Last checked at 10 Oct 2013 07:00
RNS Reach
10 October 2013
The Innovation Group plc
('Innovation Group' or the 'Group')
South African Contract Win
- Fonesure (Pty) Ltd signs a new contract with Innovation Group for Motor Warranties -
The Innovation Group plc (LSE: TIG.L), a global provider of business process services and software solutions to the insurance, fleet, automotive and property industries is pleased to announce the signing of a significant contract in South Africa with Fonesure (Pty) Ltd ('Fonesure').
Fonesure is a leading provider of insurance, warranties and contract extensions to mobile phone users in South Africa. Fonesure has successfully built up a large database of customers, which they now intend to fully utilise, in order to sell extended motor warranties. The Innovation Group has proven market expertise in outward-bound telesales which will enable Fonesure to successfully target this database of existing customers.
The contract will run for an initial period of 2 years and sees the Innovation Group provide telesales staff and infrastructure, underwriting management, policy administration, premium collection and claims handling capabilities. The group will generate revenue on a transactional basis at 24.5% of the gross premium received to be spread over the life of the warranty.
Innovation Group South Africa's automotive business has significant experience in administering motor warranties since its inception over 30 years ago. It currently administers warranties, service and maintenance plans on more than 850,000 vehicles (in excess of 10% of all passenger vehicles on the South African roads).
Andy Roberts, Chief Executive Officer of Innovation Group, commented:
"I am delighted by the signing of this new contract with Fonesure. By building books of business through a database of customers who are existing vehicle owners, we are not reliant on consumers making new purchases. This creates a wealth of opportunities for us and further cements our robust position in the market. We look forward to the continued growth of our South African business through the use of our market leading expertise and relevant technology suite."
Enquiries:
The Innovation Group plc | Tel: +44 (0) 1489 898 300 |
Andy Roberts, Chief Executive Officer | |
Jane Hall, Group Finance Director Louise Fisk, Head of Global Communications | |
FTI Consulting LLP | Tel: +44 (0) 20 7831 3113 |
Edward Bridges / Matt Dixon / Tracey Bowditch / Elodie Castagna |
About The Innovation Group plc:
Innovation Group (LSE: TIG) is a global provider of insurance software solutions and business process services. With revenues of £193m (US$ 302m) in 2012, it employs over 2,400 people across North America, Europe, Asia Pacific and South Africa and works with 15 of the top 20 global insurance markets, 16 of the top 20 global insurance companies and 3 of the world's top 5 fleet and lease management companies.
www.innovation-group.com