Software specialist The Innovation Group's (TIG) shares plummeted nearly 30% in early trading today to less than 80p. They had recovered to 84p by lunchtime, but this still represents a fall of 22.4%.
Insurance Times reported today that Royal & SunAlliance (R&SA) had cancelled a deal with the software provider.
The insurance giant had been the first customer for TIG's claims management system, designed to trim costs and improve customer service.
However, R&SA pulled the plug after 20 months' investment in the system.
R&SA communications director Paul Atkinson said there was "nothing particularly wrong" with the TIG product, but the company wanted a single system to cover personal and commercial claims.
"Sometimes you have to make hard decisions. Unfortunately we've opted for an internal system," he said.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
