Innovation Group Extends American Modern Partnership
HARTFORD, Conn.--(BUSINESS WIRE)--Innovation Group (LSE:TIG), a global provider of enterprise software and BPO solutions to the property and casualty insurance industry, announces they have finalized an application support and maintenance contract with American Modern Insurance Group (American Modern), the specialty insurance subsidiary of The Midland Company. The contract extends the Innovation Group/American Modern relationship to include customized support of Innovation Policy, the client centric, end-to-end policy administration system for all lines of property and casualty insurance.
"American Modern is rated A+ (Superior) by the A.M. Best Company and, for 10 consecutive years, they have been named one of the Ward Financial Group's Top 50 property and casualty companies in America," stated Euan King, chief operating officer for Innovation Group Technology Solutions, North America. "Innovation Group is proud to put our global property and casualty expertise behind a company that is so widely regarded for their exemplary product line and unparalleled commitment to customers."
The contract has been extended over the next 28 months and continues the growth of a business partnership that began in 2003. Innovation Policy went live at American Modern in December 2007.
About Innovation Group
The Innovation Group plc ('Innovation' or 'Group') provides outsourcing services and software solutions to insurers and other risk carriers. The software solutions are designed for the handling of policy and claims administrative processes within the insurance industry. The solutions can be utilized in connection with the Group's outsourcing operations or implemented on a stand-alone basis. Approximately 86% of the Innovation Group's total revenues are now recurring with the remainder coming from the sale and support of its software solutions. The Group provides software and outsourcing services on a non-branded basis and does not perform insurance underwriting functions.
American Modern Insurance Group (American Modern) is the specialty insurance subsidiary of The Midland Company, with more than 43 years of experience in the manufactured housing insurance sector. American Modern specializes in writing physical damage insurance and related coverages on manufactured housing as well as other specialty insurance products, including coverage for site-built homes, motorcycles, watercraft, snowmobiles, recreational vehicles, physical damage on long-haul trucks, extended service contracts, excess and surplus lines coverages, credit life and related products, as well as collateral protection and mortgage fire products sold to financial institutions and their customers. For more information, visit www.amig.com.
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