SOURCE: Innovation Group

Innovation Group

November 30, 2010 11:15 ET

Innovation Group Receives 'Positive' Rating in 2010 Leading Industry Analyst Firm's MarketScope on North American Property and Casualty Insurance Policy Management Modules

FARMINGTON, CT--(Marketwire - November 30, 2010) - The Innovation Group plc (Innovation Group) (LSE: TIG), a global provider of business process outsourcing and technology solutions to the insurance, fleet and automotive industries, today announced that Insurer Policy, a component of the Innovation Insurer suite, received a "Positive" rating in the November 2010 Gartner MarketScope for North American Property and Casualty Policy Management Modules. 

Published in November 2010, the MarketScope report evaluated vendors based on criteria Gartner recommends insurers consider when looking at a new policy management module. In part, the criteria for evaluating business functionality and technology architecture include: single data model for the solution portfolio (policy, claims, billing, analytics); n-tier architecture; configurable rule engine; using a rule engine to provide real-time underwriting decisions; portals / web-based access for every user that is role-based; adapters/XML interfaces for integration with third-party applications and services; Java EE or .NET throughout the system (not just wrappers); release schedules; road map for future releases; SOA enablement with prebuilt Web services; adherence to industry standards; support multiple distribution channels, including the Internet; product development capabilities; and system configuration capabilities for UI and workflow.

Insurer Policy is a functionally-rich comprehensive end-to-end policy management solution including product management, quoting, rating, underwriting, policy issuance, service, claims, billing, and reinsurance. Insurers can implement the claims and analytics components separately, avoiding a "big bang" deployment, reducing overall risk and providing business value more quickly. Insurer Policy provides the flexibility required to tailor solutions for the needs of each individual client to deliver measurable, sustainable improvements in revenue generation, customer service, speed-to-market, and profitability. It provides a combination of full-service capability and flexibility, with out-of-the-box direct portals for agents, customers and direct sales. Insurer Policy can be delivered via on-premise, ASP, BPO or SaaS, making it a powerful tool in the drive for effective policy management. 

"Insurer Policy enjoys a strong market share in insurance operations around the globe and our investment in Insurer Policy to aggressively re-architect and rewrite the functionally-rich solution leveraging over 20 years experience of developing policy systems using modern technologies offers our existing customers and the industry a solution with the best of both, depth and breadth of business capabilities / functionality on a scalable, robust modern SOA platform," commented Euan King, CEO North America Technology, at Innovation Group. "P&C insurers are at the tipping point. Policy administration system replacement and delivery options are crucial to survival, competitive positioning and future flexibility and agility. Insurer Policy features a modern technology platform and multiple delivery models which provide the market with an innovative alternative to more traditional systems." 

About The Innovation Group plc:
The Innovation Group plc (LSE: TIG) is a global provider of business process outsourcing and technology solutions to the insurance, fleet and automotive 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 percent 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

About the MarketScope
The MarketScope is copyrighted 2010 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Contact Information

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