Innovation Group BPO Operations and Large Customer Base Recognized
ROLLING MEADOWS, IL--(Marketwire - February 1, 2011) - The Innovation Group plc (Innovation Group), a global provider of business process outsourcing and software solutions to the insurance, fleet, automotive and property industries, today announced the company was recognized in Novarica's 2011 Market Navigator™ U.S. BPO/Virtualized Insurance Company Operations: Property and Casualty report. The report provides an overview of the BPO/VICO services currently available and used by U.S. property and casualty insurers. In August 2009, Novarica introduced the term "virtualized insurance company operations," or VICO, in order to narrow down the very large field of BPO providers to those who are providing true insurance-specific processing.
"Innovation Group U.S. BPO operations provide a broad set of BPO services, including their first notice of loss call center and the managed repair networks for auto and property, with one of the largest customer bases in the U.S. market," said Matthew Josefowicz, managing director at Novarica.
The report highlights that Innovation Group supports all P&C lines of business. The company has live U.S. clients in personal auto, property/homeowners, workers' compensation, and admitted commercial lines with 170 U.S. clients live on claims and customer service and more than 50 live for document creation and management. This includes approximately 20 clients with more than $1 billion in annual premium. All of Innovation Group's U.S. clients write personal lines, and about two-thirds also write commercial lines, including workers' compensation.
Innovation Group's BPO operation uses an onshore model with more than 500 U.S. staff who average more than 15 years of industry experience each. The company's BPO services support claims and customer service, as well as an auto physical repair solution and managed repair network (Innovation Auto) and a property damage/managed contract repair network solution (Innovation Property) as part of U.S. BPO solutions. Innovation Group's BPO operations are transitioning to use the company's software, Innovation Insurer, to provide clients broader BPO options. Innovation Group is live in Europe with plans for the U.S. later in 2011 / 2012.
"We appreciate Novarica's recognition of Innovation Group's broad BPO operations for the U.S. P&C market," said Bill Langley, CEO North America BPO for Innovation Group. "Our strategic partnership with clients and established, successful onshore operations highlight Innovation Group's commitment to be an extension of our clients to provide seamless and value-added support to their customers. We are committed to providing our clients innovative solutions. Our combined offering of BPO services and software provides the industry a unique solution to meet current and future market and customer demands, while enabling business transformation and delivering greater value to our clients."
The Novarica report is designed to provide an overview of the current solution provider marketplace for P&C BPO/VICO, and to assist insurers in drawing up their shortlists of potential providers based on vendor market position and offering details. To view a summary of the Novarica report visit http://www.novarica.com/pc_bpo_vico_nmn_2011/
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