9th Sep 2013 10:17
LONDON (Alliance News) - The Innovation Group PLC Monday said it has signed a significant contract extension with UK insurer Direct Line Group.
The global provider of business process services and software solutions to the insurance, fleet, automotive and property industries, said that the extended contract will last until the end of December 2017 and is expected to bring in an additional GBP20 million. It said that the total contract from its start in August 2011 is now valued at GBP60 million.
Under the terms of the contract, it will continue to handle all of Direct Line Group's newly notified subsidence claims. It said it also is proposing to provide the insurer with a fixed per-claim pricing structure, fully backed with reinsurance, that removes variability from the insurer's claims reserves and delivers certainty over indemnity spend.
Innovation Group shares were trading 1.8% higher or 0.50 pence higher Monday morning at 28.75 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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