Motor insurance claims management specialist WNS Assistance, the Ipswich based unit of WNS (Holdings) (NYSE: WNS), has acquired its information technology systems supplier, FLOvate Technologies, and now intends to market its claims-related technology platforms with its own business process outsourcing services.
FLOvate's customers include Saga and LV, two major UK-based auto insurance providers.
WNS Assistance has long worked with FLOvate Technologies, a privately-owned Ipswich-based company, with approximately three-quarters of its business devoted to developing workflow and claims management systems under exclusive license to WNS. FLOvate employs a total of 70 people, including 25 in Bangalore, India.
FLOvate Founder and Chairman, Edwin Harrellwill serve as its Chief Technical Officer of WNS Assistance. Bernard Donoghue, who was previously Global Head, WNS Insurance Services, has been appointed CEO of WNS Assistance, while Tim Rankin will continue as managing director of the business.
"We have been in discussion with a number of leading insurers, broker groups, and commercial fleets about outsourcing their motor claims management function," commented Mr Donoghue. "In addition to tapping into business process outsourcing expertise, several of these companies have been interested in the possibility of acquiring one or more of the claims-related systems supplied by FLOvate Technologies. We are now in a position to supply such systems in our own name, delivering a seamless solution to our clients."
Added Mr Donoghue, "The acquisition of FLOvate allows us to apply our motor-related claims management expertise to other insurance fields, with our initial targets being the pet, travel and household sectors. We are already engaged in developing a number of exciting opportunities in these new product areas and are confident that they will allow us to extend our current capabilities."
WNS acquired UK motor claims management company Town and Country, which was subsequently re-named WNS Assistance in 2002. In addition to insurers, WNS Assistance includes a number of brokers among its customers as well as large commercial fleets such as home improvement retail group Kingfisher plc and diversified technology company 3M.