Last checked at 13 Jun 2013 07:00
13 June 2013
The Innovation Group plc
('Innovation Group' or the 'Group')
New UK Customer Win
The Innovation Group plc (LSE: TIG.L), a global provider of business process outsourcing and software solutions to the insurance, fleet, automotive and property industries, is pleased to announce that it has secured a new customer win with a Tier One UK Mutual Insurer.
The contract, which commences immediately, is valued at £2m with £1.7m being recognised over the next 12 months. The contract was approved following an extensive and competitive process undertaken by the customer to identify the best partner to offer a multitude of products to suit its members' specific needs.
Innovation Group will provide the customer with Insurer Policy and Insurer Analytics, allowing its customers more flexibility and a wider range of products, while improving efficiency and lowering operational costs.
Insurer Policy is a robust, functionally rich policy management solution from product development, rating, quoting, underwriting, issuance, service and reinsurance, to billing and financials. Insurer Analytics is an out-of-the-box product that provides insurers with a single view of the enterprise, allowing the business to measure, monitor and manage, as well as strategically uncover, insights and opportunities.
This contract win helps to underpin software revenues in 2013 and 2014.
Welcoming the news, Andy Roberts, Chief Executive Officer of The Innovation Group, commented:
"I am delighted to announce that one of the leading mutuals in the UK has selected our products to facilitate its business growth. This contract win is the perfect opportunity to prove our technologies as best in class and is yet another example of how our range of insurance and analytics tools resonate within the industry."
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
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FTI Consulting |
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.innovationgroup.com