RNS Number : 4435Y
Innovation Group PLC
01 March 2012
1 March 2012
The Innovation Group plc
('Innovation Group' or the 'Group')
UK Contract 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 the signing of a further major contract with Direct Line Insurance Group plc (formerly RBS Insurance Services Limited), the UK's largest personal lines insurer, for its market leading claims scoping and supplier management solution: Innovation Symbility.
The contract announced today is additional to the win secured in August to handle subsidence claims. The new contract is for an initial period of five years and will be charged on a transactional basis contributing approximately GBP5.0m to Innovation Group revenues over the term, with volumes expected to be fully ramped by the end of 2012 as the insurer leverages use of the technology capabilities across its property claims processes.
The contract will see Direct Line Group use Innovation Symbility to process and progress its domestic property insurance claims in order to provide a single, transparent claims experience to its customers. This contract win further underpins the Group's confidence in its expectations for the 2012 financial year.
Andy Roberts, Chief Executive Officer of Innovation Group commented:
"This contract win follows a detailed proof of the benefits Innovation Symbility software delivers to all participants in the claims cycle. Providing a SaaS solution on this scale clearly demonstrates our ability to provide leading edge application solutions to the world's largest carriers."
The Innovation Group plc Tel: +44 (0) 1489 898 300
Andrew Roberts, Chief Executive Officer
Jane Hall, Group Finance Director
FTI Consulting Tel: +44 (0) 20 7831 3113
Ed Bridges / Matt Dixon / Tracey
Direct Line Insurance Group plc:
Direct Line Insurance Group plc (Direct Line Group) is headquartered in Bromley, Kent; it has operations in the UK, Germany and Italy.
Through its number of well known brands Direct Line Group offers a wide range of general insurance products to consumers. These brands include; Direct Line, Churchill and Privilege. It also offers insurance services for third party brands through its Partnerships division. In the commercial sector, its NIG and Direct Line for Business operations provide insurance products for businesses via brokers or direct respectively.
In addition to insurance services, Direct Line Group continues to provide support and reassurance to millions of UK motorists through its Green Flag breakdown recovery service and Tracker stolen vehicle recovery and telematics business.
The Innovation Group plc:
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'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.innovationgroup.com
This information is provided by RNS
The company news service from the London Stock Exchange