Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, March 17, 2011 Innovation Group Contributes to ACORD Capability Model and Use by Celent in BPO Research
FARMINGTON, CT--(Marketwire - March 17, 2011) - The Innovation Group plc (Innovation Group), a global provider of business process outsourcing (BPO) and software solutions to the insurance, fleet, automotive and property industries, announced their contribution to the ACORD Framework helping to expand the model to support additional business capabilities for the insurance value chain.
"Innovation Group's contribution and participation further extends the model for claims-related content and brings extensive industry expertise in the end-to-end claims management," said Shane McCullough, Chief Enterprise Architect at ACORD. "Innovation's global claims management expertise based on their BPO and Insurer software experience provided valuable insight. In addition, their recommendation that Celent use the Framework models for their BPO research further demonstrates the flexibility and value of the Framework models to the industry."
The recent contribution from Innovation Group includes claims supplier management and repair management business areas. Innovation Group has one of the largest managed national networks of body shops across multiple countries around the world, processes over 11,000 customer claims incidents daily and over 4.2 million claims annually.
"Innovation Group approached us with the idea of using the ACORD Framework in our research," said Mike Fitzgerald, senior analyst for Celent. "After a review, it was clear that the use of a standard framework would ease comparisons and provide a common baseline for planning for both insurers and vendors."
ACORD accepts intellectual property contributions from member companies on behalf of the industry to further enhance and expand ACORD standards.
The Capability Model plays a central role in the ACORD Framework, a series of five interrelated models that can be used to develop consistent standards regardless of type, geography or line of business. The facets are: a Business Dictionary, a Capability Model with Process Maps, an Information Model, a Data Model, and a Component Model with Service Maps. The Capability Model defines the baseline of the things insurance companies need to be able to do -- the company's capabilities.
"Industry standards are critical for the insurance industry as the industry tries to achieve agility and flexibility," said Euan King, CEO North America Insurer Software for Innovation Group. "Innovation Group has a long history of supporting industry standards including ACORD, OMG, eEG7, Polaris, GDV, SIVI and other regional insurance standards. We are pleased to contribute to this industry effort as it will provide value today and into the future."
About The Innovation Group plc:
The Innovation Group plc (
