Allianz X buys insurtech claims management firm Innovation Group
Allianz’s digital investment platform Allianz X has bought insurance claims and technology solutions firm Innovation Group.
The UK-based insurtech will retain its management team and brand, and will continue to operate independently once the deal goes through.
The acquisition includes Innovation Group’s auto and property service solutions, as well as digital claims management platform Gateway, which packages claims management processes into integrated software for the automotive and property sectors. Innovation Group said the deal with Allianz X will drive further growth for the platform.
“Allianz X’s support will accelerate the rollout of our industry-leading platform, Gateway, open up new opportunities for growth, and enable us to deliver market-leading services for our clients,” said Tim Griffiths, CEO of Innovation Group. “We are delighted to have the backing of Allianz X as we enter the next phase of our development.”
Nazim Cetin, CEO of Allianz X, said Innovation Group is a “future-ready business with lots of potential and we want to help unleash it”.
Cetin added: “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.”
Since its launch in 2013, Allianz X has made two other full acquisitions in Europe and currently has 28 direct investments in insurtech and fintech companies to support the growth of its digital platforms for the insurance and asset management sectors.