The Innovation Group plc (LSE: TIG.L), a global provider of software solutions and business process outsourcing to the insurance, fleet, automotive and property industries, is pleased to announce that it has secured a new software client win with a Tier One UK Insurer.
The client will adopt Innovation Group’s rich suite of products including Insurer Policy, Insurer Claims and Insurer Analytics along with a self-service portal. The complete eco-platform solution, including the Insurer suite and several of the client’s systems, will be hosted for the duration of the contract in Innovation Group’s data centres.
This contract is the third new business win in the UK this year. This is a major transformation project and has been won through its strategic partner, a global services and technology company, which is contracted as the overall systems integrator.
The contract was signed following an in depth due diligence process. Innovation Group was selected based on the agility, functionality and adaptability of the Insurer platform. After the initial solution design phase the decision was taken by the client to use the platform for the following business benefits:
- Transforming its business from a traditional operating model to a future-proofed digital service.
- Supporting its customer base using a full omni-channel approach.
- Providing a personalised data-driven customer journey.
- Delivering a high level of process automation, allowing a reduced cost base and a focus on customer service rather than transactional activities.
The contract has an initial term of 10 years and will deliver £46m of revenue with £12m being recognised over the next 12 months.
Andy Roberts, Group CEO of Innovation Group commented:
“We have invested significantly in our Software business over the past few years and I’m delighted to see that investment now paying off. This is a landmark contract win that recognises the technical excellence of our software suite.
We believe the growth of this Software business will bring more large deals. While the timings of these deals will not always be certain, the medium-term picture for this business looks wholly positive, as Innovation Group stands to benefit from more insurance firms adopting third-party software.”