The Innovation Group, a provider of business process outsourcing(BPO) and software solutions to the insurance, fleet, automotive,and property industries, announces the company held its inauguralcustomer advisory board (CAB) meeting in Chicago, with seniorexecutives representing twelve leading insurance companies usingInnovation Group's software and BPO solutions.

The meeting highlighted the need for transformation, innovation,and collaboration and the impact strategically and competitively ofusing both software and BPO solutions.

The CAB provided insight into emerging business trends, as wellas real-world experience with Innovation Group's solutions, andcustomer input. The meeting contained discussions on how companiesmust proactively assess and define approaches to the fast-pacedbusiness, distribution, customer, outsourcing, and technologychanges to create competitive, yet sustainable, customer andbusiness value.

Featured speaker, Karlyn Carnahan, principal in the insurancepractice at Novarica, discussed industry results, external trends,current activities, future trends, and business implications.Carnahan highlighted how the economic changes of the last few yearshave been a catalyst for change.

The changes she drew attention to included: how insurers areusing technology investments to add new business capabilities,replace core systems, improve underwriting with analytics, andsimplifying process with portals; the need for ongoing, sustainableinnovation; the increasing importance of data; and the criticalityof collaboration with customers, agents, and solutionproviders.

"An overriding trend and key to competitive positioning in theindustry is collaboration, whether with customers, agents orpartners, because the business is changing so fast and insurers donot have all the ideas or solutions to respond to those changes,"says Carnahan. "Throughout the meeting, an overriding theme by theinsurers was the partnership approach with Innovation Group, fromjointly developing new solutions, offering delivery options,ability to change delivery options and a commitment to continuousinnovation. The CAB participants are representative of how insurersand solution providers can collaborate and work differently tocompete in the new normal."

All the presentations highlighted the businessimpact of collaboration, transformation and innovation.

• Online Auto Estimation: A recently announced partner withInnovation Group, Instant Estimator highlighted that if the top 20carriers used the solution for 40 percent of their claimsprocessing, they would save $1.8B. Instant Estimator can provide anautomated auto damage estimate within five minutes, focusing on the65 percent of claims with exterior damage.
• Business Transformation Underpinned by Core System Replacement:Presented by Mountain West Farm Bureau/Western Computer ServicesInc (WCSI), this session discussed how the implementation of abest-of-breed suite has underpinned the business transformationinitiative. An early win with analytics created confidence andmomentum for the project. The experience and relationship withInnovation Group has developed an enhanced partnership to offer ahosting option for small insurers together.
• Raising the Competitive Bar by The Main Street America Group:As a super regional property/casualty insurance carrier, MainStreet America competes against both national and regionalinsurers. Its challenge is to keep the local touch of a regionalcarrier while also providing similar products and programs aslarge-scale nationals for its distribution force of independentagent-customers, as well as its policyholders. Main StreetAmerica's claims model includes utilizing strategic partnerships,like Innovation Group, to provide products, scale, and help themprovide superior service while "doing more with less."
• Transformation is a Journey with Ongoing Business Value:Presented by American Modern Insurance Group, this sessiondiscussed the company's implementation of their policy businesstransformation and how it has grown in use from 70 users to morethan 20,000 in just over eight years, providing direct access toagents. Annually, they have updated the cost / benefit case andreturn on investment (ROI), which has shown continued businessvalue and growth in ROI, helping to fund other initiatives. Theynoted implementation of new core systems is just the first step oftransformation. An ongoing strong partnership, support andinvolvement is key to building greater ROI over the long-term.

Innovation Group North America CEOs for Software and BPO, EuanKing and Bill Langley respectively, kicked off the meeting with anoverview highlighting the company's strategy and growth,underpinned by a commitment to long-term partnerships andcollaboration with customers and key partners.

"A core tenet of our business is being market driven, which iswhy this meeting is so valuable to gather ideas and input from ourcustomers for our solutions," said King. “The combination of oursoftware, BPO services and supply chain provide insurers access,scale and expertise to address the increasing lack of knowledgeableresources and enabling insurers of all sizes to compete like anational-based insurer."