6th Sep 2007 14:00
Innovation Group PLC06 September 2007 IBM and Innovation Group Open New Innovation Center in India to Help InsuranceCompanies Transform Their Business Bangalore, India, and Newton, Mass. - September 06, 2007-- IBM (NYSE: IBM) andInnovation Group (LSE: TIG) today launched a new Innovation Center for GlobalInsurance in Bangalore, India, to help companies innovate on next generationcore systems, develop new business models, and tap emerging technologies tocreate competitive advantage and improve the customer experience. The new center, based at IBM's Bangalore campus, provides clients with access tohardware, software, and services including IBM System z mainframes, IBMInformation Server and DB2 Data Server software, and Innovation Group'sInnovation Policy and Innovation Claims insurance applications that deliver highquality, low-risk, and cost effective solutions for the enterprise. "The Innovation Center and the increased focus on our IBM relationship is aresponse to the success of the partnership in the last 24 months. Our currentand prospective customers appreciate the provision of deeper capabilities andthe flexibility we offer together in serving the global insurance market. Theacceleration of our relationship has been in direct response to our jointcustomers as well as demand from prospective clients for Claims and PolicyAdministration Solutions in many key markets," said Ed Ossie, President ofInnovation Group. In 2005 the companies entered a five-year agreement to create a newclient-focused global delivery center and strengthen client site capabilities inkey markets. The new center 'builds on the original agreement and IBM andInnovation Group will increase joint staffing levels in Bangalore and acrossother sales regions throughout 2007 to streamline delivery capabilities and meetthe growing demand for mainframe-based core systems. "Insurance companies require core systems that are open, flexible, scalable andsecure," said Norbert Dick, General Manager, Insurance Industry, IBM. "Thecombination of IBM and Innovation Group technologies coupled with IBM's systemsintegration leadership will help joint clients achieve a single view of theircustomers, lower operating costs, and streamline risk management across theenterprise." "Globally, insurers have over 40 technology vendors to consider when replacingtheir claims or policy administration solution. Having an established sales anddelivery partnership between a system integrator and vendor is an importantconsideration for insurers who look to them to support those processes," saidStephen Forte, a principal research analyst in Gartner's insurance practice. For more information about IBM insurance solutions, visit www.ibm.com/insurance. About Innovation Group Innovation Group plc (Innovation or Group) provides outsourcing 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 utilized in connection withthe Group's outsourcing operations or implemented on a stand-alone basis. 76% ofthe Innovation Group's total revenues are now recurring with the remaindercoming from the sale and support of its software solutions. The Group providessoftware and outsourcing services on a non-branded basis and does not performinsurance underwriting functions. The general BPO market is currently forecasted to outpace other IT services. InNorth America, BPO is estimated to grow by an 8.8% compound annual growth rateto $100 billion by 2009. Gartner 2005. Innovation has over 220 global clients including the Ford Motor Company, Aviva,AXA Insurance Toyota (South Africa) and Zurich (UK). The Group processes morethan 3 million claims per year with 20% direct claims cost saving achieved. Thesoftware operates in 8 languages and the Group has approximately 2000 peopleacross offices in North America, the UK, Germany, South Africa, Australia andJapan, visit www.innovation-group.com Since 2002, IBM and Innovation Group have worked together to deliver provenbusiness solutions for insurance carriers that have brought innovation, clearbusiness value and return on investment. Together they are enabling clients torealize the benefits of transformational change in core insurance functions suchas Policy Administration and Claims Management. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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