Allianz X – the German insurance giant’s digital investments arm – is to acquire UK-based insurtech Innovation Group, which provides claims and technology solutions to the insurance and automotive industries.
London-headquartered Innovation Group operates a digital claims management platform called Gateway, which serves as an independent software platform for the automotive sector – and in time, Allianz says, the property sector. Gateway bundles the diverse processes involved in claims management into one integrated software. It allows digital management of the claims journey from first notification of loss (FNOL) to repair and settlement, providing an entirely collaborative ecosystem for all parties involved in the claims process.
The company will retain its management team and continue to operate independently of Allianz. Terms of the deal have not been disclosed. It comes just a week after Allianz X announced a deal for Berlin-based Simplesurance, a pioneer in the embedded insurance space which is expected to be worth $700bn by 2030. It shows that the investment vehicle, launched by Allianz in 2013, is keen to keep investing in the insurtech industry and back startups that are transforming the face of insurance.
Allianz X ‘wants to help unleash’ Innovation Group
Nazim Cetin, CEO of Allianz X, says: “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.”
And Tim Griffiths, CEO of Innovation Group, welcomes the deal: “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. We are delighted to have the backing of Allianz X as we enter the next phase of our development.”
The deal is still subject to the usual regulatory approvals.