Allianz X, the digital investment arm of Allianz Group, will acquire Innovation Group subject to regulatory approval.
Innovation Group provides claims and technology solutions to the insurance and automotive industries. It says the deal will support further innovations as well as the continued roll-out of Gateway, its digital claims management solution that connects all stakeholders on a single, independent platform.
With more than 1,200 clients across the globe, Innovation Group will maintain its operational independence, brand and culture following the deal.
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.”
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.”
