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Innovation Group Receives 'Positive' Rating in Leading Analyst Firm's 2012 MarketScope on North American P&C Claims Management ModulesReplacement of Legacy Claims Systems Cited as a Top Priority Among P&C Insurers (April 12, 2012)
FARMINGTON, CT -- (Marketwire) -- 04/12/12 -- The Innovation Group plc (Innovation Group), a global provider of business process outsourcing (BPO) and software solutions to the insurance, fleet, automotive and property industries, today announced that Insurer Claims, a component of the Innovation Insurer suite, received a "Positive" rating in the 2012 MarketScope for North American Property and Casualty Claims Management Modules report authored by Jeff Haner, principal research analyst for Gartner.
The MarketScope report evaluated vendors based on criteria Gartner recommends insurers consider when looking at a new claims management module. The report notes that to achieve the most business value, claims management systems must support the entire claims end-to-end life cycle. More advanced solutions include rule engines and workflow capabilities to automate activities, and they incorporate data and analysis from third-party systems and services (such as mapping services or advanced fraud analytics) to achieve faster, more informed decisions.
In addition to basic claims management functionality, modules are emerging that include next-generation features, such as support for mobile devices, self-service portals, advanced analytics, and increasingly accessible configuration tools. State-of-the-art modules should include online entry of claims and self-service functionality by agents and customers; supply chain management and integration with other applications (for example, repair shop applications); catastrophe management including the ability to efficiently identify catastrophe claims before and after an event, and the ability to streamline claims setup and assignment processes. Additionally, advanced claims analytics, including a set of prebuilt reports (for example, loss adjuster productivity and injury analysis), claims key performance indicators (KPIs) set up in the system, and dashboard capability to proactively manage the claims operations; and integration across policy lines for a customer-centric view of claims service are extremely important to insurers.
"Insurer Claims continues to garner strong reviews and recognition in the industry for the advanced capabilities it offers, including online self-service for many roles, comprehensive supply chain management capabilities that are integrated with Innovation Group's repair networks and supply chain, extensive catastrophe management functionality, advanced and extensive claims analytics through Insurer Analytics and integration with Insurer Policy that provides a 360 degree view of the customer," said Euan King, CEO North America Insurer Software at Innovation Group. "Insurers looking to break from legacy paradigms and seek greater flexibility and agility with a range of delivery options beyond on-premise including ASP, SaaS, BPO and Cloud will find proof points with Insurer Claims. The comprehensive functionality and delivery range make Insurer Claims one of the strongest 'next gen' claims management solutions in the industry."
Insurer Claims has been industry recognized with a 2012 and 2010 Celent Model Insurer award, 2010 VIP award, 2011 RAVE award and Novarica ACE Rankings.
About the MarketScope
The MarketScope is copyrighted 2010 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About The Innovation Group plc:
The Innovation Group plc (LSE: TIG.L) is a global provider of business process outsourcing and technology solutions to the insurance, fleet and automotive industries. Innovation Group provides contact centres, repair networks, process management, supply chain and technology operations and decision support analytics to support accident management, repair and estimation and claims management services. Innovation Group has over 800 global clients including AXA Insurance, RSA, Encompass, Esurance, Hertz, CNA, Main Street America Group, American Modern Insurance Group, LeasePlan, The Ford Motor Company, Aviva, Toyota and Zurich. The Group processes more than 4 million claims per year with 20 per cent direct claims cost saving achieved. Innovation Group's 2,300 people are located in the United Kingdom, Australia, Belgium, Canada, France, Germany, Japan, India, Pakistan, South Africa, Spain and United States. www.innovation-group.com
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