Last checked at 22 Oct 2013 07:00
22 October 2013
The Innovation Group plc
('Innovation Group' or the 'Group')
UK Contract Win
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 the signing of a major contract with Lloyds Banking Group ('LBG'), one of the UK's largest domestic property insurers, for its market leading claims scoping solution Innovation Symbility.
The new contract, which is for an initial period of five years, will be charged on a transactional basis and will contribute approximately £7.0 million to Innovation Group revenues over the term with volumes expected to be fully ramped by Q1 2014.
Under the terms of the contract, the Group will provide LBG and all of the organisations that make up LBG's buildings claims supply chain with access to its Innovation Symbility software. LBG and its supply chain partners will use the software to process and complete LBG's domestic property insurance claims.
Andy Roberts, Group CEO of The Innovation Group, commented:
"This contract win cements Innovation Symbility as the UK's market leading solution. I am delighted that LBG have chosen our product as a key enabler for their business and we very much look forward to working with them to achieve their strategic objectives. Our delivery of a SaaS solution on this scale clearly demonstrates our ability to provide leading edge application solutions to the market's largest carriers."
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.innovation-group.com