Innovation Group, a global provider of claims and technology solutions to the insurance and automotive industries, has announced that Allianz X has entered into binding agreements to acquire the company.
According to Innovation Group, partnering with Allianz X will help accelerate investment in its technology and global services capabilities, benefiting clients and employees. Following the transaction, Innovation Group will maintain its operating independence, management team, brand, and culture.
The transaction is subject to the approval of relevant competition and regulatory authorities.
“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,” 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.”
Dr 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.”
Allianz X is the digital investments arm of the Allianz Group, specialising in supporting digital growth companies in ecosystems relevant to insurance and asset management. Over the past few years, it has grown to a portfolio of more than 25 companies, with assets under management of more than €2 billion.
Innovation Group provides comprehensive operational support and expert services to insurers, fleet managers and automotive manufacturers, with more than 1200 clients in Australia, Germany, Poland, South Africa, Spain, the UK, and the USA. The company said it is transforming the insurance market with its pioneering digital claims management platform, Gateway, which is being launched in Germany.
This platform largely automates claims management through a sophisticated, independent software platform. Innovation Group said Gateway features a simple, intuitive user interface masking a complex ecosystem which connects all relevant participants, including data providers, in the claims process.