The Innovation Group appears to be motoring along in the US. The insurance software and business process services (BPS) provider has won three new contracts for its Innovation Insurer software suite, a significant BPS client renewal and a new BPS tier one contract win, which together are worth £14m.
The three software deals (worth just under £3m in total) include a SaaS contract with a tier 3 start-up commercial lines insurer; an implementation contract for Insurer Claims and Analytics with a tier 3 motor and property insurer; and the use of Insurer Analytics as a master data solution for a tier 3 personal and commercial lines insurer.
The BPS deals are significantly larger. They include a £3.7m three-year contract for its direct repair program, which aims to optimise the vehicle repair claims process, as well as a £7.4m two year renewal with a ‘leading provider of fleet and vehicle management solutions’. This renewal will see TIG continue to be the customer's sole provider of accident management services in the US, providing services around collision management, rental, road side assistance, glass and subrogation.
This is all very encouraging for TIG since the US is a key target for future growth. Last month, TIG also signed one of its largest ever deals in the UK, underlining the momentum it is seeing on both sides of the pond (see TIG signs £75m UK subsidence contract). TIG announces its full year 2013 results next week.