SOURCE: Innovation Group

Innovation Group

October 04, 2011 11:15 ET

Innovation Group Recognized With Four Celent XCelent Awards for Insurer Policy

New Celent Reports for Personal and Commercial Policy Management Tout Advanced Technology, Breadth of Functionality and Customer Base of Insurer Policy

FARMINGTON, CT--(Marketwire - Oct 4, 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 the company's Insurer Policy solution has been recognized as a leading solution with four XCelent awards in Celent's new reports, "Policy Management System Vendors: North American Personal P/C Insurance 2011 and North American Commercial P/C Insurance 2011." The personal and commercial lines reports profiled 34 and 50 vendors respectively.

The categories for which Insurer Policy were awarded XCelent awards are:

  • Advanced Technology - This includes flexible technology, modern language, consistent architecture and breadth of configurability.
  • Breadth of Functionality - Highlights the availability of advanced business functionality, lines of business and usability for business users.
  • Customer Base - This recognizes the number of live North American customers, in various tiers, on current and on older technology platforms as well as live customers outside of North America.

"Insurer Policy steps out of a crowded market in this report as a result of Innovation Group's modernization and innovation of the functionally rich software," said Ben Moreland, senior analyst in Celent's insurance practice and author of the report. "Insurer Policy is a very technology driven and functionally robust system that has greatly benefited from Innovation's architectural approach of the rule of one: one data model, one rules engine, and one workflow, one configuration / administration tool set; the new UI and enhanced business development administration (BDA) capabilities that further set it apart in flexibility."

Celent's framework for evaluating vendors is called the Celent ABCD Vendor View, providing a representation of the vendor marketplace and the relative positions of each vendor. The evaluation is based on a detailed Celent RFI, customer surveys and interviews, live demo to Celent analysts and follow-up vendor interviews.

"We are very pleased and honoured to be recognized by Celent with the XCelent Awards," said Euan King, CEO Innovation Group North America Software. "Our broad customer base and depth of policy management experience underpins the rich, robust set of business functionality within Insurer Policy along with the array of delivery options, eliminates the need to buy, integrate and maintain separate solutions for rating, billing, agent management, reinsurance and analytics, thereby decreasing the total cost of ownership (TCO). Insurer Policy provides a solution for insurers seeking a new path to success in today's new normal."

Insurer Policy provides the following business value for P&C insurers:

  • Business Agility - Respond quicker to market changes, M&A, distribution options, new products, market growth opportunities and customer demands with the robust, flexible configuration.
  • Product Innovation - Enhanced product management toolset with a dynamic, graphical UI that manages product, rates, rules, forms, and brands to develop new products, enter new states and expand channels quickly and effectively.
  • Customer Centric - Grow and enhance customer relationships, respond to customer demands and expectations with a 360 view of the customer, customer analytics and portals.
  • Channel Optimization - Respond to market demands with channel options while ensuring channel optimization and harmonization.
  • Underwriting Excellence - Risk portfolio view of the customer and/or the household, data analysis to identify underwriting trends and changes in risk exposure and open collaboration between underwriters and distribution channels in the underwriting process.
  • Lower Total Cost of Ownership - No additional license, maintenance or integration cost for CRM, Analytics, Rating, Reinsurance, Agency Management and Billing.
  • Scalability - Flexible and responsive to business growth from transactions to new companies and markets with a responsive, robust platform.
  • Implementation Choice - Available delivery options for Innovation Insurer include on-premise, ASP, BPO and SaaS, with the flexibility to change over time.

For more information about Insurer Policy and the entire Innovation Insurer suite, please visit www.us.innovation-group.com.

About The Innovation Group plc:
The Innovation Group plc (LSE: TIG.L) 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 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

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