BERWYN, PA — Ted Raycroft, a veteran of the insurance and risk management industry, has been promoted to Chief Revenue Officer (CRO) at Adaptive Processing Solutions (APS), the Pennsylvania-based company announced this week. Raycroft will helm all revenue-generating operations within APS, encompassing sales, pricing, marketing, and customer support.
“Ted’s passion for service and his proven expertise make him a natural fit for this role,” said Michael Azeez, Executive Chairman of APS. “We are confident that under his leadership, APS is poised to scale new heights in the insurance and risk management sector.”
Raycroft brings with him an impressive track record in sales and business development, making him uniquely qualified to articulate the breadth of APS services to clients in the property/casualty and group health industries. APS’s suite of offerings includes workflow automation, medical bill review, data capture, digital mailroom, electronic billing, payment solutions, among others.
Raycroft’s client-centric approach is also expected to play a key role in his new position. “My focus will be on maintaining an open dialogue with our clients to better understand their needs and challenges,” he said. “As their advocate, I am committed to ensuring APS delivers solutions that truly impact their businesses positively.”
Raycroft’s appointment as CRO comes after a distinguished tenure at Mitchell International Inc., where he served for nearly 20 years, eventually becoming Vice President of Sales. There, he was pivotal in generating over $100 million in recurring annual revenue from sales of property casualty claims solutions, while maintaining a stellar 98% client retention rate.
Earlier in his career, Raycroft cultivated national accounts and program business at ManagedComp Inc., where he served as Director of Sales for National Accounts. He was instrumental in launching the company’s Alternative Market Strategy, which spurred $60 million in new market sales growth within its first 18 months.
Raycroft holds a Bachelor of Science degree from St. Lawrence University in Canton, NY, and an MBA from Bentley College in Waltham, MA. His robust academic background, coupled with his extensive industry experience, positions him well to drive APS’s revenue growth and business expansion.
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