Quindell Portfolio signs contract with UK motor insurer

Quindell Portfolio has secured a five-year contract to supply one of the top 10 UK motor insurers with its ICE Challenger software suite.

The signing of the contract for the software follows a competitive tender, extensive evaluation and proof of concept.

The initial licences and maintenance are worth £3.5m with multi-million pound service revenues and on-going support during the minimum five-year term.

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Quindell, which provides expertise in software, consultancy and technology enabled outsourcing to insurance and telecommunication sectors, will offer the undisclosed company with a complete integrated technology platform for its UK operation.

The Challenger ICE Solution Set provides a web-enabled end-to-end policy and claims administration solution for all lines of general insurance business.

It will help to increase productivity and savings in the latter half of the year as it provides the insurer with the ability to design and launch products within days.

"Quindell's strategy for technology has been planned over a significant period of time and is now having real traction in the marketplace," said Robert Thomson, Chief Executive of the Software and Consultancy Solutions division.

"Our solutions can be implemented quickly, giving control to the business user to manage the system going forward. This contract for all of our technology components with such a large UK insurer validates our strategy."

Shares rose 5.45% to 9.0p at 08:58 Wednesday.

RD