Azentio Software (“Azentio”) (www.Azentio.com), a leading end-to-end software company specializing in the BFSI sector, has announced the successful completion of the acquisition of software assets and intellectual property (IP) of iMOTOR and Pysurance from two Kuwait-based software product companies. These acquisitions will enable Azentio to revolutionize insurance software by leveraging innovative technology and advanced AI and machine learning capabilities.
According to McKinsey, around 50% of claims processing is expected to be automated by 2030. With the addition of iMOTOR, a robust claims automation module, Azentio aims to enhance its insurance offering by assisting insurers in automating and streamlining their claims workflows, leading to operational efficiency improvements and cost savings. Claims automation is recognized as a significant advancement in insurance technology, and this acquisition will provide value to Azentio’s client-base by improving customer experience, productivity, and efficiency.
The insurance industry is undergoing a transformation with the adoption of AI and machine learning. By acquiring IP and technology from Pysurance, Azentio will develop next-generation insurance software tailored for insurers looking to transition from legacy systems. The cloud native and SaaS-based platform from Pysurance will empower insurers to make smarter decisions, increase productivity, and embrace technological innovations.
Sanjay Singh, CEO of Azentio, expressed his enthusiasm for reshaping the future of insurance software by integrating deep domain knowledge with cutting-edge technology. He believes that the advanced capabilities acquired through this deal will enable Azentio to provide innovative solutions to its insurance customers and drive value through technology.
Taher Alkhateeb, Co-Founder and CTO of Pythys, highlighted the synergy between modern software technology and domain expertise in the insurance industry, predicting that this collaboration will push the boundaries of technological achievements in the sector.
Ali Abbas, Co-Founder and CEO of iMOTOR, emphasized the alignment of Azentio’s experience with their vision for the future. He expressed confidence in the partnership’s ability to drive innovation and deliver significant value to customers through enhanced efficiency and customer experience.
Distributed by APO Group on behalf of Azentio Software Private Limited.
About Azentio Software:
Azentio Software was established in 2020 in Singapore and is a consolidation of 3i Infotech, Candela Labs, Beyontec Technologies, and Path Solutions. The company provides vertical-specific software products for customers in the banking, financial services, and insurance sectors. With over 800 customers in more than 60 countries and a global team of over 2,300 employees, Azentio Software is wholly owned by Funds advised by Apax Partners.