Allianz X swoops for ‘future-ready’ UK insurtech to support growth
Global re/insurer Allianz Group's digital investments arm Allianz X is to buy UK-based insurtech Innovation Group, which provides claims and technology solutions to the insurance and automotive industries.
Allianz X has entered into binding agreements with its shareholders to fully acquire the company, subject to approval by the relevant competition and regulatory authorities.
Innovation Group’s subsidiaries include auto and property service solution providers that offer technology-based business process solutions. The group operates a claims management platform, Gateway, that allows digital management of the claims journey, from First Notification of Loss (FNOL) to repair and settlement, providing an collaborative ecosystem for all parties involved in the claims process.
Following the transaction, Innovation Group will maintain its management team and continue to operate independently.
Nazim Cetin, CEO of Allianz X, said: “Innovation Group’s digital solutions bring together all the relevant parties and data to facilitate smooth, efficient, and transparent claims management, from First Notification of Loss to repair and settlement, which is what the market is increasingly demanding. It’s a future-ready business with lots of potential and we want to help unleash it.”
Tim Griffiths, CEO of Innovation Group, added: “Allianz X’s support will accelerate the roll-out of our industry-leading platform, Gateway, open up new opportunities for growth, and enable us to deliver market-leading services for our clients. We are delighted to have the backing of Allianz X as we enter the next phase of our development.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
