Verisk buys German insurtech to expand offerings in Europe
Global insurance data analytics and technology provider Verisk has expanded its claims and casualty offerings in Europe with the acquisition of a Germany-based insurtech that specialises in motor solutions.
The company has purchased Krug Sachverständigen GmbH, a Germany-based motor claims solutions provider.
Verisk said the acquisition is highly complementary to Actineo, a Verisk business that was acquired in 2021. Actineo specialises in the digitalisation and medical assessment of personal injury claims in Germany and Austria, offering a comprehensive portfolio of services, technology and data solutions to support the entire personal injury settlement process.
SV Krug, established in 1982, provides digitalised solutions to assist insurers and car makers to offer better and faster customer service, enabling sustainable cost reductions. The company simplifies motor claims with digital solutions, enabling insurers to efficiently acquire claim photos and information from policyholders, evaluate such claims, and dispense payments to policyholders.
“Verisk will add SV Krug’s established claims management solutions to Verisk’s leading data analytics and insurance ecosystem to provide an end-to-end claims solution to the European insurance market,” said Olav Skowronnek, managing director for Continental Europe at Verisk Claims Solutions. “SV Krug’s synergies with Actineo show great promise to support our clients by optimising operational efficiency and improving the customer experience.”
Oliver Krug, managing director of SV Krug, commented: “Digitalisation has become increasingly important to accelerate the claims process, allowing insurers to focus on their core competencies and cost-saving measures/ The implementation of a neutral and independent ecosystem in claims management is our top priority.
“As part of Verisk, we’ll be well positioned to enhance our role as a strategic partner and explore additional opportunities to automate the motor claims process for added benefits to both the insurer and policyholder / liability claimant.”
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