WHITELEY, UK and FARMINGTON, CT--(Marketwire - July 13, 2010) - The Innovation Group plc (Innovation Group), the leading provider of enterprise software, business process outsourcing (BPO) and repair and service network management solutions to the global property and casualty insurance industry, today announced leading analyst firm Celent has recognized Insurer Claims in its recently published report, "European Claims Vendors in 2010 Report."
Celent notes core claims technology continues to be an area where insurers are upgrading. Today, more than any other time, insurers are able to take on large system replacement projects by focusing on a single core area such as claims. In the report, Celent distinguished solutions based on basic, advanced, and additional functionality, and Innovation Group received high marks in all these areas.
As insurers migrate to more modern claims systems, they are finding the real power to control expenses and prevent claims leakage comes from an ability to create rules which automate decisions and workflow tools. In addition, enhanced or additional functionality in important areas such as subrogation and salvage; portals for claimant, producers, and supply chain partners (repair shops, contracts, medical and rehabilitation staff, and others); reports, analytics, business performance management, and business intelligence; payment and disbursement; estimation tools for auto repair, building restoration or construction; provide capabilities to further enhance the business.
"The insurance industry is more focused than ever on profitability, growth and innovation," said Catherine Stagg-Macey, senior analyst, Celent Research. "Claims management across the end-to-end process is key to achieving this. Insurer Claims provides extensive functionality on a modern architecture. The flexibility around license models may appeal to insurers of all sizes. Celent feels Insurer Claims is a contender for any short list and would recommend the solution to any insurer where business process outsourcing or a SaaS approach is being considered."
For the report, Innovation Group identified differentiators from other solutions in the market including: Flexibility of solution deployment from stand-alone to ASP and/or SaaS/BPO, offering clients options on the range and depth of solution; Modular SOA component selectivity able to build to need, use best-of-breed, or select an end-to-end suite solution; Integration with BPO service delivery (mix-and-match) which provides an option for variable cost delivery and plug into Innovation Group's process optimisation expertise; and Integrated analytics that provide faster delivery of business-critical measurement and use of analytics specific to insurance policy and claims.
The report notes there are 11 production implementations in Europe using Insurer Claims, one of which is a SaaS/BPO implementation supporting 29 insurers and one in progress is a SaaS/BPO installation supporting 69 insurers. A further 13 are in production, and two are in-progress implementations outside Europe.
"We are delighted that Insurer Claims has been recognized in the Celent report as providing a valuable and compelling solution for the European insurance market," said Robert Thomson, Managing Director, UK Technology, at Innovation Group. "By uniquely providing a highly rich set of business functionality and wide array of portals along with a broad array of delivery options, we are able to help insurers transform their claims management process end-to-end through repair, subrogation and salvage. This provides a seamless, integrated, yet flexible solution that helps the industry and our customers achieve exceptional results, including measureable indemnity spend savings, while enhancing the customer experience and relationship. As a leader and partner, this is one more example of pushing new ideas, innovation and change in the insurance market and raising the bar to a new level of operation."
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