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Insurer Policy

Insurer Policy

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Insurer Pyramid

Insurer Pyramid

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Insurer Claims

Insurer Claims

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Insurer Configuration

Insurer Configuration

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Insurer Analytics

Insurer Analytics

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Innovation Group is a global provider of business process services and software solutions to the insurance, fleet, automotive and property industries. We enable clients to unlock the potential of increased collaboration, outsourcing and strategic partnerships, helping to reduce costs and risks, improve efficiency, increase customer satisfaction and achieve growth. With a commitment to flexibility and innovation we are able to provide tailored solutions that can meet the demands of today and adapt more rapidly to the needs of tomorrow.At a glanceIncorporated in the UK in 1996, we’re a publicly listed company with annual revenues in 2011 of £176m. We employ over 2,400 staff in the 13 largest insurance markets spanning North America, Europe, Asia, South Africa and Australia.
We’re the only solution provider supporting the complete insurance value chain from quote and inception through First Notice of Loss, claims and repair management to settlement and subsequent subrogation processes.
Our customer base is broad, made up of over 800 clients. They include 75% of the Top 20 global insurance markets and 80% of the Top 20 global insurance companies, the majority of the world’s Top 10 fleet and lease management companies and regional leaders in financial services. Our clients are using our solutions to process over five million claims and incidents per year.
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Nature of Business

Service Provider

Year of Establishment

2009

Legal Status of Firm

Limited Company (Ltd./Pvt.Ltd.)

Annual Turnover

Rs. 2 - 5 Crore

GST Number

07AACCI0294B1Z0

Insurer Policy
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Insurer Policy

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It has proven itself on multiple platforms with carriers of all sizes around the world. In fact it has been successfully deployed in 11 countries where it is maintaining more than 20 million policies and 40 million client records.

Uniquely, Insurer Policy’s processing capabilities can be used together, selectively or standalone, providing flexibility to reduce risk and address specific business challenges incrementally.

Key Benefits

  • Design, configure, test and deploy new products in days or weeks, not months
  • Provide direct to consumer out-of-the-box capability
  • Leverage flexible and efficient workflow management tools, including automated note and diary capabilities
  • Model rates and analyse the effect of changes on profitability quickly and easily
  • Utilise comprehensive financial balancing and auditing
  • Rapidly acquire books of business and underwrite in other jurisdictions

Provide real-time information that is readily accessible and increases the efficiency of agents and employees, improving customer satisfaction.

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Insurer Pyramid
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Insurer Pyramid

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A solution to manage Workers’ Compensation policy and claims faster and more efficiently, ensuring injured workers get the early treatment that is proven to reduce losses.

Many legacy systems simply aren’t set up for the complexity of the Workers’ Compensation business. They generate disconnected data, are expensive to maintain and cumbersome to reconfigure as the rules and regulations governing their cover change.

As a result, many insurers aren’t able to benefit from research findings that show the sooner they can start workers on medical treatment, the faster and more thorough they recover, reducing the claims loss.

Insurer Pyramid combats this complexity with a feature-rich, end-to-end claim and policy solution. It provides a comprehensive approach combining innovative operational improvement to meet immediate needs with flexibility to meet future demands.

 

 

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Software-Innovation Insurer
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The Innovation Insurer family offers end-to-end policy, claims and analytics management capabilities on a single platform. It combines sophisticated business process management functionality with flexible Service Oriented Architecture, helping to unlock the rigidities of legacy systems and enable greater business flexibility.

Innovation Insurer products:

  • Drive down direct and indirect costs
  • Improve speed to market with new products and services
  • Enable integrated yet highly customised distribution models including direct-to-customer
  • Manage the disparate parts of the end-to-end insurance value chain in a single place, improving customer service, retention and value.

As a modular ‘family’, Innovation Insurer gives you flexibility to choose functionally rich stand-alone components and leverage your existing IT investment. Those components can even be tailored to meet specific requirements.

Innovation Insurer is available in a range of engagement models so you access to world-class capability while controlling the capital investment required. Options include license/in-house, ASP, BPO or Software as a Service (SaaS).

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Insurer Claims
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Insurer Claims

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Insurer Claims is a complete, browser based, claims management solution, covering first notice of loss through assessment and assignment, case management, recoveries and settlement, even incorporating the management of any supplier network (repair shops, legal agents, medical specialists and so on).

