New Customer Wins for Innovation Insurer Highlight Strong Business Value and Build Momentum Worldwide
FARMINGTON, CT--(Marketwire - May 23, 2011) - The Innovation Group plc (Innovation Group), a global provider of business process outsourcing (BPO) and software solutions to the insurance, fleet, automotive and property industries, announces the launch of the newly re-architected Innovation Insurer suite, and a new business model leveraging Innovation Insurer as a platform for development of competitive and innovative business processes by insurers.
The new version of Innovation Insurer offers a modern SOA, 100 percent, Java-based solution that not only out-performs legacy systems, but provides new business capabilities, integration with BPO services and delivery options including on-premise, ASP, BPO and Software-as-a-Service (SaaS). Innovation Insurer is designed to help insurers rapidly adapt to cyclical business changes, build and deliver innovative products, services and real-time access, enable multiple distribution channels, provide operational claims excellence, and deliver customer and underwriting performance insight, all while maintaining a low total cost of ownership (TCO) and business agility.
Additionally, a tier one insurer in North America recently signed to license Innovation Insurer components, Insurer Claims and Insurer Analytics, with additional wins soon to be announced in other regions. These customer wins highlight the strong business value the new version of Innovation Insurer brings to the worldwide insurance community and demonstrates the high level of interest in the suite as well.
"Innovation Insurer represents an impressive upgrade from earlier versions in terms of functionality, usability and configurability, which are critical factors for successful insurance core systems," said Matthew Josefowicz, partner and managing director of Novarica's insurance practice. "Combined with its improved analytics capabilities, this unified platform is likely to be an attractive option for P&C insurers."
Innovation Insurer now also includes enhancements designed to support growth initiatives direct-to-consumer channels, and which will improve operational efficiencies while reducing the risk and cost of core systems replacement, including:
Innovation Group, capitalizing on an industry trend converging BPO and software, is delivering a new business model using Innovation Insurer to drive more value to insurers, offer greater flexibility, and agility to change with shifting market conditions through best practices, a consortium of new ideas, market trends and capabilities, and a platform for continuous innovation and transformation. This new model has been implemented as the platform within Innovation Group's BPO operations which currently supports over 100 insurers in two regions, with more planned through 2012. This new business model and is termed a "Business Process Utility" by Gartner.
"Innovation Group's enhanced Innovation Insurer and new business model combines the capabilities of the company's core software and BPO services," said Craig Weber, senior vice president of the Celent insurance practice. "Companies that successfully deliver such broad solution sets drive more value to insurers, offer greater flexibility, and agility to change with shifting market conditions through best practices, a consortium of new ideas, market trends and capabilities, and a platform for continuous innovation and transformation."
"By taking action to respond to market and industry trends and to plan for future changes that will contour our customer's and market landscapes," said Andy Roberts, CEO of Innovation Group, "our leadership team has positioned Innovation Group to help insurers achieve operational efficiencies, competitive advantage and innovation through products and services that fit today's new normal, and which can be delivered with flexibility and agility through on-premise, hosted, SaaS or BPO models today and in the future."
"We are excited about this new release of Innovation Insurer, as it offers the industry a robust and extensive solution to support the insurance value chain, providing greater strategic and operational value for insurers today and in the future," said Euan King, Managing Director North America Insurer Software . "The expanded functionally and robust configuration, along with an array of delivery options, provides our customers and the industry greater insight, flexibility and agility to meet the dynamic market and customer demands. This release highlights Innovation Group's commitment to the P&C insurance industry, today and in the future."
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