INNOVATION GROUP LAUNCHES NEW ENTERPRISE SOFTWARE FOR INSURANCE SECTOR
US tier-one insurer is first signed customer
Innovation Group has announced a new version of its enterprise software for the global insurance market at the Acord Loma Insurance Systems Forum in San Diego.
Innovation Group intends to offer the new Innovation Insurer as a software sale to insurers of all sizes through a range of deployment options and as the basis for a business process outsourcing service (BPO) to mid-range and smaller players. The Insurer system has been in use within Innovation Group’s outsourcing business since January 2010 and is already servicing 104 clients.
The Insurer product is a web-enabled Java-based system offers a new level of flexibility and productivity to global insurers. According to Innovation Group, early users are reporting efficiency savings of 20-40% as a result of productivity gains and up to 10% in reduced claims costs.
A large un-named North American insurance business has already bought the claims management and analytics components, making it the first Tier 1 customer to adopt Innovation Insurer on an “on premise” basis.
“Innovation Insurer offers insurance companies a powerful, modern system which takes advantage of software standards in order to lower costs of ownership and reduce the risks of transformation from legacy systems which are expensive to maintain and which hinder efficient customer service,” said Robert Thomson, managing director of Innovation Group in the UK and Ireland.
“With margins under tremendous pressure in the global insurance market, operational effectiveness and excellence in customer service and claims management will only be achieved through the use of modern, agile and robust technology that delivers reduced costs from day one,” he said. “With Innovation Insurer, we have proven in our own outsourced service operations – and through our early customer signings – that we have delivered a game-changing solution for the global insurance market.”
ANALYST COMMENTARY ON INNOVATION INSURER
"Innovation Insurer represents an impressive upgrade from earlier versions in terms of functionality, usability and configurability, which are critical factors for successful insurance core systems. Combined with its improved analytics capabilities, this unified platform is likely to be an attractive option for P&C insurers.
Mathew Josefowicz, partner and managing director at Novarica.
"Innovation Group’s enhanced Innovation Insurer and new business model combines the capabilities of the company’s core software and BPO services. Companies that successfully deliver such broad solution sets drive more value to insurers, offer greater flexibility, and agility to change with shifting market conditions through best practices, a consortium of new ideas, market trends and capabilities, and a platform for continuous innovation and transformation.”
Craig Weber, senior vice president of the insurance practice at Celent.
The Innovation Group plc
Tel: +44 (0) 1489 898 300
Tel: +44 (0) 207 256 6992 firstname.lastname@example.org
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, RSA, 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's 2,300 people are located in the United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, India, Pakistan, South Africa, Spain and United States.
This press release was distributed by ResponseSource Press Release Wire on behalf of Acuity Reputation in the following categories: Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.