Innovation Group announces acquisition by Allianz X

Partnership will support Innovation Group’s growth plans as an independent business under its existing management team

London/Munich, 10 October 2022 – Innovation Group, a leading global provider of claims and technology solutions to the insurance and automotive industries, today announces that Allianz X has entered into binding agreements with the shareholders of the Innovation Group to acquire the company.

Innovation Group provides comprehensive operational support and expert services to the world’s leading insurers, fleet managers and automotive manufacturers, with over 1,200 clients across Australia, Germany, Poland, South Africa, Spain, the UK, and the USA.

Innovation Group is transforming the insurance market with its pioneering digital claims management platform, Gateway, which is being successfully launched in Germany. This enables largely automated claims management through a sophisticated, independent software platform. Gateway features a simple, intuitive user interface masking a complex ecosystem which connects all relevant participants, including data providers, in the claims process. With Gateway, Innovation Group has developed a comprehensive solution for claims managers that provides the key to digital transformation for insurance claims.

Partnering with Allianz X will provide Innovation Group with the support to accelerate the investment in its technology and global services capabilities, benefiting both clients and employees. Importantly, following the transaction, Innovation Group will maintain its operating independence, management team, brand and culture.

Allianz X is the digital investments arm of the Allianz Group, which specialises in supporting digital growth companies in ecosystems relevant to insurance and asset management. Over the past few years, it has grown to a portfolio of more than 25 companies, with assets under management of over 2 billion euros. It has counted 11 unicorns among its portfolio so far and has a proven track record of helping exciting businesses like Innovation Group accelerate their growth and development.

The transaction is subject to the approval of the relevant competition and regulatory authorities.

“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.”

“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 Dr. Nazim Cetin, CEO of Allianz X. “It’s a future-ready business with lots of potential and we want to help unleash it.”

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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.