The acquisition will offer benefits for Azentio’s growing client base, as it empowers insurers with tools to automate and optimise claims workflows. Credit: Poca Wander Stock/Shutterstock.

Azentio Software has closed the acquisition of iMOTOR and Pysurance’s software assets and intellectual property (IP) from two Kuwait-based companies specialising in software products.  

This move is said to revolutionise the insurance software offerings of Azentio Software, which specialises in software for the banking, financial services and insurance (BFSI) sector, by integrating AI and machine learning (ML) technologies. 

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iMOTOR brings a claims automation module to Azentio’s portfolio, which is expected to bolster the company’s market position by enabling insurers to automate claims processes, thereby achieving operational efficiencies and significant cost reductions.  

Claims automation is recognised as a key innovation in insurance technology, crucial for the modernisation of insurance operations, Azentio noted.  

The acquisition is expected to offer substantial benefits for Azentio’s growing client base as it empowers insurers with the tools to automate and optimise claims workflows.  

This leads to heightened productivity as well as greater accuracy in operations, claims Azentio. 

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iMOTOR co-founder and CEO Ali Abbas said: “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.” 

Meanwhile, Pysurance’s cloud-native and software-as-a-service-based platform, designed specifically for the insurance sector, positions Azentio to craft the future of insurance software, aiding insurers in the shift from legacy systems to a modern, AI-ready platform. 

By updating the core technology used by insurance providers, Azentio aims to enhance their decision-making capabilities, boost productivity and also enable the adoption of the latest technological innovations for smarter business choices. 

Azentio CEO Sanjay Singh said: “The advanced AI and ML 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 revolutionising the way insurers consume and innovate through software. This will be a paradigm shift in the way technology helps drive value for our customers.”