3rd Apr 2008 07:01
Innovation Group PLC03 April 2008 3rd April 2008 The Innovation Group plc Contract Win The Innovation Group plc ('Innovation Group') (LSE: TIG.L), which providesoutsourcing services and software solutions to the world's insurance providers,has extended a contract for three years with a leading UK insurance provider. The contract will deliver Innovation Group's technology solutions and isestimated to be worth £6.3m over three years. Enquiries: The Innovation Group Tel: +44 (0) 1489 898300Hassan Sadiq, Chief Executive OfficerPaul Hemsley, Finance Director Financial Dynamics Tel: +44 (0) 20 7831 3113Juliet Clarke / Matt Dixon / Erwan Gouraud Notes to editors: The Innovation Group plc ("Innovation" or "the Group") provides BPO services andsoftware solutions to insurers and other risk carriers. The software solutionsare designed for the handling of policy and claims administrative processeswithin the insurance industry. The solutions can be utilised in connection withthe Group's BPO operations or implemented on a stand alone basis. Approximately77% of the Innovation Group's total revenues are now recurring with theremainder coming from the sale and support of its software solutions. The Groupprovides software and outsourcing services on a non-branded basis. The global BPO market is estimated to grow at 14% CAGR from 2007 to 2010according to IDC (May 2006) and outpace IT services. In North America, BPO isestimated to grow by an 8.8% compound annual growth rate to $100 billion by2009. (Gartner 2005) Datamonitor, August 2006, has also said there has been a continued increase inthe propensity to outsource business processes in the insurance industry with47% 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 highestpriority business functions for BPO and among the fastest growing BPO areas. Innovation has over 220 global clients including Allstate, LeasePlan, The FordMotor Company, Aviva, AXA Insurance, Royal & Sun Alliance, Toyota (South Africa)and Zurich (UK). The Group processes more than 3 million claims per year with20% direct claims cost saving achieved. The software operates in 8 languages andthe 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 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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