Australia (Commonwealth Union)_ Allianz X, the digital investment unit of the Allianz Group, has reached an acquisition agreement with Innovation Group’s stakeholders. Innovation Group links more than 1,200 insurance and automotive clients across the world with tens of thousands of regional network repairers and suppliers. The firm is quite popular for its digital claims management platform, Gateway.
The purchase will allow Innovation Group to expedite its investment in its technology and worldwide services capabilities. According to a press statement, the group will retain its operational independence, management team, brand, and culture following the sale. According to Tim Griffiths, CEO of Innovation Group, “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, also commented on the latest investment. He stated that Innovation Group’s digital solutions combine all the related parties and data to enable smooth, effective, and transparent claims management, from the initial notification of loss to repair and settlement, which is what the market highly demands. He further noted that it is a business with a great deal of promise, and the company intends to unleash it.
Allianz X focuses on aiding digital growth firms in insurance and asset management-related sectors. Over the past several years, it has expanded its portfolio to include over 25 firms and more than two billion euros in assets under management. The transaction is subject to clearance from the related competition and regulatory authorities. It comes after Allianz’s purchase of a majority share in the general insurance operation of Jubilee Holdings Limited in East Africa.
