Everstone Group’s India based company, Servion is set to acquire Zurich based startup Innoveo AG which is a technology platform to help insurers digitalize. Primarily active in India and Southeast Asia, Servion is a company that helps businesses digitalize.
According to Puneet Pushkarna, Chairman, Servion Global Solutions and new Chairman of Innoveo AG:
“Innoveo’s cutting-edge solutions, backed by their outstanding team, offer a unique and strong investment opportunity. We are excited to work with the management and employees and look forward to leveraging our deep understanding of the sector, to help the company strengthen its leadership position in the InsurTech space.”
Innoveo AG was founded in 2007 and has offices in Zurich, Hong Kong and Budapest. Innoveo AG offers Innoveo Skye® which is a multifaceted, cloud based technology suite that enables digitalization of insurance processes and accelerates insurance product launch cycles up to ten times faster as compared to other solutions. Innoveo Skye® Business Canvas is a tool to be used by non- technical business users that allows to streamline new product development and maintenance activities. Not only does Innoveo Skye® solution expands the product delivery options by offering omni-channel digital capabilities but it also provides improved agent and consumer user experience.
Nick Stefania, co-founder and CEO at Innoveo added the following:
“This is an extraordinary turning point in our company’s history since we started in 2007. We’ve already demonstrated our solution’s capability in creating value for insurance companies across the world. Now, we’ve found the right partner, it will enable us to scale and play an important role in the global InsurTech market.”
Sameet Gupte, CEO of Servion Group also said the following regarding the acquisition:
“The acquisition of Innoveo not only strengthens the group’s focus on Omnichannel Cloud offerings, but also propels us in the InsurTech space. We are very excited to leverage the Innoveo Skye® software platform globally along with our existing platforms such as ServIntuit, ServInsights, LCM, U-Nexsys, iAssit, and RapCTI.”
According to a recently published World Insurance Report, InsurTech space is growing rapidly as nearly one third (over 31%) of insurance customers globally use InsurTech solutions.
Founded in 1991, Servion Global Solutions Ltd. provides customer interaction management solutions to organizations worldwide. Headquartered in Chennai, India, Servion offers consulting services that enable users to understand the strategies of business, financial, operational, and technology stakeholders of customer interaction; identify gaps within or across the layers; diagnose the root causes; and design suitable solutions to reduce gaps.
About Innoveo AG
Founded in 2007, Innoveo AG provides software solutions and information technology consulting services for the insurance industry in Western Europe. Headquartered in Switzerland, Innoveo AG offers INNOVEO SKYE on commercial (Weblogic, Websphere, etc.) and open source (JBoss) infrastructure stacks, together with a range of business-oriented services, such as 3-tiers services oriented architecture, which integrates legacy and back-office systems; a product catalogue for various lines of businesses, such as property and casualty, individual life, and group life; a development methodology to standardize the development process; a development toolbox for implementation of business modules (quotes and information); multi-channel distribution capability; integration; a set of generic and re-usable, business-oriented Web services; a management toolset for operation of production environment; and a banking security level.