PriyaPatel
TLDR:
- Azentio Software has acquired software assets and intellectual property of iMOTOR and Pysurance to modernize insurance technology.
- The acquisitions will allow Azentio to create cutting-edge insurance software with AI and machine learning capabilities, improving claims processing efficiency and customer experience.
Azentio Software has recently completed the acquisition of software assets and intellectual property from iMOTOR and Pysurance, two Kuwait-based software product companies. This acquisition marks a significant step in modernizing insurance technology, as it will allow Azentio to develop the next generation of insurance software with state-of-the-art AI and machine learning capabilities.
McKinsey’s prediction that 50% of claims processing will be automated by 2030 highlights the importance of this move. With iMOTOR’s claims automation module, Azentio aims to help insurers streamline their claims workflows, leading to operational efficiency improvements and cost savings.
This acquisition will benefit Azentio’s client base by enhancing claims workflows, improving customer experience, and increasing productivity. Additionally, the acquisition of IP and technology from Pysurance will enable Azentio to create a cloud-native and SaaS-based platform tailored for the insurance industry, paving the way for a more advanced, AI-ready software platform.
By embracing these cutting-edge technologies, insurance providers can improve decision-making capabilities, increase productivity, and stay ahead of the curve in terms of technological innovation.
In conclusion, this acquisition represents a significant opportunity for Azentio to revolutionize insurance software and deliver enhanced value to its customers.
