FARMINGTON, CT--(Marketwire - Feb 20, 2013) - The Innovation Group plc (Innovation Group) today announced the latest release of the company's award-winning Innovation Insurer Suite, which includes Insurer Policy, Insurer Claims, Insurer Configurator, Insurer Billing, Insurer Rating, Insurer Reinsurance and Insurer Analytics. The new release solidifies Innovation Insurer as a leading platform to enable business change, responsiveness, growth and profitability through insight, innovation and performance for property and casualty (P&C) insurers with any line of business and size.
"P&C insurers of all sizes are increasingly looking at replacement of core systems with a pre-integrated software suite as a platform for growth, transformation and innovation," said Craig Weber, CEO of industry analyst firm Celent, a division of Oliver Wyman. "These solutions meet those needs. Innovation Insurer's expansion to support all lines of business also significantly improves the offering, as multi-product solutions are becoming more important to insurers looking to modernize their core systems."
New business capabilities and value include:
- Full Personal, Commercial and Specialty Lines Capability: Expanded support across the suite for all LOBs, including pre-configuration for personal and commercial including BOP to help get products to market faster and speed initial implementation.
- Product Innovation: An innovative generic product framework that provides a foundation to rapidly develop new, ground-breaking products for any LOB with the dynamic, user-friendly product management Insurer Configurator toolset, enabling first-mover market penetration.
- Enhanced Rating Capabilities: Robust, expanded rating methods to allow blanket rating, experience rating and schedule rating that supports micro-rating demonstrated with an implementation of 750,000 rating factors for auto.
- Policy Management: Streamlined Binder Issuance; new location capture screen utilizing third-party mapping; new audit adjustment process; ability to dynamically capture coverage; additional data and expanded policy analytics.
- Claims Management: Enhanced special investigative unit (SIU) management; improved fatality and bodily injury (BI) management; view policy level coverages for claims; enhanced financial balancing reports with claims transactions; and out-of-the-box (OOTB) fraud analytics.
- Expanded Analytics: Tablet touch dashboard interface; policy and claims consolidated analysis; support for SQL Server 2012; and advanced insurance analytics with greater "what next" and guidance linking analysis together and extending "what if" analysis for specific business scenarios.
- Enhanced Usability: Enhanced screen designs to reduce navigation; expanded pre-configured screens / capabilities to speed implementation.
- Robust Configuration: Expanded configuration capabilities, including dynamic screen build, modify screen flow through a graphical flowchart feature and ability to define a commercial or generic LOB, and Extended Field Support to allow new attributes to be added to the database, but still be accessible for processes such as rating and analytics.
- Upgradeability Ease: Enhanced tools in Insurer Configurator that enable flexibility, ease, accuracy, and speed of upgrades to minimize resources and cost.
- Quantifiable Lower Total Cost of Ownership (TCO) and Affordability: Expanded OOTB and pre-configured capabilities to speed and decrease the cost of implementation and upgradeability for insurers.
"The business impact of Innovation Insurer in terms of insight, innovation and performance is significant," said Andy Roberts, Global CEO, Innovation Group. "Insurers can increase their market share, improve customer loyalty, drive service excellence and ultimately be more profitable. Innovation Insurer is unmatched in its ability to deliver scalable and flexible solutions that can be easily implemented and upgraded as part of a truly 'future-ready' business platform."
"We believe it's the right solution delivered at the right time to help P&C insurers not just respond to market demands but innovate, enable options and grow," said Euan King, CEO NA Insurer Software. "Innovation Group's growing customer base of innovative and forward-thinking insurers reflect the business value of Innovation Insurer, enabling insurers of all sizes with one of the most powerful, comprehensive and innovative integrated P&C software suites available today."
Innovation Group's commitment to a solution portfolio that delivers distinctive capabilities within a cohesive, comprehensive and configurable solution to enable insurers to unleash new ideas, break legacy paradigms and embrace change is highlighted in this release. Innovation Group's award-winning policy, claims and analytics software offers insurers an integrated suite of software with modules that can be implemented individually or as part of a broader migration strategy.
Innovation Insurer has been recognized in 2010, 2011, 2012, and 2013 with four XCelent awards for Technology, Functionality, and Customer Satisfaction in the 2011 Celent PAS Personal Lines and Commercial Lines reports, five Celent Model Insurer, three VIP award, two RAVE awards and four Novarica ACE Rankings.
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 centers, 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, Hertz, 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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