PriyaPatel
TLDR:
- Azentio acquires intellectual property and assets of Kuwait-based Pysurance and iMOTOR to modernize insurance technology.
- Moving towards AI and machine learning capabilities to revolutionize the insurance industry.
Market leading software provider Azentio announced the acquisition of software assets and intellectual property of iMOTOR and Pysurance from two Kuwait-based software companies. This acquisition will enable Azentio to build the next generation of insurance software with advanced AI and machine learning capabilities, paving the way for the future of insurance technology.
With the growing trend towards automation in claims processing, Azentio’s acquisition of iMOTOR’s claims automation module aims to help insurers streamline their workflows, improve operational efficiency, and achieve cost savings. Claims automation is recognized as a significant advancement in insurance technology, enhancing customer experience and increasing efficiency.
Through the acquisition of technology from Pysurance, a cloud-native and SaaS based platform tailored for the insurance industry, Azentio will create a modern, AI and machine learning ready platform for insurers to transition from legacy systems. This transition will empower insurers to make informed decisions, increase productivity, and leverage the latest innovations in technology.
Sanjay Singh, CEO of Azentio, expressed excitement about the acquisition, highlighting the potential to revolutionize insurance software by combining domain knowledge with innovative technology platforms. The partnership with Pythys and iMOTOR is expected to push the boundaries of technology in the insurance industry, driving value for customers.
Co-Founders Taher Alkhateeb of Pythys and Ali Abbas of iMOTOR shared their enthusiasm for the acquisition, emphasizing the alignment of their technologies with Azentio’s vision for the future of insurance software. The collaboration is poised to enhance efficiency, customer experience, and innovation in the insurance technology landscape.
Azentio Software, founded in 2020 and backed by Apax Partners, specializes in providing vertical-specific software products for the banking, financial services, and insurance sectors. With a global presence and a team of over 2,300 employees, Azentio is committed to driving innovation and delivering value to its customers in the insurance industry.
