Allianz X, the digital investment unit of the Allianz Group, has announced it is to acquire Innovation Group, a service provider for the management of complex claims in the automotive and real estate sector.
In the announcement, Allianz X stated it has entered into binding agreements with the shareholders of the UK-headquartered company, and the transaction is subject to approval by the relevant competition and regulatory authorities.
Innovation Group’s subsidiaries include auto and property service solution leaders that offer technology-based business process solutions. Further, Innovation Group operates a pioneering digital claims management platform, Gateway, which is described as a sophisticated, independent software platform for the automotive sector and, in time, the property sector.
Gateway bundles the diverse processes 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.
Nazim Cetin, CEO of Allianz X, commented: “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, said: “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.”
Following the transaction, Innovation Group will maintain its management team and continue to operate independently.
