17th Sep 2009 07:00
17 September 2009
Innovation Group plc
New £ multi-million Software and Services Contract with large UK Retail Bank
Innovation Group plc ("Innovation" or "the Group"), the leading provider of enterprise software, business process outsourcing ("BPO") and repair and service network management solutions to the global Property and Casualty insurance industry, is pleased to announce that it has signed a significant contract with a large UK retail bank for both a policy processing software licence and conversion services.
The total value of the contract is estimated to be a minimum of £3.7 million. The software licence element of £2 million will be recognised in September 2009, underpinning current year expectations, with the remaining services revenue recognised during 2010 and 2011.
Welcoming the contract win, Hassan Sadiq, Chief Executive Officer, commented:
"This announcement is clear proof that we are fast becoming the 'partner-of-choice' for customers looking for best-in-class insurance processing software to improve their efficiency and customer service. We are further cheered by the fact that a major player in the UK retail banking sector, one of the world's most competitive, has signed a multi-year year services contract. We believe this deal strongly attests to the completeness and quality of our product and services offering."
Enquiries:
|
Innovation Group Hassan Sadiq, Chief Executive Officer Jane Hall, Group Finance Director |
Tel: +44 (0) 1489 898300 |
|
Financial Dynamics Juliet Clarke / Matt Dixon / Erwan Gouraud |
Tel: +44 (0) 20 7831 3113 |
About Innovation Group
Innovation Group plc (LSE: TIG.L) is the leading provider of enterprise software, business process outsourcing and repair and service network management solutions to the global Property and Casualty industry. Innovation provides contact centres, repair networks, process management, supply chain and technology operations, and decision support analytics, to support accident management, repair and estimation and claims management services.
Innovation has over 1,000 global clients including AXA Insurance, RSA, AAA NCNU, LeasePlan, The Ford Motor Company, Aviva, Toyota (South Africa) and Zurich (UK). The Group processes more than 4 million claims per year with 20% direct claims cost saving achieved. Our 2,400 people are located in United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, Netherlands, Pakistan, South Africa, Spain, United States.
www.innovation-group.com
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