Strategy and Objectives
Fairpoint is a diversified consumer professional services company. We operate in the following product markets:
- Consumer legal services
- Debt services
- Claims services
Our mission is to ensure that we point consumers towards better solutions in each of our chosen product markets. We believe that by increasing the range of products and services which we can offer to our consumers' we will be able to:
- Satisfy more of our consumers'
- Increase business resilience
In order to achieve this mission our strategy has been split into four key strategic themes which we think help to provide good value to consumers and an important competitive advantage. These themes are:
- Cost leadership
- Consolidation in our chosen markets
- Process in professional services
- Developing a legal services platform
This is the key to ensuring that great value can be provided to consumers by constantly looking at ways in which we can make the cost of operating our business both lower and more predictable. It is particularly important in product lines which are mature or lack market growth. For our IVA business cost leadership also has the business benefit of ensuring that we generate strong cash flow on behalf of the group.
Consolidation in our chosen markets
Cost leadership is further enhanced by driving scale in each of our chosen business lines. As a consequence, we have been active as a consolidator in each of our chosen product markets. We intend to continue to play an active role as a consolidator with particular emphasis on legal services as we grow.
Process into professional services
Having a well thought through process for the provision of service is a key ingredient to ensure that our service delivery is consistent and predictable. In turn this is intended to support the provision of a good and predictable customer experience. From a financial perspective, by focusing on process engineering we can ensure that particular tasks are undertaken by the appropriately skilled individuals. In doing so we are generally able to reduce our costs to serve customers.
Establishing a legal services platform
The components of our strategy laid out above have become core business competencies. The legal services market place is suitable for the application of such competencies. In particular, the market place is highly fragmented with few scale providers of consumer legal services and fewer still providing such services with the benefit of a process capability. We entered this market place in June 2014 and are working hard to develop scale and breadth of product coverage. We expect this market sector to offer the primary growth opportunities for the group over the next few years.