Innovation Group, a provider of enterprise software, has completed validation of its Innovation Insurer software for the IBM insurance process acceleration framework.
As part of the new IBM framework, the Innovation Insurer software will help insurance companies improve business processes based on best practices, global experience and service oriented technologies that improve agility, productivity, competitiveness, profitability and combined ratios, said Innovation Group.
It is reported that Innovation Insurer uses the latest interactive technologies and business tools within a service-orientated architecture model to increase business flexibility while maximizing re-use of assets and reducing total cost of ownership.
Through its partnership with IBM, Innovation Group said that it will also provide customers with access to an industry-specific software framework that efficiently deploys their applications. The framework will reportedly help speed up the insurance industry solution lifecycle from creation through to the availability of a service, while providing quality assurance, enhanced security and ongoing management and maintenance.
Hassan Sadiq, CEO of Innovation Group, said: Innovation Insurer leverages the services oriented architecture and IBM’s insurance process acceleration (IPA) as an accelerator for business transformation today and in the future, and we believe the property and casualty insurance industry will benefit tremendously from the creation of an environment that supports business transformation, innovation and enables new levels of competitive and strategic advantage.