Innovation Group PLC : - Australia Contract Wins
10/25/2011 | 02:10am
25 October 2011
The Innovation Group
("Innovation" or the
"Group")
Australia Contract Wins
- The Innovation Group is pleased to report two
important new contracts in Australia -
- Contracts involve both the Group's Software and
BPO capabilities -
The Innovation Group plc (LSE: TIG.L), is pleased to
announce that it has signed two new contracts in Australia,
utilising the Group's Business Process Outsourcing
("BPO") and Software capabilities.
The first contract is a three year software license
agreement with one of Australia's best known mid tier
Property and Casualty Insurers. Under the terms of the
agreement, the insurer will utilise the Group's
Innovation Insurer Suite software to implement multiple new
lines of business and will also migrate a number of existing
legacy systems on to the Insurer platform. This
contract is the Group's first sale of its entire Insurer
Suite offering, which includes Claims, Analytics and Policy,
also making it the first sale of the new Insurer Policy
product. The agreement is expected to generate approximately
AU$7.0m (£4.4m) in revenue over its three year period.
The second contract is a three year software license
and BPO agreement with the Australian arm of a global
insurance company headquartered in the United States.
As part of its agreement with this insurer, the Group will
provide its Innovation Insurer Policy software
to the insurer's Australian arm via a Software as a
Service ("SaaS") model, as well as hosting the
software and providing application support.
The Group will also provide the insurer's
Australian arm with outsourced services to
support the administration of certain policy types sold
through the insurer's Australian distribution
network. This contract, the first to combine
Innovation's software and BPO capabilities,
is expected to generate between AU$2.0m
and AU$4.8m (£1.25m and £3.0m) in Group revenue over its
term, dependent on the volume of policies sold.
Welcoming both deals Andy Roberts, Chief Executive
Officer of The Innovation Group added:
"This is excellent progress for us in Australia
and for our Group as a whole. These successes validate
our investment in the Insurer software platform, which is
winning over new customers with its flexibility, capacity and
speed of implementation. I am also pleased to unveil
further evidence of our ability to win business that involves
both of our key service lines. It is this combination
of sophisticated software and highly capable service teams
which, I believe, sets The Innovation Group squarely apart
from its peers."
Enquiries:
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The Innovation Group
Andrew Roberts, Chief Executive Officer
Jane Hall, Group Finance Director
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Tel: +44 (0) 1489 898300
|
|
FTI Consulting
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Tel: +44 (0) 20 7831 3113
|
|
Ed Bridges / Matt Dixon / Tracey Bowditch
|
|
Notes to Editors:
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
Group's 2,300 people are located in the United Kingdom,
Australia, Belgium, Canada, France, Germany, Japan, India,
Pakistan, South Africa, Spain and United States.
www.innovation-group.com
Ends
