Lean principles of modern management have inspired the restructuring exercise implemented at MSB Valletta Ltd since Matthew Joslin was appointed chief executive officer in May 2006.
MSB Valletta is the result of a merger in 2000 of operations between two leading loss adjusting and surveying organisations in the Maltese islands: Mediterranean Survey Bureau and Valletta Survey Company. This created the foremost loss adjusting and surveying operation in Malta.
Its core business includes loss adjusting, risk surveys, marine surveys, cargo surveys and claims recovery.
The restructuring resulted in a flat hierarchy, reducing vertical integration and clearing lines of communication between the supply chain and the company itself.
The results have been dramatic. The company last year saw a 45 per cent increase in turnover as against a reduction of almost 50 per cent of its indirect costs. Service fees on claims management were effectively reduced by between 8-15 per cent since 2006. Service cost rates were reduced by 6-10 per cent in all other areas of the business.
According to Mr Joslin, MSB Valletta sees value in synergetic contractual agreements with its suppliers, but mostly with customers, which allows for annually fixed pricing.
"When we quote to our clients, the company standard is to exercise a service commitment providing for a firm date for the completion of services at a fixed cost," Mr Joslin said.
The company uses Microsoft Project Tools to create a timetable before the start of the job - a first for the surveying business in insurance services. It was 85 per cent effective in on-time delivery of service provision.
MSB Valletta plans to invest around 25 per cent of turnover towards continuous development in systems and technical acumen.
There is continuous staff development and training - each member of staff is offered a complimentary career development programme matched to guaranteed salary increases as they progress.
Within the local sphere of surveying services, the company boasts a staff complement with very diverse qualifications and also has numerous contractual arrangements with third party professionals.
The company has also embarked on a digitalisation programme of its surveying services that will enable it to reduce costs and further cut rates to corporate clients. MSB Valletta's investment in IT also means clients will be able to retrieve data from the new interactive website in real time.
Over the next three years the company is embarking on the road to ISO 9001: 2000 certification. Service provision of MSB Valletta has been focused around ISO 9001 since May 2006.
Mr Joslin sees tremendous opportunities for growth in fire engineering, in the areas of employers' liability, third-party liability and occupational health and safety.
"MSB Valletta has firmly established itself as a major service provider in health and safety to the construction and hospitality industries, retail, manufacturing and port operations.
"The company not only provides services to meet the minimum legal obligations but also offers preventive, proactive and corrective measures," Mr Joslin said.
"Prevention can be cemented through the development of codes of practice; proactivity is tackled through scheduled audits and inspections; and corrective measures are suggested to improve occupational risk."
Mr Joslin is keen for the company to create a name for itself internationally. The signs are encouraging. An international insurer with a track record spanning 125 years has appointed MSB Valletta to handle a major claim.
"We are seeking to team up with recognised international partners. We aim to participate in emerging global markets, while also carving out a brand name for ourselves," he said.
MSB Valletta is the result of a merger in 2000 of operations between two leading loss adjusting and surveying organisations in the Maltese islands: Mediterranean Survey Bureau and Valletta Survey Company. This created the foremost loss adjusting and surveying operation in Malta.
Its core business includes loss adjusting, risk surveys, marine surveys, cargo surveys and claims recovery.
The restructuring resulted in a flat hierarchy, reducing vertical integration and clearing lines of communication between the supply chain and the company itself.
The results have been dramatic. The company last year saw a 45 per cent increase in turnover as against a reduction of almost 50 per cent of its indirect costs. Service fees on claims management were effectively reduced by between 8-15 per cent since 2006. Service cost rates were reduced by 6-10 per cent in all other areas of the business.
According to Mr Joslin, MSB Valletta sees value in synergetic contractual agreements with its suppliers, but mostly with customers, which allows for annually fixed pricing.
"When we quote to our clients, the company standard is to exercise a service commitment providing for a firm date for the completion of services at a fixed cost," Mr Joslin said.
The company uses Microsoft Project Tools to create a timetable before the start of the job - a first for the surveying business in insurance services. It was 85 per cent effective in on-time delivery of service provision.
MSB Valletta plans to invest around 25 per cent of turnover towards continuous development in systems and technical acumen.
There is continuous staff development and training - each member of staff is offered a complimentary career development programme matched to guaranteed salary increases as they progress.
Within the local sphere of surveying services, the company boasts a staff complement with very diverse qualifications and also has numerous contractual arrangements with third party professionals.
The company has also embarked on a digitalisation programme of its surveying services that will enable it to reduce costs and further cut rates to corporate clients. MSB Valletta's investment in IT also means clients will be able to retrieve data from the new interactive website in real time.
Over the next three years the company is embarking on the road to ISO 9001: 2000 certification. Service provision of MSB Valletta has been focused around ISO 9001 since May 2006.
Mr Joslin sees tremendous opportunities for growth in fire engineering, in the areas of employers' liability, third-party liability and occupational health and safety.
"MSB Valletta has firmly established itself as a major service provider in health and safety to the construction and hospitality industries, retail, manufacturing and port operations.
"The company not only provides services to meet the minimum legal obligations but also offers preventive, proactive and corrective measures," Mr Joslin said.
"Prevention can be cemented through the development of codes of practice; proactivity is tackled through scheduled audits and inspections; and corrective measures are suggested to improve occupational risk."
Mr Joslin is keen for the company to create a name for itself internationally. The signs are encouraging. An international insurer with a track record spanning 125 years has appointed MSB Valletta to handle a major claim.
"We are seeking to team up with recognised international partners. We aim to participate in emerging global markets, while also carving out a brand name for ourselves," he said.