Last checked at 1 Aug 2013 07:00
1 August 2013
The Innovation Group plc
('Innovation Group' or the 'Group')
New US Customer Win
The Innovation Group plc (LSE: TIG.L), a global provider of business process services and software solutions to the insurance, fleet, automotive and property industries, is pleased to announce that it has secured a new customer in the US forits Insurer Claims and Insurer Analytics software.
The contract, which commences immediately, has been signed with United Property & Casualty Insurance Company ("UPC"), the primary operating subsidiary of UPC Insurance(NASDAQ: UIHC).The initial contract is valued at approximately £2.0m (US$3.0m) andwill be recognised as licence and implementation revenue on a percentage of completion basisover the next nine months.
UPC, which writes and services property and casualty insurance in a number of states along the US East Coast, will use Innovation's Insurer Claims and Insurer Analytics software to support itsgrowth in this market and to effectively manage the claims process forthis specialist coastal portfolio.Implementation of the software will support UPC's commitment to both innovation and outstanding customer service.
Welcoming the news Andy Roberts, Group Chief Executive Officer of The Innovation Group commented:
"I am extremely pleased to welcome UPC to our customer base in the US. This win proves the continued strength of our software in this market and underpins our potential for growth.UPC, with its focus on innovation and customer service in the US property market, makes a great customer for us. Its vision and ambition align perfectly with our own commitment to drivegrowth in the US through a focus on excellence in the property segment.We all look forward to demonstrating Insurer's power and capabilities aswe work with the UPC team toimplement a new platform that willbe a foundation for their growth while enhancing their business operations and customer relationships."
Enquiries:
The Innovation Group plc | Tel: +44 (0) 1489 898 300 |
Andy Roberts, Chief Executive Officer | |
Jane Hall, Group Finance Director Louise Fisk, Head of Global Communications | |
FTI Consulting LLP | Tel: +44 (0) 20 7831 3113 |
Edward Bridges / Matt Dixon / Tracey Bowditch/ Elodie Castagna |
About The Innovation Group plc:
Innovation Group (LSE: TIG) is a global provider of insurance software solutions and business process services. With revenues of £193m (US$ 302m) in 2012, it employs over 2,400 people across North America, Europe, Asia Pacific and South Africa and works with 15 of the top 20 global insurance markets, 16 of the top 20 global insurance companies and 3 of the world's top 5 fleet and lease management companies.
www.innovationgroup.com