Innovation Group connects over 1,200 global clients in the insurance and automotive sectors with thousands of regional network repairers and suppliers. It is known for its digital claims management platform, Gateway.
The acquisition will enable Innovation Group to accelerate the investment in its technology and global services capabilities. Following the transaction, the group will maintain its operational independence, management team, brand, and culture, a release stated.
Read more: Allianz seals major acquisition
“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,” said Innovation Group CEO Tim Griffiths. “We are delighted to have the backing of Allianz X as we enter the next phase of our development.”
Allianz X specialises in supporting digital growth companies in ecosystems relevant to insurance and asset management. Over the past few years, it has grown its portfolio of more than 25 companies, with assets under management of more than two billion euros.
Commenting on the latest investment, Allianz X CEO Dr. Nazim Cetin said: “Innovation Group’s digital solutions bring together all the relevant parties and data to facilitate smooth, efficient, and transparent claims management, from [the] 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.”
The deal is subject to the approval of relevant competition and regulatory authorities. It follows Allianz’s acquisition of a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa.
