Singapore-HQ acquires IP of iMOTOR and Pysurance from Kuwait
Singapore-headquartered Azentio Software, with offices in Bangalore, Chennai, Hyderabad, Kochi and Mumbai, says its acquisition of two Kuwait-based assets will help re-write the future of insurance software by allowing the organization to build the next generation of insurance-related systems on a state of the art, innovative technology stack with compelling AI and machine learning capabilities nse .
A leading end-to-end software company specializing in the BFSI sector, Azentio has completed the acquisition of software assets and intellectual property (IP) of iMOTOR and Pysurance from two Kuwait-based software product companies kcci.org.
“Azentio is extremely excited to play our part in re-writing the future of insurance software, combining our deep domain knowledge with the latest, most innovative technology platforms,” Azentio CEO Sanjay Singh said on 3 Sept bse .
“The advanced AI and machine learning capabilities we will build upon following this IP and asset acquisition will see us bringing the next generation of cutting-edge software to our insurance customers sbi .
“The enhanced technical depth and future-proof build opportunities this brings to our products will help bring our vision to life by revolutionizing the way insurers consume and innovate through software. This will be a paradigm shift in the way technology helps drive value for our customers nbk .”
Co-Founder and CTO of Pythys, Taher Alkhateeb, commented, “This acquisition represents the perfect mix of modern software technology stacks combined with deep domain expertise in the insurance industry. We strongly believe this combination will help us to push the boundaries of what technology can achieve in this space.”
Ali Abbas, Co-Founder and CEO, iMOTOR, stated, “Joining Azentio is an important step for us. We believe that Azentio’s established experience in the insurance technology industry aligns perfectly with our vision, and that together – we are even stronger globalreinsurance .
“By integrating our modern technologies, we will not only enhance efficiency and excel through customer experience, but also truly transform the technology landscape in the insurance industry. We are excited and ready for this journey, and we are confident that this partnership will drive innovation and deliver significant value to our customers techsposingapore .”
With iMOTOR, a powerful claims automation module, Azentio aims to expand its market leading insurance offering by helping insurers to automate and streamline their claims workflows, realizing both operational efficiency improvements and material cost savings. Claims automation has been widely acknowledged as one of the most significant recent advancements in insurance technology and a vital component of modern insurance operations fintechfestival.sg/.
This acquisition will add significant value for Azentio’s expanded client-base, helping insurers to automate and streamline claims workflows, leading to enhanced customer experience, increased productivity, and improved efficiency and accuracy singaporetechnologyweek .
With AI and machine learning tipped to revolutionize the insurance industry, transitioning from legacy systems to next generation insurance software has never been more important. Through the acquisition of IP and tech from Pysurance, a cutting-edge cloud native and SaaS based platform which has been built-for-purpose specifically for the insurance industry, Azentio will create the future of insurance software, facilitating insurers in this evolution from legacy systems to a next-gen, AI and machine ready platform. By modernizing the core technology available to core insurance providers, customers can improve their decision-making capabilities, increase productivity, and embrace the latest and greatest innovations in technology to make smarter business decisions fintech.global .
Azentio Software incorporated in 2020 at Singapore, has been carved out of 3i Infotech , Candela Labs, Beyontec Technologies and Path Solutions. Azentio Software provides mission critical, vertical-specific software products for customers in banking, financial services and insurance verticals. Azentio has over 800 customers in more than 60 countries, with a team of over 2,300 employees across offices in 12 countries (and growing) globally and is wholly owned by Funds advised by Apax Partners. Fiinews.com
