Allianz X will acquire Innovation Group, supporting its growth and further development
● Innovation Group is a leading global provider of claims and technology solutions to the insurance and automotive industries
● Innovation Group will continue to operate independently, serving all customers
Munich/London, 10 October 2022 — Allianz X announced today it has entered into binding agreements with the shareholders of UK-headquartered Innovation Group to fully acquire the Company. The transaction is subject to approval by the relevant competition and regulatory authorities.
Innovation Group’s subsidiaries include auto and property service solution leaders that offer technology-based business process solutions. Further, Innovation Group operates a pioneering digital claims management platform, Gateway, which is a sophisticated, independent software platform for the automotive sector and, in time, the property sector. Gateway bundles the diverse processes in claims management into one integrated software. It allows digital management of the claims journey, from First Notification of Loss (FNOL) to repair and settlement, providing an entirely collaborative ecosystem for all parties involved in the claims process.
“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,” said Nazim Cetin, CEO of Allianz X. “It’s a future-ready business with lots of potential and we want to help unleash it.”
“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 Tim Griffiths, CEO of Innovation Group. “We are delighted to have the backing of Allianz X as we enter the next phase of our development.”
Following the transaction, Innovation Group will maintain its management team and continue to operate independently. The Company will retain its name, brand, and culture, and will continue to offer its full range of services at the highest quality to all clients.
For more information, please contact:
Allianz X
Gregor Wills
+49 89 3800 61313
Innovation Group (via Instinctif Partners)
Tim McCall / Victoria Hayns
+44 20 7457 2020
Hubert Becker / Christiane Zimmer
+49 22 1420 7524
About Innovation Group
Innovation Group delivers transformational expertise to the world’s leading insurers, brokers, fleet managers and automotive manufacturers, helping them to open new growth frontiers with revolutionary solutions. Clients trust us to transform their claim management processes, manage critical vehicle and property incidents and generate more revenue through value-added services. Innovation Group connects more than 1,200 global clients in the insurance and automotive sectors with an ecosystem of thousands of integrated regional network repairers and suppliers.
About Allianz X
Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. In just a few years, it has grown to a portfolio of more than 25 companies and AuM of over 2 billion euros. Allianz X has counted 11 unicorns among its portfolio so far. The heart and brains behind it all is a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and reach their full potential.
