PriyaPatel
TLDR:
– Azentio has acquired the assets of iMOTOR and Pysurance to revolutionize insurance software with AI and automation.
– The acquisitions will allow Azentio to build the next generation of insurance software with AI and machine learning capabilities, enhancing claims automation and efficiency.
Azentio, a leading software company specializing in the BFSI sector, has completed the acquisition of software assets and intellectual property of iMOTOR and Pysurance. These acquisitions will enable Azentio to develop innovative insurance software on a state-of-the-art technology stack with AI and machine learning capabilities. By acquiring iMOTOR, a powerful claims automation module, Azentio aims to help insurers automate and streamline their claims workflows. McKinsey predicts that 50% of claims processing will be automated by 2030, making claims automation a significant advancement in insurance technology. This acquisition will provide added value for Azentio’s client-base, enhancing customer experience, productivity, and efficiency.
Transitioning from legacy systems to next-generation insurance software is becoming increasingly important with the rise of AI and machine learning in the insurance industry. The acquisition of IP and technology from Pysurance will allow Azentio to create a future-ready platform for insurers, facilitating the evolution from legacy systems to AI and machine learning-ready software. This transition will empower insurers to make smarter business decisions by improving decision-making capabilities and embracing innovation. Azentio is committed to revolutionizing insurance software by combining deep domain knowledge with innovative technology platforms to bring cutting-edge software to customers.
The CEO of Azentio, Sanjay Singh, expressed excitement about the acquisition, highlighting the potential for value creation in the insurance industry. Co-founders of iMOTOR and Pysurance also shared their enthusiasm for the partnership, emphasizing the opportunity to push the boundaries of technology in the insurance sector. The integration of modern technologies will enhance efficiency, customer experience, and drive innovation in the industry. Together, Azentio, iMOTOR, and Pysurance aim to transform the technology landscape in insurance, bringing significant value to customers.
