17th Dec 2008 08:00
17th December 2008
Innovation Group PLC
("Innovation" or the "Group")
Contract Win
The Innovation Group plc (LSE: TIG.L), which provides outsourcing services and software solutions to the world's insurance providers, is pleased to announce that it has been awarded a new outsourcing contract for motor claims in the USA, with a US Insurance Company.
The three year contract will generate significant income of approximately £1million per annum, dependent on the volume of transactions received.
Commenting on the contract agreement Hassan Sadiq, Chief Executive Officer of Innovation Group, said:
"We are delighted to add another major US insurer to our global client base. Our continued focus on innovation and quality delivery to existing customers gives us confidence that this trend will continue."
Enquiries:
|
The Innovation Group Hassan Sadiq, Chief Executive Officer Jane Hall, Acting Group Finance Director |
Tel: +44 (0) 1489 898300 |
|
Financial Dynamics Juliet Clarke / Matt Dixon / Erwan Gouraud |
Tel: +44 (0) 20 7831 3113 |
Notes to Editors
The Innovation Group plc ("Innovation" or "the Group") provides BPO services and software solutions to insurers and other risk carriers. The software solutions are designed for the handling of policy and claims administrative processes within the insurance industry. The solutions can be utilised in connection with the Group's BPO operations or implemented on a stand alone basis. Approximately 84% of the Innovation Group's total revenues are now recurring with the remainder coming from the sale and support of its software solutions. The Group provides software and outsourcing services on a non-branded basis.
Industry analysts expect the BPO market to continue to grow across all geographic areas. According to a Gartner* report (July 2008) in the financial services industry this is forecast to be 10.5% compound annual growth rate (CAGR).
Innovation has over 1,000 global clients including Allstate, LeasePlan, The Ford Motor Company, Aviva, AXA Insurance, RSA, Toyota (South Africa) and Zurich (UK). The Group processes more than 4 million claims per year with 20% direct claims cost saving achieved. The software operates in 8 languages and the Group has approximately 2,400 people across offices in United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, Netherlands, Pakistan, South Africa, Spain, United States.
*Gartner: Insurance BPO: Key Trends by Kimberly Harris Ferrante, July 2008
www.innovation-group.com
Related Shares:
Team Internet