Crawford makes WeGoLook acquisition
Crawford & Company has acquired a majority interest in WeGoLook LLC.
Crawford & Company, one of the world’s largest independent providers of claims management solutions to insurance companies and self-insured entities, made the strategic investment in WeGoLook LLC, an online and mobile collaborative economy platform, to enable it to revolutionise, automate and expedite the claim handling process.
The acquisition of 85% of the membership interests of WeGoLook by Crawford, which is subject to certain conditions, has been approved by the Board of Directors of both companies for $36.125 million and is expected to close in early January 2017.
‘I am very pleased to welcome WeGoLook’s employees, contractors, and customers to Crawford given the tremendous potential that I see as we combine WeGoLook’s innovative technology with Crawford’s global reach and client relationships,’ commented Harsha V Agadi, president and chief executive officer of Crawford & Company. ‘WeGoLook handles anything from automotive and property inspections to support the insurance industry as well as a broad range of general commerce transactions and verification of internet-based purchases. Their cost-effective services will allow Crawford to unlock the large, underserved market for high frequency claims, reduce claim handling fees, and help guard against fraud.’
Agadi continued, ‘Looking forward, our industry will continue to experience rapid change which will require innovative thinking and further investment. To ensure that Crawford stays at the forefront of this change, we have created Crawford Innovative Ventures LLC, which will be led by Ken Fraser, EVP, chief strategy and development officer of Crawford. This entity has been formed to invest in strategic acquisitions and partnerships that will support the Crawford strategic plan. This arm will be a catalyst for change across the property and casualty industry and Crawford worldwide, bringing about new thinking, innovation and adding to our growing entrepreneurial culture. WeGoLook is the first such strategic acquisition.’
Ken Fraser commented, ‘WeGoLook is a forward thinking, technological company that dispatches over 30,000 ‘Lookers’ to collect or verify information at the click of a button. A company like this gives us the mobility and manpower to serve as your feet on the street, delivering real-time efficient customised solutions needed to make informed decisions. WeGoLook fits perfectly into our global strategy of utilising technology to become faster and more efficient as we strive to better serve our clients and grow our company. To that end, we plan to expand this business around the world, using our worldwide footprint and strong global property and casualty and TPA client relationships.’