Substantial contract win..11 Aug 2011 08:26
This global provider of business process outsourcing and software solutions to the insurance, fleet, automotive and property industries, is pleased to announce that it has signed a major contract with RBS Insurance ('RBSI'), a leading UK insurer.The contract, which commences with immediate effect and covers the period to 31 December 2014, will see the Group handle all of RBSI's newly notified subsidence claims, in addition to managing the completion of approximately 70 per cent of existing open subsidence claims. Innovation Group has developed a compelling proposition for the handling of subsidence claims. This proposition provides the insurer with a fixed per-claim pricing structure, fully backed with reinsurance, that removes variability from the insurer's claims reserves and delivers certainty over indemnity spend. Based upon anticipated transaction volumes and assuming normal weather conditions, the Group estimates that the contract will contribute approximately £40 million to Group revenue over its three-and-a-half year lifespan, further underpinning Group confidence in its expectations for FY 2012 and beyond. Announcing this significant contract win Andy Roberts, Chief Executive Officer of The Innovation Group commented: "I am delighted to announce this highly significant piece of new business for The Innovation Group. After a substantial evaluation process, we are delighted to be working with RBSI. Our offering in the UK subsidence market is sophisticated and particularly attractive to insurers as it provides them with certainty over claims costs. Today's announcement is one of the clearest signs yet of the progress we have made in developing our solutions and proving our ability to impress even the largest of blue-chip insurers."
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