Credit Advantage, a subsidiary of Sydney solutions provider Data Advantage, has been awarded a five-year outsourcing contract to manage the insurance claims database of Insurance Reference Services (IRS). The database, which contains more than 15.5 million records of the claims activities of businesses and individuals, is accessed by IRS members, including loss assessors, claims investigators and loss adjusters. Under the terms of the contract Credit Advantage not only takes over the management of the database, but it also assumes control of the sales and marketing of the insurance claims service and will provide a range of value-added services based on Data Advantage's analytical software.
Philip Cooper, chairman of IRS, said that before outsourcing management of the database IRS had to consider ongoing customer needs in relation to new product opportunities, product delivery and IT, while ensuring continuity of access. "We feel this new agreement takes advantage of the existing synergies between IRS and the Data Advantage group, including the latter's understanding of our business," he explained.
David Grafton, CEO of Data Advantage, noted that the company has had a long association with IRS, which was formed in 1991 when Credit Advantage, which was then the Credit Reference Association of Australia, merged its database with that of the Insurance Council of Australia. Credit Advantage has since provided facilities management services to IRS, he explained.
Grafton added that the latest deal will allow IRS to offer its core service at a guaranteed price and added that the deal also has advantages for Credit Advantage. "The financial benefits from this agreement are expected to flow through in the medium to longer term," he explained.