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LONDON (Alliance News) - The Innovation Group PLC, which provides software and business process services to a range of industries, said it has signed a deal with with Deloitte Consulting LLP to improve its offering to property and casualty insurers.
"Innovation Group is growing rapidly and already has an established customer base in the property and casualty (P&C) insurance industry which demands ongoing implementation resources of the company's core system solution suite, Innovation Insurer. To supplement the company's flexibility and scalability, Innovation Group will expand on an already successful relationship with Deloitte through this agreement," The Innovation Group said.
According to Jasmeet Gill, principal for Deloitte Consulting LLP, replacing legacy core systems, including policy administration, claims and billing, remains "one of the most significant puzzles" to solve in the insurance industry.
"Legacy core systems can be one of the greatest barriers for insurers in designing products, as well as selling and servicing their policyholders. Through this agreement, we can jointly offer an attractive option to our regional insurance clients who are looking at transforming their business," Gill said.
Innovation Group shares closed down 0.9% at 28.75 pence Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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