New Customer Wins and Multiple Implementations of Innovation Insurer Highlight Strong Business Value, Speed of Implementation and Affordability
FARMINGTON, CT–(September 26, 2012) – The Innovation Group plc (Innovation Group), today announced the latest release of the company’s flagship technology suite, Innovation Insurer, which includes Insurer Policy, Insurer Claims and Insurer Configurator.
The enhancements in this new release of Innovation Insurer further highlight the suite as a platform for enabling business change and responsiveness, thereby helping insurers meet customer needs for improved value and experience, improved combined ratios through lower operational and claims cost, and better underwriting performance.
The business value and key enhancements to Innovation Insurer include:
- Customer Centricity: Expanded customer information management with a 360 degree Customer View across -policy, billing and claims; and base distributor, customer and mobile portals.
- Underwriting Excellence: Enhanced rating, including rating worksheets, expanded facultative reinsurance processing including ability to reallocate proportions ceded to any treaty and adding facultative in a policy transaction, ability to pull claims loss information from policy and integration with Insurer Analytics to support life-cycle, what-if and profitability analysis.
- Claims Management: Enhanced event or cat management; process claim recoveries in accounts receivable and produce both policy and claim checks / EFT in the same run and view via accounts payable
- Robust Configuration: Expanded Configuration capabilities including dynamic screen build, the ability to modify screen flow through a graphical flowchart feature and ability to define a line of business.
- Performance and Scalability: A series of tests emulating business transaction volumes for Tier 1, Tier 2 and Tier 3 insurers demonstrated performance and scalability.
- Quantifiable Lower TCO and Affordability: Regional out-of-the-box (OOTB) capabilities to speed and decrease the cost of implementation for insurers. Some of the OOTB capabilities for the US market include pre-configured lines of business for all 50 states, 50 standard documents and key industry interfaces.
“Property/casualty insurers are replacing core systems at an unprecedented rate in order to improve speed-to-market, distributor service, business intelligence capabilities, and overall agility. More and more, they are turning to providers that can offer a suite of pre-integrated solutions, built on modern technology, that are highly configurable but also include pre-loaded content for their specific lines of business,” said Matthew Josefowicz, partner and managing director of Novarica, a research and advisory firm that serves insurers.
“With an increasingly competitive market in the U.S., the enhancements and OOTB capabilities provide a ‘top tier’ platform that improves speed to implementation, decreases costs and enable self-sufficiency helping to drive quantifiable lower total cost of ownership. Innovation Insurer, a 100% JAVA-based SOA solution, is the right solution at the right time for any insurer in the North America market looking to replace a legacy platform and get better business results,” said Euan King, CEO North America Software for Innovation Group.
Innovation Group’s commitment to a product roadmap that delivers innovative capabilities within a cohesive, comprehensive and configurable solution to enable insurers to unleash new ideas, break legacy paradigms and embrace change is highlighted in this release, the new wins and recent implementations. Over the last nine months, four insurers have selected Innovation Insurer. Two of those that selected Innovation Group implemented Insurer Policy in four and seven months respectively, introducing new innovative products in new markets and with new channels.
Innovation Insurer helps insurers to best meet their own customers’ need for improved value and experience, and at the same time help deliver on the need for competitive combined ratio, new products and channels, increased growth and greater profitability, helping to create success for each insurer on their terms.
Innovation Insurer has been recognized in 2010, 2011 and 2012 with four XCelent awards, five Celent Model Insurer, three VIP award, two RAVE awards and three Novarica ACE Rankings.
About 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 centers, 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 Insurance, RSA, Encompass, Hertz, CNA, Main Street America Group, 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 Group’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.innovation-group.com