Azentio Software, an end-to-end software solutions provider, has completed its acquisition of software assets and intellectual property (IP) of iMOTOR and Pysurance from two Kuwait-based companies.
The deals are expected to significantly enhance Azentio Software’s capabilities in developing next-generation insurance software by leveraging advanced artificial intelligence (AI) and machine learning technologies.
Azentio Software aims to bolster its insurance offerings by enabling insurers to automate and streamline their claims processes with the acquisition from iMOTOR, which includes a claims automation module.
This automation is anticipated to deliver substantial operational efficiency and cost savings, while also enhancing the customer experience.
Claims automation’s integration into Azentio Software’s platform will add considerable value for its expanding client base and empower insurers to automate and streamline claims workflows.
It will result in an improved customer experience, increased productivity, and improved efficiency and accuracy.
iMOTOR co-founder and CEO Ali Abbas said: “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.
“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.
Additionally, the acquisition of Pysurance’s IP and technology will enable Azentio Software to lead the transformation from legacy systems to modern, AI-ready insurance platforms.
Pysurance is an advanced cloud-native, and software-as-a-solution (SaaS)-based platform specifically designed for the insurance sector.
Founded in 2020 in Singapore, Azentio Software was carved out of 3i Infotech, Candela Labs, Beyontec Technologies, and Path Solutions.
The company specialises in offering mission-critical, vertical-specific software products for the banking, financial services, and insurance (BFSI) sector.
Azentio Software CEO Sanjay Singh said: “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.
“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.”
