Innovation Group has renewed its contract with an insurance company

Innovation Group, a provider of IT outsourcing services for the insurance industry, has renewed its contract with an insurance company.

According to Innovation Group, the renewed contract extends an existing relationship between the two parties which first began in 2007 for a further three years.

Under the terms of the renewed contract, Innovation Group will continue to handle all motor accident repairs on behalf of the insurance service provider across the UK and Continental Europe from the contract’s start date of January 1, 2009.

The renewed contract is estimated to generate income, dependent on the volume of transactions received in excess of GBP5 million per annum as volumes are expected to increase throughout the term of the contract.

Hassan Sadiq, CEO of Innovation Group, said: We are delighted to announce this contract renewal and to be selected as a preferred multi-territory outsourcing provider. This contract is further proof of the attractiveness of our offer to major insurance providers and a mark of our growing strength in the motor services segment. In addition, I am pleased to note that the contract adds critical scale to our operations in Spain and Belgium, bringing them to profitability.