24th Dec 2008 07:00
24th December 2008
Innovation Group PLC
("Innovation" or the "Group")
Contract Win
The Innovation Group plc (LSE: TIG.L), which provides outsourcing services and software solutions to the world's insurance providers, is pleased to announce that it has been awarded a new contract for motor outsourcing services with one of the UK's leading contract hire companies.
This is a 12 month rolling contract that will generate revenue, dependent on the volume of transactions received of circa £600,000 per annum.
Commenting on the contract agreement Hassan Sadiq, Chief Executive Officer of Innovation Group, said:
"We are delighted to add another major brand to our global client base. Our continued focus on innovation and quality delivery in helping our customers maintain excellent levels of service whilst allowing them to focus solely on their core business activities gives us confidence that this trend will continue in the months and years ahead."
Enquiries:
|
The Innovation Group Hassan Sadiq, Chief Executive Officer Jane Hall, Acting Group Finance Director |
Tel: +44 (0) 1489 898300 |
|
Financial Dynamics 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
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