 "Innovation Group, Auto Risk Ally To Deliver Advanced Claims Processing")
Auto Risk Management Services, a provider of pre-risk inspection services and other related insurance services throughout the country, has announced a claims processing partnership with Innovation Group, a provider of enterprise software, business process outsourcing (BPO) and repair and service network management solutions to the global Property and Casualty industry.
The 50:50 JV, which has been in the planning stage for over a year, is underpinned by four blue chip insurance (Future Generali, Reliance, IFFCO-Tokio, ICICI Lombard) and two fleet customer (ALD and LeasePlan) agreements. The India operation is up and running and already handling numerous claims transactions for customers every month and expected to process several thousand claims in the first year of operation from the initial customers.
The partnership, known as Innovation Auto Risk, is headquartered in Delhi, with claims servicing operations across India. India auto claims are rising in line with the non-life market for insurance to an estimated 7,000,000 incidents annually. Innovation Auto Risk will address the market requirement for improved claims processes to deal with these rising volumes while providing improved customer service, fraud management and business analytics.
“Great effort was put into the shaping of the initial Innovation Auto Risk partnership. The venture in India will use a combination of Innovation Group technologies and processes coupled with Auto Risk’s market reputation and service delivery,” says Ashwani Sethi, MD, Innovation Auto Risk.
With IT spending in the India insurance sector expected to grow at a compound annual growth rate of 37.5 percent per annum by 2012 the focus for insurers will be on finding partnerships that actually deliver automation and processing that is up to the challenge of scale and growth.