SOURCE: Innovation Group

Innovation Group

November 08, 2011 11:15 ET

Innovation Insurer Suite Selected by Two Major Insurers

New Customer Wins Continues Momentum, Demonstrates Delivery Options and Business Value as a Best of Breed Suite

FARMINGTON, CT--(Marketwire - Nov 8, 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, is pleased to announce the selection of Innovation Insurer by two market-leading insurers in Australia following extensive evaluation processes with the newly-enhanced Innovation Insurer.

The first, with one of Australia's best known mid-tier Property and Casualty Insurers, will use the Innovation Insurer Suite to implement multiple new lines of business and migrate a number of existing legacy systems on to the Insurer platform. This win is the first of the entire Insurer Suite offering, which includes Claims, Analytics and Policy, following the launch mid-year. It includes Insurer Policy, recently recognized by Celent with four XCelent awards.

The second, the Australian arm of Chubb, a global insurance company headquartered in the United States, will use Insurer Policy via Software as a Service ("SaaS") model, as well as having Innovation Group host the software and provide application support. In addition, Innovation Group will provide outsourced services to support the administration of certain policy types sold through Chubb's Australian distribution network. This win highlights the business value of Innovation Group's new business model, combining our software, delivery and outsourced services announced mid-year.

Commenting on its contract, David Foote, Regional Accident & Health Manager of Chubb Insurance Company of Australia commented, "I am delighted to confirm this new agreement with the Innovation Group. By combining our extensive brand and sales network with the Innovation Group's highly capable software and BPO services, we will be able to quickly launch new products in our market, react fast to emerging consumer demand and stay ahead of our competitors. I look forward to seeing the results that this partnership can deliver."

"In a short time, Innovation Insurer, including Policy, Claims and Analytics, has been rapidly recognized by the industry for its flexibility, business agility, leading technology and scalability to meet the demands and opportunities in the fast changing insurance market," said Andy Roberts, Group CEO of Innovation Group. "The combination of Innovation Insurer, a best of breed suite, our outsourced services and flexible delivery models squarely set Innovation Group apart from our peers and helps our customers compete and succeed in today's new normal."

Innovation Insurer is designed to support growth initiatives, direct-to-consumer channels, and improve operational efficiencies while reducing the risk and cost of core systems replacement. Innovation Insurer features:

  • Depth and Breadth of Business Capabilities: Innovation Insurer supports the end-to-end insurance value chain including product management, rating, underwriting, billing, agent management, CRM, audit and financials, claims, supply chain management, role based portals and reinsurance.
  • Insurance Specific Analytics: Built for P&C insurance with over 100 KPI's supporting policy, claims, customer, financials, and role based portals and dashboards.
  • Rule of One: One data model. One rules engine. One process engine. One configuration and administration toolset.
  • Flexible and Agile Configuration: Enhanced configuration tool with a dynamic, graphical UI expanding configuration based on unique company, user, skills, process or business need. Configures and manages product, rates, rules, forms, and brands in a more effective manner to support business users and speed-to-market.
  • Customer Centric: Customer centric data model, customer relationship management, analytics and portals.
  • Implementation Choice: Available delivery options for Innovation Insurer include on-premise, ASP, BPO and SaaS, with the flexibility to change over time.

Insurer Policy, Insurer Claims and Insurer Analytics are functionally-rich, enterprise-wide solutions which have been widely recognized over the last year with a vast array of awards, including Celent's Model Insurer, Vanguards in Insurance Practice (VIP), Novarica ACE Ranking, Insurance IT RAVE Award, and four XCelent Awards.

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.

Contact Information

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