cost;
- Progressive claims solutions – By adding a low cost, high quality claims validation service to Crawford’s long-established base of loss adjusting professionals, carriers and other clients receive the widest spectrum of services in the industry.
Robin Smith, chief executive officer of WeGoLook, said in the release that “by joining forces, we’re delivering more innovative solutions to Crawford clients than ever before, and I’m excited to be a part of this partnership. The gig economy, which includes our lookers, changes the way businesses operate today, and Crawford will unlock that potential as it provides faster and more secure service to existing and future clients. We are proud to become a part of Crawford & Company.”
Agadi concluded that there’s “tremendous power and potential that the combination of our two companies will provide. I’m thrilled to be at the forefront of the innovative, fresh and groundbreaking way of conducting business and solving our clients’ needs.”