 

Our Claims solutions have been successfully deployed with carriers of all sizes in the UK, Continental Europe, North America, South Africa and Australia. Our solutions are used by our own staff to process more than 4 million claims annually.

Across the whole process, the solution automates complex tasks involving multiple users, sharing information in real-time so each claim is handled more efficiently.

Key Benefits

  • Reduces direct and indirect costs throughout the claims cycle. Given that 70-80% of insurers expenses are claims related, even single digit gains can translate into large sums
  • Ensures ‘right first time’ processing, further driving out costs, reducing cycle times and creating innovative processes to enhance the customer relationship
  • Improves customer choice by integrating wireless channels
  • Increases the productivity of Brokers, Agents and other Handlers in expediting claim cycles

Delivers further savings by automating the identification of potential fraud or subrogation opportunities, delivering them to your specialist teams as they arise.

 

 

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Insurer Configuration
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Insurer Configuration

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Insurer Configurator is backward compatible, enabling the decoupling of business logic from insurance applications, thereby significantly reducing deployment time through extensive use of inheritance.

Insurer Configurator has been used to support large scale projects with, complex product configurations, in multiple companies across a variety of distribution channels utilising a SaaS deployment model. The configuration lifecycle and areas of configuration are managed by Insurer Configurator, and tightly controlled using the work-package and release management capabilities providing source control style functions with full audit-ability across the system.

Insurer Configurator features industry-leading functionality and delivers business value through:

  • Compliance and Risk Management: Full audit-ability across the system for changes and data, different brands or companies to support Sarbanes Oxley (SOX) and other regulation.
  • Business Agility – Respond quicker to market changes, M&A, distribution options, new products, product changes, market growth opportunities and customer demands with the robust, flexible configuration.
  • Work-Package Management: All changes are made against a work-package that controls what is changed, by whom, with versioning automatically controlled and a full history maintained.
  • Release Management: When implementing configuration changes, the tool provides the mechanism to select individual changes for release and identifies any dependencies between work packages to ensure consistency and accuracy.

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Insurer Analytics
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Insurer Analytics

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With the right data it can also help you identify your most profitable customers, generating significant opportunities for extra revenue.

 

It delivers these benefits ‘out of the box’, speeding up the process and eliminating many of the set-up costs normally associated with intelligence systems.

Key Benefits

  • Identify best and worst performance through a library of Key Performance Indicators (KPIs) and specialist reports, providing ‘plug and play’ performance monitoring specific to the insurance industry
  • Respond quickly to ad-hoc questions by generating and distributing ‘on-demand’ management information (MI)
  • Identify the ‘reasons why’ through free format ‘train of thought’ analysis of data at the lowest level of detail
  • Share important information more rapidly through web-enabled distribution of analysis, MI and exception reporting
  • Save money by focusing management effort where it is most likely to improve process, eliminate wastage and transfer best practice.

 

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Innovation Group’s services enable insurers to manage the full policy cycle in real time offering potential for significant administrative efficiencies. Built on a Service Oriented Architecture (SOA)-compliant platform that is fully configurable for any language, currency and insurance product, they provide flexibility to launch new products and create broader distribution more rapidly.

Our solution covers a comprehensive range of policy management services including:

  • Customer relationship and communication services
  • Quotation management
  • New business processing
  • Policy amendments and renewal cycles

Available as either an outsourced solution or as Software as a Service (SaaS), our services are easy to integrate with existing legacy systems, avoiding issues with data migration.

They are well proven and are currently supporting a variety of insurers – from large scale operations with premiums bases of £10 billion+ down to new entrants and more specialised businesses in the £10 million premium range.

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Being able to reassure customers that if anything goes wrong with a purchase, it will be “put right” can be an important marketing differentiator.

Innovation Group enables manufacturers and retailers to include this valuable extra benefit in their product proposition at minimal extra cost and can be ’white labelled’ and presented to your end-consumers as an extension of your own range of services.

We can give your customers a dedicated point of contact, through our call centres. In addition, we can establish and manage an accredited repair network which then provides rapid, effective incident management – without tying down resources in your business that are better employed seeking new opportunities for growth.

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