24th Apr 2008 07:01
Innovation Group PLC24 April 2008 24th April 2008 Innovation Group PLC Innovation Group plc and Symbility Solutions Inc Partnership The Innovation Group plc ('Innovation Group') (LSE: TIG.L), which providesoutsourcing services and software solutions to the world's insurance providers,is pleased to announce a strategic partnership with Symbility Solutions Inc, awholly-owned subsidiary of Automated Benefits Corp., a Canadian based company.Symbility is a pioneer in mobile and wireless technology for the generalinsurance property claims sector in the North American market. This global partnership provides Innovation Group with an exclusive arrangementto use the Symbility software outside North America, either in isolation or as afield based assessment tool and extension to their Innovation Claims software. Hassan Sadiq, Chief Executive Officer of Innovation Group, commented, "We aredelighted to have secured this global partnership with Symbility. Thecombination of our assets will provide a compelling solution for our customers.Our global claims management capability will deliver more seamless and automatednetwork and contractor management and claims fulfilment, through the use ofwireless technology incorporated into our SOA based software." James Swayze, Chief Executive Officer of Automated Benefits Corp. commented, "Wefeel that the Innovation Group provides the best combination of technical marketknowledge, global presence and customer relationships to assist our expansionefforts. Their vision to raise the insurance bar globally through the deliveryof leading-edge claims solutions fits perfectly with Symbility's goal to bringmobility to property insurers around the world." 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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