PriyaPatel
TLDR:
Key Points:
- Azentio Software has acquired intellectual property and assets of Pysurance and iMOTOR from Kuwait-based companies to modernize insurance technology.
- The acquisitions will enable Azentio to build the next generation of insurance software with AI and machine learning capabilities, aiming to automate claims processing and streamline workflows.
Azentio Software, a leading end-to-end software company specializing in the BFSI sector, has completed the acquisition of software assets and intellectual property (IP) of iMOTOR and Pysurance from Kuwait-based companies. This acquisition is expected to revolutionize the future of insurance software by allowing Azentio to develop state-of-the-art technology with AI and machine learning capabilities to automate claims processing and streamline workflows.
McKinsey has predicted that around 50% of claims processing will be automated by 2030. With the inclusion of iMOTOR’s claims automation module, Azentio aims to enhance its insurance offerings by assisting insurers in improving operational efficiency and achieving cost savings. Claims automation has been lauded as a significant advancement in insurance technology, pivotal in modern insurance operations.
By acquiring IP and technology from Pysurance, a cloud-native platform tailored for the insurance industry, Azentio will facilitate insurers in transitioning from legacy systems to next-gen, AI, and machine learning-ready platforms. This move is crucial in modernizing core technology for insurers to enhance decision-making, productivity, and embrace innovative technologies for improved business decisions.
Sanjay Singh, CEO of Azentio, expresses excitement about reshaping the future of insurance software with cutting-edge technology. The integration of AI and machine learning capabilities following the acquisition will lead to the next generation of software for insurance customers, delivering enhanced technical depth and future-ready solutions. This acquisition marks a paradigm shift in leveraging technology to drive value for customers.
Co-Founder and CTO of Pythys, Taher Alkhateeb, voices enthusiasm about the acquisition, highlighting the blend of modern software technology and domain expertise to push the boundaries of insurance technology. Similarly, Ali Abbas, Co-Founder, and CEO of iMOTOR, views the acquisition as a pivotal step in aligning with Azentio’s expertise to transform the insurance technology landscape and drive innovation for customers.
