6th Sep 2007 17:01
IBM (NYSE: IBM) and Innovation Group (LSE: TIG) today opened a newInnovation Center for Global Insurance in Bangalore, India. The newcenter will help the companies innovate on next generation coresystems, develop new business models, and tap emerging technologies tocreate competitive advantage and improve the customer experience. £ Based at IBM's Bangalore campus, the new center provides clientswith access to hardware, software, and services including IBM System zmainframes, IBM Information Server and DB2 Data Server software, andInnovation Group's Innovation Policy and Innovation Claims insuranceapplications that deliver high quality, low-risk, and cost effectivesolutions for the enterprise. £ "The Innovation Center and the increased focus on our IBMrelationship is a response to the success of the partnership in thelast 24 months. Our current and prospective customers appreciate theprovision of deeper capabilities and the flexibility we offer togetherin serving the global insurance market. The acceleration of ourrelationship has been in direct response to our joint customers aswell as demand from prospective clients for Claims and PolicyAdministration Solutions in many key markets," said Ed Ossie,President of Innovation Group. £ In 2005 the companies entered a five-year agreement to create anew client-focused global delivery center and strengthen client sitecapabilities in key markets. The new center 'builds on the originalagreement and IBM and Innovation Group will increase joint staffinglevels in Bangalore and across other sales regions throughout 2007 tostreamline delivery capabilities and meet the growing demand formainframe-based core systems. £ "Insurance companies require core systems that are open, flexible,scalable and secure," said Norbert Dick, General Manager, InsuranceIndustry, IBM. "The combination of IBM and Innovation Grouptechnologies coupled with IBM's systems integration leadership willhelp joint clients achieve a single view of their customers, loweroperating costs, and streamline risk management across theenterprise." £ "Globally, insurers have over 40 technology vendors to considerwhen replacing their claims or policy administration solution. Havingan established sales and delivery partnership between a systemintegrator and vendor is an important consideration for insurers wholook to them to support those processes," said Stephen Forte, aprincipal research analyst in Gartner's insurance practice. £ For more information about IBM insurance solutions, visitwww.ibm.com/insurance. £ About Innovation Group £ Innovation Group plc (Innovation or Group) provides outsourcingservices and software solutions to insurers and other risk carriers.The software solutions are designed for the handling of policy andclaims administrative processes within the insurance industry. Thesolutions can be utilized in connection with the Group's outsourcingoperations or implemented on a stand-alone basis. 76% of theInnovation Group's total revenues are now recurring with the remaindercoming from the sale and support of its software solutions. The Groupprovides software and outsourcing services on a non-branded basis anddoes not perform insurance underwriting functions. £ The general BPO market is currently forecasted to outpace other ITservices. In North America, BPO is estimated to grow by an 8.8%compound annual growth rate to $100 billion by 2009. Gartner 2005. £ Innovation has over 220 global clients including the Royal SunAlliance, Ford Motor Company, Aviva, AXA Insurance Toyota (SouthAfrica) and Zurich (UK). The Group processes more than 3 millionclaims per year with 20% direct claims cost saving achieved. Thesoftware operates in 8 languages and the Group has approximately 2000people across offices in North America, the UK, Germany, South Africa,Australia and Japan, visit www.innovation-group.com £ Since 2002, IBM and Innovation Group have worked together todeliver proven business solutions for insurance carriers that havebrought innovation, clear business value and return on investment.Together they are enabling clients to realize the benefits oftransformational change in core insurance functions such as PolicyAdministration and Claims Management. Copyright Business Wire 2007Related Shares:
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