Global data analytics and technology provider Verisk has announced that it has acquired Krug Sachverständigen GmbH (SV Krug), a Germany-based motor claims solutions provider.
The acquisition expands Verisk’s claims and casualty offerings across Europe.
Founded in 1982, SV Krug offers highly digitalised solutions that help insurers and car manufacturers to achieve better and faster customer service, which ultimately leads to sustainable reductions in costs.
The firm streamlines motor claims with digital solutions that enable insurers to obtain claim photos and information from policyholders, analyse those claims and deliver payments to policyholders.
At the same time, this acquisition is highly complementary to Actineo -a Verisk business that was acquired in 2021. The company is a leader within the digitalisation and medical assessment of personal injury claims in Germany and Austria, as it offers a wide portfolio of services, as well as technology and data solutions to support the entire personal injury settlement process.
Oliver Krug, managing director of SV Krug, commented: “Digitalisation has become increasingly important to accelerate the claims process, allowing insurers to focus on their core competencies and cost-saving measures.
“The implementation of a neutral and independent ecosystem in claims management is our top priority. As part of Verisk, we’ll be well positioned to enhance our role as a strategic partner and explore additional opportunities to automate the motor claims process for added benefits to both the insurer and policyholder / liability claimant.”
Olav Skowronnek, managing director for Continental Europe at Verisk Claims Solutions, added: “Verisk will add SV Krug’s established claims management solutions to Verisk’s leading data analytics and insurance ecosystem to provide an end-to-end claims solution to the European insurance market.
“SV Krug’s synergies with Actineo show great promise to support our clients by optimising operational efficiency and improving the customer experience.”
Earlier this month, Verisk unveiled a new rating engine that it says allows for insurers to transform the complex process of developing new commercial lines products.
