Allianz acquires Innovation Group

Claims technology and solutions provider Innovation Group is being acquired by Allianz X, the investment arm of Allianz Group.

The deal, subject to regulatory approval, will support Innovation Group develop further technological solutions for the insurance and automotive industries, while also accelerating the global roll-out of its digital claims management platform, Gateway.

Gateway, which is being successfully launched in Germany, enables largely automated claims management through a sophisticated, independent software platform that connects all relevant participants in the claims process.

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.”

Innovation Group has more than 1,200 clients across Australia, Germany, Poland, South Africa, Spain, the UK, and the USA, while Allianz X specialises in supporting digital growth companies in insurance and asset management and over the past few years has grown to a portfolio of more than 25 companies.