SOURCE: Innovation Group

Innovation Group

May 02, 2012 11:15 ET

Future of Insurance Initiative Launched by Innovation Group's North America Operation

Interactive Elements to Engage Insurer Audience and Highlight the Need for "Next Gen" Insurers Supported by "Built for Change" Business Solutions

FARMINGTON, CT--(Marketwire - May 2, 2012) - The Innovation Group plc ("Innovation Group" or "The Group"), a global provider of business process outsourcing (BPO) and software solutions to the insurance, fleet, automotive and property industries, is pleased to announce the launch of the Future of Insurance initiative by Innovation Group's North America operation. This initiative reinforces the imperative for insurers to define a roadmap for the future that embraces innovation, transformation and optimization by using partners with solutions that are disrupting long-held industry traditions.

The Future of Insurance initiative recognizes the insurance industry is at the threshold of significant change, fueled by new business models and driven by customers and their use of technology, behaviors and expectations. The combination of new technologies and delivery of BPO services are providing innovative solutions and disrupting long-held traditions or assumptions in the industry.

Central components of Innovation Group's Future of Insurance Initiative are an interactive roadmap of the insurance industry that illustrates the complicated path to the future, complete with the everyday challenges insurers are facing and how Innovation Group's solutions are positioned to alleviate these challenges. Additionally, the initiative features a Future of Insurance LinkedIn group, and important industry information provided via a video with Gartner's Kimberly Harris-Ferrante and Innovation Group's Group CEO Andy Roberts discussing what insurers should be doing today to meet the future demands for insurance. Finally, Innovation Group and industry partners will be conducting a survey to gather industry input on the future of insurance and involving insurers directly through a scavenger hunt which seeks to create a dialog in the industry about the future.

The Innovation Group Scavenger Hunt is being announced to raise market awareness about the future of insurance, and will be played by industry participants over a number of months. The scavenger hunt will engage insurers at industry conferences with Innovation Group staff, the roadmap, website, social media and more. At the end of the scavenger hunt, insurers who participate will be eligible to potentially be selected to receive a "free" license of Insurer Analytics or two months free Adverse Subrogation Innovation Auto service from Innovation Group North America. You can view the roadmap, and get details of the initiative and the scavenger hunt at http://www.innovation-group.com/us/the-future-of-insurance.

Through interactive elements, including a roadmap of the insurance industry and a scavenger hunt, this initiative by Innovation Group highlights some of the foundational elements critical to the success of next-gen insurers, such as:

  • "Built for change," best-of-breed suite solutions underpinned by a single architecture with one data model, one rules engine, one workflow, and one configuration toolset with the breadth and depth of business capabilities.
  • Customer-centric solutions that help grow and enhance customer relationships, with a 360 degree view of the customer, customer analytics and portals.
  • Channel fusion to respond to market demands with channel options while ensuring channel optimization and harmonization.
  • Process optimization as a foundation of continuous innovation within core software solutions and BPO services that integrate best practices within and outside the industry to go beyond operational efficiency.
  • Enterprise data management framework with a single data model and dictionary to provide a single "view of the truth," data quality, consistency and visibility.
  • Alternative and unique combination of delivery models including on-premise, ASP, SaaS, BPO and cloud, to decrease TCO and provide agility and flexibility.
  • New, innovative delivery and pricing models based on volumes or transactions that enable insurers to "right size" costs based on business volumes / growth today and in the future as the business changes and require less upfront capital, allowing insurers to invest capital into other strategic or growth initiatives.
  • Staffing and skills optimization by using solutions with well designed, intuitive core software and BPO services to broaden the pool of potential employees or BPO resources.

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 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 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. www.innovation-group.com

Contact Information

  • Contact:
    Innovation Group
    Jennifer Overhulse-King
    St. Nick Media Services
    +1 859-803-6597
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