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Innovation Group Signs Deal With Lloyds Banking Group - Quick Facts

10/22/2013 2:48 AM ET

Innovation Group plc (TIG.L) announced the signing of a major contract with Lloyds Banking Group plc (LLOY.L,LYG: Quote) for its claims scoping solution Innovation Symbility.

As per the terms of the contract, the Group will provide Lloyds Banking Group or LBG and all of the organisations that make up LBG's buildings claims supply chain with access to its Innovation Symbility software. LBG and its supply chain partners will use the software to process and complete LBG's domestic property insurance claims.

The new contract, which is for an initial period of five years, will be charged on a transactional basis and will contribute approximately 7.0 million pounds to Innovation Group revenues over the term with volumes expected to be fully ramped by the first quarter of 2014.

Andy Roberts, Group CEO of The Innovation Group, said, "This contract win cements Innovation Symbility as the UK's market leading solution. I am delighted that LBG have chosen our product as a key enabler for their business and we very much look forward to working with them to achieve their strategic objectives. Our delivery of a SaaS solution on this scale clearly demonstrates our ability to provide leading edge application solutions to the market's largest carriers."

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by RTT Staff Writer

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