The Everstone Group backed Servion Global Solutions has acquired Innoveo AG (formerly known as Pactera Switzerland AG), an InsurTech Cloud software provider, headquartered in Zürich, Switzerland.
Founded in 2007, Innoveo AG has offices in Zürich, Hong Kong and Budapest and services some of the world’s largest insurance companies with its product Innoveo Skye. This is a multifaceted, cloud-based technology suite, which enables digitalization of insurance processes and accelerates insurance product launch cycles; up to ten times faster as compared to other solutions. This enables businesses to enhance their Customer Experience significantly.
The powerful Innoveo Skye Business Canvas, a tool designed to be used by non-technical business users, allows insurance companies to streamline new product development and maintenance activities. Furthermore, the Innoveo Skye solution expands the product delivery options by offering omni-channel digital capabilities, as well as improved agent and consumer user experience.
The InsurTech space is growing rapidly: according to recently published World Insurance Report, nearly one third (over 31%) of insurance customers globally use InsurTech solutions.
Puneet Pushkarna, Chairman, Servion Global Solutions and new Chairman of Innoveo AG, stated: “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.”
Nick Stefania, co-founder and CEO at Innoveo, said, “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 stated, “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.”
Everstone Capital, through a SPV owns the majority stake in Servion Global Solutions.