Twelve Industry Leading Companies Participate in Inaugural Innovation Group Customer Advisory Board for North America
FARMINGTON, CT--(Marketwire - Jul 21, 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, today announced the company held the inaugural Customer Advisory Board (CAB) meeting in Chicago, Illinois with senior executives representing twelve leading insurance companies using Innovation Group's software and BPO solutions. The meeting highlighted the need for transformation, innovation and collaboration and the significant ongoing impact strategically and competitively of using both software and BPO solutions.
The CAB, a gathering of senior executives from both business and IT, provided invaluable insight into emerging business trends, as well as real-world experience with Innovation Group's solutions, and "voice of the customer" input. The meeting focused on the industry "new normal," discussing how companies must proactively assess and define approaches to the fast-paced business, distribution, customer, outsourcing and technology changes to create competitive, yet sustainable, customer and business value.
Featured speaker, Karlyn Carnahan, principal, Insurance, at Novarica, discussed industry results, external trends, current activities, future trends and business implications. Carnahan highlighted how the economic changes of the last few years have been a catalyst for change. The changes she drew attention to included: how insurers are using technology investments to add new business capabilities, replace core systems, improve underwriting with analytics, and simplifying process with portals; the need for ongoing, sustainable innovation; the increasing importance of data, and most importantly, the criticality of collaboration with customers, agents and solution providers.
"An overriding trend and key to competitive positioning in the industry is collaboration, whether with customers, agents or partners, because the business is changing so fast and insurers do not have all the ideas or solutions to respond to those changes," said Carnahan. "Throughout the meeting, an overriding theme by the insurers was the partnership approach with Innovation Group, from jointly developing new solutions, offering delivery options, ability to change delivery options and a commitment to continuous innovation. The CAB participants are representative of how insurers and solution providers can collaborate and work differently to compete in the new normal."
All the presentations highlighted the business impact of collaboration, transformation and innovation.
Innovation Group North America CEOs for Software and BPO, Euan King and Bill Langley respectively, kicked off the meeting with an overview highlighting the company's strategy and growth, underpinned by a commitment to long-term partnerships and collaboration with customers and key partners.
"A core tenet of our business is being market driven, which is why this meeting is so valuable to gather ideas and input from our customers for our solutions," said King and Langley. "The combination of our software, BPO services and supply chain provide insurers access, scale and expertise to address the increasing lack of knowledgeable resources and enabling insurers of all sizes to compete like a national-based insurer."
Attendees were encouraged to network with peers, and the event successfully created an opportunity to collaborate and share best practices with other customers while providing an open forum for dialog with Innovation Group executives.
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