Innovation : New Australian Contract Win

14 October 2014

The Innovation Group plc

('Innovation Group' or the 'Group')

New Australian Contract Win

The Innovation Group plc (LSE: TIG.L), a global provider of business process services and software solutions to the insurance, fleet, motor and property industries, is pleased to announce that it has secured a significant new contract win with the Australian arm of a Tier 1 global insurer.

The contract for the provision of end-to-end personal lines (property and automotive) claims management services, will generate revenues of c. £1.2m (AU$ 2m) over its initial two year term. It is expected to commence in December 2014.

The initial contract term is for two years as this is the customer's practice for a new supplier.  However, this book of business is expected to grow substantially over a three to four year period. The Group fully expects to benefit from this growth as it helps the customer grow through this important new strategic partnership.

Commenting on the news Andy Roberts, Chief Executive Officer of Innovation Group said:

"This is an excellent, strategic win for us for two reasons. First, it proves our ability to leverage our experience in both property and motor claims. Second, it proves yet again our ability to win the trust and partnership of the largest, tier 1 providers wherever we operate. All of us look forward to helping our newest client benefit not only from our scale and platform but also from our unique insights in to the insurance market globally."

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About The 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 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.