2nd Apr 2009 07:00
2 April 2009
Innovation Group plc
Launch of Innovation Insurer™
Multi Million $ US Contract Win
Global launch aimed at helping insurers reduce indemnity spend and improve policy holder satisfaction - platform advantages include crash detection, usage based insurance and extensive wireless and web based capabilities
Innovation Group plc (LSE: TIG.L) ("Innovation" or "the Company" 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 industry today is pleased to announce the launch of its next generation insurance processing platform, Innovation Insurer™.
Innovation Insurer™ has been designed with significant input from key customers, partners and industry analysts. A key differentiator of Innovation Insurer™ is Services Oriented Architecture (SOA), this enables insurance functionality to be used together, selectively or as stand-alone solution components. These components include complete policy administration, first notice of loss, full claims processing, analytics, fraud, and usage-based insurance processing. Capabilities extend beyond 'traditional' insurance requirements and include advanced wireless functionality for adjustors, integrated telematics, in-vehicle crash detection and vehicle and asset tracking.
In the December 2008 Core Claims Vendor Report, Donald Light, senior analyst for Celent, stated:
"The Innovation Insurer™ technology provides a functionally-rich end-to-end range of processing and analytic capabilities."
Multi Million $ US Contract for Innovation Insurer™
The Group is delighted to announce that a US-based Farm Bureau has selected Innovation Insurer™ to replace a number of legacy policy administration and claims management systems.
This contract for approximately $3m extends an existing customer relationship and will benefit the Group during the remainder of 2009 and 2010. This is one of over 50 farm bureaus across the USA serving over 6 million member families, and this contract provides the foundation for further contract wins.
Hassan Sadiq, Group CEO comments:
"We are delighted with the reception Innovation Insurer™ has had, with favourable reviews from both customers and industry analysts. With pipelines growing, we are confident Innovation Insurer™ will make a significant impact on the global insurance market."
For more information:
|
The Innovation Group Hassan Sadiq, Chief Executive Officer Jane Hall, Acting Finance Director |
Tel: +44 (0) 1489 898300 |
|
Financial Dynamic Edward Bridges / Juliet Clarke / Erwan Gouraud |
Tel: +44 (0) 20 7831 3113 |
Notes to Editors
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 of Northern California, 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. Innovation achieved revenues of UK £143 million in the financial year ending September 2008
www.innovation-group.com
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