INNOVATION GROUP PLC
3 December 2014
The Innovation Group plc
('Innovation Group' or the 'Group')
Australian Contract Win
The Innovation Group plc (LSE: TIG.L), a global provider of business process services and software solutions to the insurance, fleet, motor and property industries, is pleased to announce that it has secured a significant new contract with a leading insurance company in Australia.
The initial two-year contract, commencing 1 January 2015, will see Innovation Group partnering in motor claims initiatives to enhance customer service and reduce claims costs. The Group expects this contract to generate over AUD $4.5million (c. £2.5m) across the initial two-year period.
Today's contract adds to the Group's recent new business momentum in the Asia-Pacific region. It follows the announcement made in October of a new claims management services customer in Australia, which the Group can now confirm as Berkshire Hathaway.The majority of services for Berkshire Hathaway will be in the Property space, while the contract with the leading insurance company announced today covers motor. This therefore highlights momentum across Innovation Group's business divisions in this geography.
Commenting on the news Andy Roberts, Chief Executive Officer of Innovation Group said:
"Today's announcement with one of Australia's tier one insurers further highlights the global appeal of our innovative approach to the insurance market. As we commence our work on Berkshire Hathaway this month, it is a real endorsement to secure an additional and prestigious customer. This contract win further proves our ability to scale internationally and our extensive experience of delivering similar mandates in the UK will be of vital importance in delivering a first-class service."
Innovation Group has been selected to support this new customer in Australia because of our highly advanced approach to claims management and our ability to deliver a service aligned to the customer's agile methodology and approach - enabling a seamless customer experience."
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 / Rob Mindell / Karen Tang |
About The Innovation Group plc:
Innovation Group (LSE: TIG) is a global provider of insurance software solutions and business process services. With revenues of £209.8m and adjusted PBT of £27.5m in 2014, it employs over 3,000 people across the UK, North America, Europe, Asia Pacific and South Africa and works with 15 of the top 20 global insurance markets, 75% of the top 20 global P&C insurance companies and 3 of the world's top 5 fleet and lease management companies.
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