10th Jun 2008 07:00
10th June 2008
This announcement is not for release, publication or distribution, directly or indirectly, in or into any jurisdiction in which the same would be unlawful. This announcement is not an offer of securities in any jurisdiction.
The Innovation Group plc ('Innovation')
Completion of acquisition of National Service Network ('NSN')
The Innovation Group plc ('the Group'), which provides outsourcing services and software solutions to the world's insurance providers, is pleased to announce completion of the acquisition of National Service Network (NSN), as announced on 16th May 2008.
Enquiries:
|
The Innovation Group Hassan Sadiq, Chief Executive Officer Paul Hemsley, Group Finance Director |
Tel: +44 (0) 1489 898300 |
|
Financial Dynamics Edward Bridges/Juliet Clarke/Matt Dixon/Erwan Gouraud |
Tel: +44 (0) 20 7831 3113 |
Notes to Editors
The 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 77% of the 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.
The global BPO market is estimated to grow at 14% CAGR from 2007 to 2010 according to IDC (May 2006) and outpace IT services. In North America, BPO is estimated to grow by an 8.8% compound annual growth rate to $100 billion by 2009. (Gartner 2005)
Datamonitor, August 2006, has also said there has been a continued increase in the propensity to outsource business processes in the insurance industry with 47% of insurers using one or more BPO services in 2006 compared to 41% in 2005. Claims and policy administration BPO (Innovation's specialty) are the highest priority business functions for BPO and among the fastest growing BPO areas.
Innovation has over 300 global clients including Allstate, LeasePlan, The Ford Motor Company, Aviva, AXA Insurance, Royal & Sun Alliance, Toyota (South Africa) and Zurich (UK). The Group processes more than 3 million claims per year with 20% direct claims cost saving achieved. The software operates in 8 languages and the Group has approximately 2300 people across offices in North America, the UK, Germany, South Africa, Australia, Japan, France, Spain, Netherlands and Belgium.
www.innovation-group.com
Related Shares:
Team Internet