Last checked at 19 May 2014 07:00
19 May 2014
The Innovation Group plc
('Innovation Group' or 'the Group')
United States BPS New Business Wins
- Contracts worth $10.0m across Property and Motor divisions -
The Innovation Group plc (LSE: TIG.L), a global provider of Business Process Services ("BPS") and software solutions to the insurance, fleet, automotive and property industries, is pleased to announce a number of new BPS contracts in North America, both in its Property and Motor divisions.
The US Property division has signed two new 3 year contracts, both with Tier 1 insurers, for its property contractor network program. The contracts see Innovation Group provide a managed repair service for homeowners, acting on behalf of the insurance carrier. Together these contracts are expected to generate revenue of approximately $4.0m (£2.5m) over the contract term.
In the Motor division, three new contracts have been signed - one Tier 1 and two large Tier 3 insurers. These contracts, which are all for Innovation Group's direct motor repair program, are worth an estimated $6.0m (£3.75m) in revenue over the next three years.
Andrew Roberts, Group Chief Executive Officer of The Innovation Group, commented:
"Following the appointment of a new management team and successful restructure of the US BPS business last year, I am extremely encouraged by the significant contract wins we have announced today, which have also been driven in part by the expertise of our new US BPS Advisory Board.
This deal momentum clearly shows that our solutions are unlocking value to customers and the strength of our offering means we can take advantage of opportunities in this geography. We will continue to grow our presence in the US and globally, setting trends in the insurance industry, while delivering value to our shareholders."
-Ends-
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 3727 1000 |
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 £204.4m (US$332m) in 2013, it employs over 2,800 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