Innovation Group Extends Contract with Australian Insurer

Specialist software solutions provider Innovation Group (LSE:TIG) extended its contract with one of Australia’s largest insurance company, whose entity is undisclosed.

Innov[7]ation Group, a global provider of softwares applications, which is catered to the insurance industry, with an annual revenue of £175.9 million in 2011, said the contract will generate new software licences to the value of £1.7 million (AU$2.5 million) in the current financial year.

The group provides integrated solutions designed for the insurance sector starting from quote and inception through first notice of loss, claims and repair management to settlement and subsequent subrogation processes.

The UK-based company recently acquired Claims Services Australia, and merged it with the existing claims management business.

The contract extension, for the Group’s policy software, starts immediately, according to the statement.

“Innovation’s policy software enables the insurer to consolidate their policy administration for multiple insurance brands onto one system, replacing a number of separate policy software systems. As a result the insurer will be able to administer all of their Australian personal-lines business on Innovation’s Policy software.”

CEO Comments

Innovation Group’s Chief Executive Officer Andy Roberts, speaking about the deal, said:

“This news is further evidence of the power of our technology platform and its attractiveness to Tier One insurers. The ability of Innovation’s policy software to encapsulate the functionality of multiple existing systems, demonstrates the depth of functionality and its extensibility.”

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