SOURCE: Innovation Group

Innovation Group

October 31, 2011 15:56 ET

360 Insurance Company Implements Innovation Group's Insurer Policy

360 Insurance Company, a Newly-Formed Subsidiary of Mountain West Farm Bureau Mutual Insurance Company, Implements Insurer Policy as a Foundation for Market Expansion

FARMINGTON, CT--(Marketwire - Oct 31, 2011) - The Innovation Group plc (Innovation Group), a global provider of business process outsourcing (BPO) and software solutions to the insurance, fleet, automotive and property industries, today announced 360 Insurance Company (360 Insurance), a new start-up and wholly-owned subsidiary of Mountain West Farm Bureau Mutual Insurance Company (MWFB), has implemented Insurer Policy as the foundation for the company's market expansion. Western Computer Services Inc. (WCSI), the IT services organization of MWFB, is hosting the application.

360 Insurance is fully-licensed to write business initially in Colorado, expanding MWFB's market presence in the mountain region. The new company will initially provide personal lines insurance, but plans to expand the company's product portfolio going forward.

"Our strategic partnership with Innovation Group, and our subsequent selection of Innovation Insurer, underpins and strengthens our business strategy," said Dan Bleak, Vice President of Underwriting of 360 Insurance. "The ability to expand into new markets was critical to our business growth strategy. Insurer Policy's flexibility in setting up and configuring a new company, new products and new business processes was instrumental in launching the new company."

"The implementation of Insurer Policy with the hosted delivery option allowed us to leverage our IT investment across the combined companies, decreasing operational costs and increasing business value," said Harold Williams, CEO of WCSI. "This implementation, followed by the MWFB implementation in 2012, provides the foundation for future subsidiaries to leverage this platform in our hosted environment, offering a new and cost-effective operational model for companies with growth initiatives."

The implementation allows MWFB and 360 Insurance to leverage the capability of Insurer Policy to uniquely support multiple companies on a single platform while hosted and supported by WCSI. This implementation highlights the significant business value of Insurer Policy to provide agility and flexibility to respond to business strategies and market opportunities. 360 Insurance and WCSI leveraged Insurer Policy's out-of-the-box capabilities, and the broad configuration capabilities to setup 360 Insurance, its products and distribution channels, to effectively support state filings and approvals. This implementation establishes a capability rich solution and environment that is leverage-able for other Farm Bureau's and smaller tier insurers with either an on-premise or hosted model.

"MWFB continues to demonstrate how an innovative business model and modern technology solution working together can provide a foundation for market growth and expansion for smaller, innovative insurers," said Euan King, CEO North America Technology at Innovation Group. "We are delighted with this implementation in that it successfully demonstrates Insurer's flexibility and agility through the robust configuration, delivery options, and built-in business capabilities, offering a platform of transformation and growth."

About The Innovation Group plc:
The Innovation Group plc (LSE: TIG.L) is a global provider of business process outsourcing and software solutions to the insurance, fleet, automotive and property industries. Innovation Group provides contact centers, 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 Group has over 800 global clients including AXA Insurance, RSA, Encompass, Esurance, Hertz, CNA, Main Street America Group, American Modern Insurance Group, LeasePlan, The Ford Motor Company, Aviva, Toyota and Zurich. The Group processes more than 4 million claims per year with 20 per cent direct claims cost saving achieved. Innovation Group's 2,300 people are located in the United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, India, Pakistan, South Africa, Spain and United States.

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