Equity goes live with Challenger Solutions

Embargoed for release via RNS Reach until 7.00 am 10th March 2014

Quindell Plc

 ("Quindell", the "Company" or the "Group")

Equity goes live with Challenger Claims and Challenger Policy

Quindell Plc (AIM: QPP.L), the provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets, being Insurance, Telecommunications and their related sectors, is pleased to announce Equity Insurance Group (Equity) has gone live with Quindell's Challenger Claims, Challenger Policy and Challenger Intelligence solution, which provides a fully web-enabled end-to-end policy and claims solution for insurance businesses as well as comprehensive business intelligence.

Equity has been providing insurance products for more than 60 years. It is the largest motor syndicate at Lloyds' and is one of the top ten motor insurers in the UK. It offers a diverse range of products, including private car, classic car, van, motorcycle, taxi, minibus, fleet, haulage, agricultural vehicle, motor breakdown, and personal accident. Equity delivers quality insurance solutions with market leading performance based on careful segmentation and targeting

Quindell won the contract to replace Equity's legacy systems following a competitive tender and extensive review of the marketplace. Challenger's rich functionality, cost benefits and ability to be deployed quickly were key factors in the selection.

Challenger Claims was implemented in December 2013 and currently has over 200 users managing their motor claims portfolio, increasing throughout the first half of 2014. Challenger Policy went into production in January 2014 for quotations and new business with further releases planned in the first half of 2014. Challenger Intelligence was deployed at the same time as Challenger Claims, to provide comprehensive business intelligence and management reporting.

Challenger solutions are recognised by Celent analysts as being as one of the most user friendly and comprehensive solutions available on the market today.

Rob Terry, Founder and Executive Chairman of Quindell, said: "I am delighted to report that another implementation of Quindell's Challenger solution, this time for Equity, has already been highly successful and delivered tangible returns for their business. The Challenger technology, a powerful combination of business-managed functionality and a structured approach to technology, is one of the most advanced products in the market. Our work with Equity clearly illustrates the effectiveness of our technology for business critical solutions and we look forward to continuing our work with them to help reduce both their administration costs and their cost of claims."

Tim Yorke, the COO of Equity Insurance Group commented: "We have developed a close working relationship with Quindell and have been impressed with both their people and their software. Our success will be driven by our ability to exploit technology in an agile manner to enhance our value proposition to brokers and customers, manage our costs, and deliver service and technical excellence. The Challenger Solution provides a platform for us to achieve this, and is already proving invaluable to the business.

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Notes to Editors: 

About Quindell Plc

Quindell Plc is a provider of sector leading expertise in software, consultancy and technology enabled outsourcing in its key markets being insurance, telecommunications and their related sectors. Quindell enters 2014 with a run rate of gross sales approaching £600 million and approaching £200 million of EBITDA, and has announced new contract wins since the start of 2014 that together with those under final negotiation amount to a further £450m due to start during 2014. Our award winning business transformational, software, consultancy and outsourcing solutions are recognised as delivering significant savings and additional sales to our customers every year. For further information, please visit www.quindell.com 

About the Quindell Challenger Solution

The Quindell Challenger Solution provides a fully web-enabled end-to-end policy and claims administration solution for all lines of general insurance business. The solution enables automation of current manual processes to improve accuracy, faster settlement and more effective customer service together with management information and real-time analytics to assist in managing the client's business.

Quindell Challenger Claims Solution is recognised by Research and Consulting firm Celent as a joint market leader for European Claims deals. Celent notes in its last claims report that Quindell and Guidewire have brought on board more clients over the last two years than all their competitors, acquiring 23% of new deals, followed by SAP at 15% and Accenture at 5%. The report also confirms Quindell has significant market share at 15%.

Quindell's strengths against Guidewire include its speed of implementation averaging at 14 weeks, combined with a customer satisfaction rating of 5.6 out of 6, the Group's ability to offer its clients commercial terms covering both outsourcing and supply of market leading technology and the Group's unique position with telematics in the market has all contributed to recent contract wins.

Quindell is now also believed to be the clear market leader for European claims technology by a significant margin, having delivered more deals over the two quarter post the publication of the last Celent Claims report (including SaaS implementations) than Guidewire, SAP and Accenture together are accredited to have won by Celent over the last two years covered by the report.

About Equity Insurance Group

Equity Insurance Group has been providing insurance products for more than 60 years. It is the largest motor syndicate at Lloyds' and is one of the top ten motor insurers in the UK. It offers a diverse range of products, including private car, classic car, van, motorcycle, taxi, minibus, fleet, haulage, agricultural vehicle, motor breakdown, and personal accident. Equity delivers quality insurance solutions with market leading performance based on careful segmentation and targeting