5th May 2009 09:00
5 May 2009
Innovation Group plc
Innovation Group Teams with IBM to help reduce operational costs and
speed the delivery of P&C Insurance Business Solutions
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, is pleased to announce that it has completed validation of its Innovation Insurer™ software for the IBM Insurance Process Acceleration Framework (IPA). As part of the new IBM framework, the Innovation Insurer™ software will help insurance companies improve business processes based on best practices, global experience and service oriented technologies that improve agility, productivity, competitiveness, profitability and combined ratios.
Innovation Insurer™ uses the latest interactive technologies and business tools within a service-orientated architecture (SOA) model to increase business flexibility while maximizing re-use of assets and reducing total cost of ownership. Innovation Insurer™ is the latest release of a globally installed, proven solution that combines industry expertise and best practices into a holistic, yet modular insurance business platform.
Through its partnership with IBM, Innovation Group will also provide customers with access to an industry-specific software framework that efficiently deploys their solutions. The framework will help accelerate the insurance industry solution lifecycle from creation through to the availability of a service, while providing quality assurance, enhanced security and ongoing management and maintenance.
Chae An, Vice President of Financial Sector Industry Solutions, IBM Software Group, said:
"IBM's IPA provides a platform that allows insurance companies to get up and running quickly with a pre-integrated and pre-validated industry solutions which helps them meet cost and profit objectives. When combined with Innovation Insurer™, our IPA delivers an end-to-end service delivery framework which provides the necessary business services for insurance companies to meet current challenges while offering a foundation for future applications and solutions."
Hassan Sadiq, CEO of Innovation Group commented:
"Innovation Insurer™ leverages the services oriented architecture and IBM's IPA as an accelerator for business transformation today and in the future, and we believe the Property and Casualty insurance industry will benefit tremendously from the creation of an environment that supports business transformation, innovation and enables new levels of competitive and strategic advantage. This will allow insurers to focus on redefining their business processes and capabilities to focus on innovation, redesign, automation, flexibility and agility by leveraging the combined business and technology value from IBM and Innovation Group through the IPA.".
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For more information:
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The Innovation Group Hassan Sadiq, Chief Executive Officer Jane Hall, Acting Finance Director
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Tel: +44 (0) 1489 898300 |
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Financial Dynamic 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
About 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. Innovation Insurer™ provides a platform for rapid scalability for new product, distribution, or market expansion creating business value based on optimum flexibility, best practices, and innovative options.
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