Innovation Group Announces Expanded Capabilities for Insurer Analytics

FARMINGTON, Conn., Aug. 7, 2012 (GLOBE NEWSWIRE) -- The Innovation Group plc (Innovation Group), today released a new version of Insurer Analytics, the business analytics component of the Innovation Insurer suite. The new release includes major enhancements for policy analysis, advanced insurance analytics, usability and extract / transform / load (ETL) process.

Recently profiled in the Celent Data Mastery Spectrum 2012 report, Insurer Analytics provides insurers one version of the truth through a single enterprise view, thereby empowering the business operationally to measure, monitor and manage, as well as strategically to uncover, insights and opportunities.

Insurer Analytics' expanded capabilities include additional out-of-the-box (OOB) content for policy around adjustments, coverages and active policies; an extension of the data warehouse to provide basis for expanded policy analysis; comparison of result data against baseline and trend; large data set visualization including time based progression; global, ranking and dynamic filter capability; set key performance indicator (KPI) targets for service level agreements (SLAs) from the user application; grid enhancements; dashboard manipulation; analysis input manipulation; search capability and extended parameterisation; and auditability for ETL.

Insurer Analytics provides key data mastery components including analytics, BI presentation layer, ETL, a data warehouse / data mart, data sets and enterprise roadmap. The OOB solutions contained within Insurer Analytics are geared around maximizing revenues, managing performance across the insurance value chain, preventing cost leakage, and improving efficiencies. Insurer Analytics can be used in multiple functional areas within an insurer, including customer data, distribution/channel management, underwriting, policy service, claims, pricing, enterprise risk management (ERM), catastrophe management, fraud management, and supply chain management. Insurer Analytics supports all property and casualty (P&C) lines of business.

"These enhancements to Insurer Analytics add further value to an already robust data mastery solution for insurance," said Andy Roberts, Group CEO for Innovation Group. "Since the release of the Microsoft-based solution in April, we have seen a significant increased interest across a wider spectrum of the market because of the affordability, deployment options and business user-friendly design the solution provides."

Insurer Analytics uses Microsoft SQL Server 2008 R2 for data warehousing and its BI capabilities and Microsoft Silverlight to deliver an advanced BI presentation layer.

"Microsoft's BI technologies are receiving accolades from analysts and customers for simplicity of use, robust and dynamic visualization and the ability to empower the business with self-service BI while IT maintains control of the data," said Tony Jacob, managing director, Worldwide Insurance at Microsoft Corporation. "Now we're seeing Innovation Group -- a great, strategic partner with insurance expertise -- using that technology to deliver and continuously improve a solution tailored for P&C carriers globally. We believe it's the right solution delivered at the right time to address what the P&C business demands."

Insurer Analytics, recognized with Celent Model Insurer and VIP awards in 2011, is available bundled with Insurer Policy and Insurer Claims or as a stand-alone solution. The underlying Microsoft BI technology used in Insurer Analytics was positioned as a leader in the "The Forrester Wave™: Self-Service Business Intelligence Platforms, Q2 2012" report in June, and in the "Gartner 2012 Magic Quadrant™ for Business Intelligence Platforms" in February.

About The Innovation Group plc:

The Innovation Group plc (LSE:TIG.L) is a global provider of business process outsourcing and software solutions to the insurance, fleet, automotive and property industries. Innovation Group provides contact centers, 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, 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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CONTACT: Innovation GroupJennifer Overhulse-KingSt. Nick Media Services          +1 859-803-6597          [email protected]

Source: Innovation Group