01-Mar-2010
OFFERING a cheaper and faster online service for property damage claims, Don McKenzie has brewed the perfect storm with his business Stream Group, recording revenues of $7.5 million last financial year.
And he’s only 26.
Bushfires, storms and floods have kept insurance companies off their feet this last year, but McKenzie says his product makes claims easier and more efficient, acting as a ‘YouTube’ for damaged properties.
“We deal with property claims in a more trade qualified way. We put all the details online so that builders can put their tenders in and the bid can be chosen in 24 to 48 hours, rather than the few weeks it would take traditionally,” he says.
“For example, before you’d have five builders calling Mrs Jones, annoying Mrs Jones and it would take a lot longer – we’ve put the systems in place to reduce stress and make it easier for the end user.”
It is a business model that was six years in the making with McKenzie ‘lining the ducks in a row’, managing a series of different businesses in the construction and IT sectors, including InsureTech which now acts as the backbone for Stream Group.
His entrepreneurial experience goes back to age 18 when he managed his family’s home improvements business Absolutely Aluminium. It was then that builders gave him the name ‘Storm Boy’, because whenever there was a storm he would be on his bike to help clients, whether it was in Gladstone or the Gold Coast.
He then went on to start a futures, options and foreign exchange company McKenzie Trading Services and since 2001 he has accumulated nine businesses.
But the largest of these is certainly Stream Group, with expansion expected in New Zealand late 2010 and negotiations underway in the UK and the US.
“Essentially, damage claims are the same wherever you go, but whatever we do we’ll still only have one head office and it will be in Brisbane,” he says.
“To expand you can run at a loss on the day to day claims, but you need to have the resources in place so that when catastrophe hits you’ve got the resources to supply to clients.
“The way we’ll set it up is so that the Aussies can help the New Zealanders, they’ll do the same here, and international operations would work that way as we go further abroad.”
Age: 26 / Business Est: 2007 / Number of staff: 48 / Growth: 2400 per cent / Turnover: $7.5 million
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04-Nov-2011 - Stream NZ announced as winner in Industry Awards
Stream Group NZ was announced as the winner for the Innovation of the Year award during the General Insurance Industry Awards, held in Auckland on November 3.The Award's judges and sponsor, IBANZ, were impressed by Stream's delivery of an innovative, streamlined approach to the insurance claims management process, and the company's growth over the past 12 months.
Entering New Zealand in mid-2010 through the acquisition of Freemans NZ, the Canterbury region earthquakes delivered a demanding first 12 months for Stream Group NZ. David Norriss, who has been leading Stream's Christchurch earthquake operations, says "It's certainly been a hectic time for everyone, but we've been able to establish the effectiveness of our system, especially for high-volumes."
Norriss dedicated the award to the employees of Stream, saying "It's an honour to be recognised by the industry. Everyone at Stream has worked so hard over the past year."
Stream Group NZ now services 100% of New Zealand and has offices in Auckland, Wellington and Christchurch.
22-Sep-2011 - ActionCOACH MyBusiness Nomination
Stream Group has been annouced as a finalist for the PwC Best Medium Business as part of the ActionCOACH My Business Awards. With only five finalists chosen for each category Stream is extremely proud to have been nominated.
Stream has had a successful year with award nominations and wins, and the My Business Awards nominations further evidence that Stream's growth and hard work over the past year are being recognised within the Australian business community.
Managing Director, Don McKenzie, says "Stream is all about development and growth. It was a crazy start to the year, and we had to establish new processes and employ and train a huge number of staff. But we're though it now, and we're a stronger team for it. I feel it's predominately down to the team's flexibility that's led to the recognition we've receieved."
For more information on the ActionCOACH My Business Awards, and a list of the other nominees see the My Business website.
01-Aug-2011 - The buildings may be broken, but their spirit is not
The past ten months have given residents of the Canterbury region repeated reasons to lose hope; fortunately, though, they are able to see the lighter side of this dark period. Stream has recently reinfored its Christchurch team with a a number of Australian Building Consultants; sent over to Christchurch to help deliver results to the insurers sooner. Ever on the lookout for interesting or quirky ‘kiwi-isms’ one of our Consultants was given a ‘bandaid’ by a customer.
The bandaids were printed by a New Zealand printing company “just for fun”. David, from CQ Printers, advised that although the bandaids are not physically going to make a difference to the structures, it’s enabled people in the region to have a laugh. The company likes to participate in projects that are a bit different and they decided to do something for their suffering district. They’ve had an overwhelmingly positive response from people, enjoying emails and comments praising and thanking them for lightening the mood for many during this trialing time.
