On Side Restoration Services Transparent in Growth
Vancouver, BC March 16, 2016 – On Side Restoration Services Ltd. posts strong results for the first...
Vancouver, BC March 16, 2016 – On Side Restoration Services Ltd. posts strong results for the first six months of its fiscal year ending December 31, 2015. On Side managed to offset significant drops in industry claim counts with increased market share. According to company sources annual revenue moved from $134 million in fiscal 2014 to $135 million in 2015.
In a third party customer service survey that polled over 200 industry professionals in both 2014 and 2015, the company’s net promoters score (NPS) went from 12 to 27 points. The company also completes surveys of over 1,200 insureds per year and On Side’s NPS scores for this customer group moved from 21 to 36 between 2014 and 2015.
“Revenue year over year was essentially flat but given regional industry claims drops of between 10 and 40% On Side is significantly outperforming the overall industry” said Amandio Contreiras, On Side Chief Operating Officer.
When asked the big question, “WHY?” Contreiras was quick to point to the company’s focus over the last 18 months. “We have been totally committed to meeting and exceeding customer KPI’s and improving customer service scores. And we have been successful in making big improvements in both areas. During this period we have reduced estimate upload times by 50% while more than doubling our customer service scores. Giving customers what they want is good for business. And believe me we aren’t done. We have identified a number of initiatives to be implemented during 2016 that will continue to drive down upload times, improve customer service scores and make significant reductions in job life cycle times.”
Industry sources have told On Side that claims counts year over year are down between 10% & 15% across BC’s various sub markets, 25% & 40% across Alberta’s and 25% & 40% across Ontario’s which formed the basis of their evaluation.
“With this kind of success, and working closely with our industry clients, we are identifying growth opportunities for this year,” said Craig Hogarth, President and sole Owner of On Side. “The restoration industry, like the insurance industry, is changing and we need to be prepared to respond to opportunities as they arise.” Hogarth summed up their plans by saying, “we have always been the quiet guys from the west while growing to the 3rd largest restoration company in the country. I am not sure that we can get to number two this year but we are definitely going to give it a try.”
On Side defined their short term growth targets as areas that they are either underserving or presently not serving at all. Saskatchewan, Manitoba, the Maritimes and portions of Ontario including eastern Ontario, northern Ontario and Hamilton/Niagara region.
Growth could be achieved through a combination of acquisition, merger and new start up adapted to the particular opportunity presented.