SOURCE: Innovation Group

Innovation Group

February 10, 2011 14:00 ET

Innovation Group Congratulates Mountain West Farm Bureau and Western Computer Services Inc. on Win as a 2011 Celent Model Insurer

Mountain West Farm Bureau Wins 2011 Recognition for Claims

FARMINGTON, CT--(Marketwire - February 10, 2011) - The Innovation Group plc (Innovation Group), a global provider of business process outsourcing and software solutions to the insurance, fleet, automotive and property industries, is pleased to congratulate Mountain West Farm Bureau (MWFB) for their recognition by Celent, a financial services technology research and advisory firm, as a "Model Insurer" for their effective use of technology. 

The Celent 2011 Model Insurer report recognizes MWFB for the company's claims analytics implementation using Innovation Group's Insurer Analytics. As noted in the report, the implementation uses business intelligence, data mining and modelling techniques to improve, manage and analyze claims data and enhance adjuster performance. The combination of these approaches optimizes MWFB's infrastructure and results in higher productivity and lower staff expenses. The implementation is the first of several parallel efforts in the company's implementation of Innovation Insurer, including Insurer Policy and Insurer Claims, as part of a comprehensive business transformation initiative.

Mountain West Farm Bureau and Western Computer Services Inc. (WCSI), the IT services organization for MWFB, demonstrate the significant business impact that insurance specific analytics can have for insurers. Their achievement of implementation within four months, and ROI within one month was impressive, but equally notable was the improved claims service and financial reporting during the catastrophic summer storms. Insurer Analytics' "real and right time" and "train of thought" capability provided business agility and value due to the insurance specific data model, reporting, and KPI's. 

"Insurer Analytics provided the business an insurance-specific analytics and management information framework which provided immediate organizational value and impact," said Harold Williams, CEO for WCSI. "The ability to immediately deliver operational business value highlighted the strategic value and impact of our business transformation using Innovation Insurer, starting with Insurer Analytics. Our success is evidence of a strong partnership with Innovation Group, the strong business value of their solutions and the innovative culture and support of Mountain West Farm Bureau." 

"We would like to congratulate Mountain West Farm Bureau on being recognized as a Model Insurer and for the strategic vision that made Insurer Analytics the first step in the transformation of their business to achieve these impressive results and raise the awareness of the business value of insurance-specific analytics," said Euan King, CEO North America Insurer Software for Innovation Group. "We are honored that MWFB is using Innovation Insurer, including Insurer Analytics. These results are a further testament to our long history of customer evidence demonstrating how we provide a foundation to address not only cost reductions, operational efficiency and effectiveness, but also innovation and transformation." 

"Mountain West Farm Bureau's implementation demonstrates the significant business impact in the effective use of analytics as a cornerstone to business transformation," said Michael Fitzgerald, senior analyst for Celent. "The right vision, technology, data management practices and business partner is more important than ever. Mountain West Farm Bureau was selected as a Model Insurer, because their initiative highlights the operational impact of business analytics and the strategic value as a key component of their broader business transformation." 

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  

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