27th Feb 2009 07:00
27 February 2009
Innovation Group plc
Appointment of Financial Adviser and Broker
Innovation Group plc ("Group") (LSE: TIG.L) today announces the appointment of Investec Bank plc as sole Broker and Financial Adviser to the Group.
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Enquiries:
|
Innovation Group Hassan Sadiq, Chief Executive Officer |
Tel: +44 (0) 1489 898300 |
|
Investec Andrew Pinder / Patrick Robb / Rowena Murray |
Tel: +44 (0) 20 7597 4000 |
|
Financial Dynamic Ed Bridges / Juliet Clarke / Erwan Gouraud |
Tel: +44 (0) 20 7831 3113 |
Notes to Editors
Innovation Group plc ("Innovation" or "the Group") provides BPO services and software solutions to insurers and other risk carriers. The software solutions are designed for the handling of policy and claims administrative processes within the insurance industry. The solutions can be utilised in connection with the Group's BPO operations or implemented on a stand alone basis. Approximately 84% of Innovation Group's total revenues are now recurring with the remainder coming from the sale and support of its software solutions. The Group provides software and outsourcing services on a non-branded basis.
Industry analysts expect the BPO market to continue to grow across all geographic areas. According to a Gartner* report (July 2008) in the financial services industry this is forecast to be 10.5% compound annual growth rate (CAGR).
Innovation has over 1,000 global clients including Allstate, LeasePlan, The Ford Motor Company, Aviva, AXA Insurance, RSA, Toyota (South Africa) and Zurich (UK). The Group processes more than 4 million claims per year with 20% direct claims cost saving achieved. The software operates in 8 languages and the Group has approximately 2,400 people across offices in United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, Netherlands, Pakistan, South Africa, Spain, United States.
*Gartner: Insurance BPO: Key Trends by Kimberly Harris Ferrante, July 2008
www.innovation-group.com
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