Insurance BPS provider The Innovation Group (TIG) is on something of a roll right now signing new deals (see Innovation Group announces Aviva win). This time it has renewed a contract with the insurer and vehicle finance arm of one of South Africa’s top four banks, to conform with the newly implemented Binder Regulations. These are complicated new regulations aimed at cleaning up the insurance sector in South Africa.
The good news for TIG is that the new deal is being signed with significantly higher volumes expected. It will run through to 2015, with revenues expected this year of £8.5m, and then £10m in 2014 and 2015. This will take the total contract value (TCV) of the deal to £37m over its five year duration, up from £25m originally. We suspect this now makes the South African bank TIG’s second largest customer by revenue after RBS Insurance in the UK (see TIG signs £40m deal with RBS Insurance). A sure sign that TIG’s software and business process offerings are hitting the spot with the client.