Innovation Group introduces Innovation WORKS Policy and Claims Solution
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Integrated, web-architected policy administration and claim management software platform supports accelerated delivery of new products and entrance into new states during the current soft market. NEWTON, Mass.--(Business Wire)-- Innovation Group-www.us.innovation-group.com--a leading global provider of enterprise software and business process outsourcing solutions to the property and casualty insurance industry, is pleased to announce the release of its newly architected workers` compensation and commercial insurance processing platform-- Innovation WORKS. Available for immediate delivery, Innovation WORKS was developed based on input solicited from analysts, business partners, clients, and prospects, and combined with Innovation Group`s extensive market research. Innovation WORKS is an end-to-end insurance solution which leverages the intellectual property and assets of Innovation Group`s past acquisitions, an arsenal of best practices from its over 200 North American clients, and the company`s 10+ years of proven delivery experience within the property and casualty industry. Innovation WORKS was designed and developed to help insurers with medical cost containment, to improve claims turnaround time, and to enable quick delivery of new products to market - all while providing a platform for delivering consistent and exemplary service to the organization`s customers, agents and brokers. By offering a straight through processing environment, Innovation WORKS provides an efficient platform to help organizations increase market share while boosting profitability Provided within Innovation WORKS is a fully integrated Customer Service Center module to measure customer profitability in support of business renewal decisions and cross-selling opportunities. The Customer Service Center module offers a wealth of capabilities to enhance an organization`s relationships with policyholders, agents and brokers with regular electronic communication of new offerings and business opportunities. Innovation WORKS provides seamless collaboration between all the process stakeholders to improve performance and streamline manual processes. Innovation WORKS is supported by a flexible and common workflow and a rules-based engine from policy administration to claims management to the Customer Service Center. The system`s intuitive user interface and process optimization empower users with complete control of data content, screen design and workflow. Achieving automation by consistently following an organization`s best practices eliminates much of the manual effort and allows for an increased focus on selling products at the right price from an underwriting perspective. From a claims perspective, the system allows the adjuster to ensure the appropriate reserves are established and claims are being closed more expeditiously. Innovation WORKS also leverages the expertise of Innovation Group`s Business Process Outsourcing (BPO) Operation which currently processes over two million commercial and workers` compensation claims per year for many of the leading U.S. carriers and Third Party Administrators. Eric Wadsworth, CEO of Innovation Group North America commented, "Innovation WORKS provides an integrated platform that supports all aspects of workers` compensation insurance processing. Our rich workers` compensation experience and focus, along with WORKS` modular implementation options, reduces risk and platform deployment challenges for our clients. We are pleased to announce Innovation WORKS to the market and thank all of our partners and clients for their contribution to its launch." About Innovation Group Innovation Group plc (LSE: TIG.L) is the leading provider of enterprise software and Auto and Property network management solutions to the global Property and Casualty insurance industry. Our contact centers, managed repair networks, technology and hosting solutions reduce risk, control costs, and improve both business performance and customer satisfaction. Innovation Group serves more than 1,000 insurance carriers and risk managers including AAA NCNU, Aviva, CNA, Encompass, Esurance, Hanover, Hertz, RSA, The Ford Motor Company, Toyota and Zurich. With 2,400 associates in 29 offices around the world, we process more than four million claims per year to achieve a 25% direct claims cost savings for customers. Our technology and hosting solutions are deployed worldwide and help our customers streamline business processes to gain greater market agility. www.us.innovation-group.com PRESS/ANALYST CONTACT Innovation Group: Susan Douglas Solomark Associates T: 847-895-2634 E: susan@solomark.com Copyright Business Wire 2009
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