Deal is valued at £40m over three and a half years
Innovation Group has announced the signing of a major contract with RBS Insurance ('RBSI'), a leading UK insurer.
The contract, which commences with immediate effect and covers the period to 31 December 2014, will see the Group handle all of RBSI's newly notified subsidence claims, in addition to managing the completion of approximately 70 per cent of existing open subsidence claims.
Innovation Group says it has developed a compelling proposition for the handling of subsidence claims, which provides insurers with a fixed per-claim pricing structure, fully backed with reinsurance. This, in turn, removes variability from the insurer's claims reserves and delivers certainty over indemnity spend.
Based upon anticipated transaction volumes and assuming normal weather conditions, the Group estimates that the contract will contribute approximately £40 million to Group revenue over its three-and-a-half year lifespan, further underpinning Group confidence in its expectations for the 2012 financial year and beyond.
"I am delighted to announce this highly significant piece of new business for The Innovation Group. After a substantial evaluation process, we are delighted to be working with RBSI. Our offering in the UK subsidence market is sophisticated and particularly attractive to insurers as it provides them with certainty over claims costs. Today's announcement is one of the clearest signs yet of the progress we have made in developing our solutions and proving our ability to impress even the largest of blue-chip insurers," said Andy Roberts, chief executive officer of Innovation Group.
“This is a major win for Innovation Group. Through a combination of investment in innovation, technical expertise and first class service, we are able to offer insurers a tremendous proposition which enhances their service to customers and reduces costs,” said Robert Thomson, managing director for UK and Ireland at Innovation Group.
About Innovation Group:
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.
Tel: +44 (0) 20 7256 6992
The Innovation Group plc
Tel: +44 (0) 1489 794068
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