Innovation bags RBS Insurance contract

Software firm Innovation today confirmed that it has signed a major contract with RBS Insurance.The group, which provides software and outsourcing solutions to insurers, said the contract, which starts with immediate effect until 31 December 2014, will see it handle all of RBSI's newly notified subsidence claims, in addition to managing the completion of around 70% of existing open subsidence claims. Innovation will provide the insurer with a fixed per-claim pricing structure, fully backed with reinsurance, that removes variability from the insurer's claims reserves and delivers certainty over indemnity spend, the group explained in a company statement.Innovation said the contract will contribute around £40m to group revenue over its three-and-a-half year lifespan.Innovation chief executive officer Andy Roberts said, "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." ---CJ