Auto Risk Management & Innovation Group enters into JV
Delhi-based service provider for non-life insurance companies Auto Risk Management and British software firm Innovation Group have entered into a 50:50 joint venture for an undisclosed amount.
By ET Bureau |
NEW DELHI: Delhi-based service provider for non-life insurance companies Auto Risk Management and British software firm Innovation Group have entered into a 50:50 joint venture for an undisclosed amount. Auto Risk Management is engaged in underwriting motor and marine claim management, motor investigation and asset valuation for banks and financial institutions. Its clients include ICICI Lombard, Bajaj Allianz and Bharti-AXA, among others.
The new JV firm Innovation Auto Risk Management Services will be based in Delhi and will provide services to general insurance firms. It will help provide an adaptable platform to automate and streamline current claims processing and offer scalability to address future needs. "The partnership will help facilitate claims processing primarily in the auto and marine space," said Innovation Auto Risk Management Services MD Ashwani Sethi.
Auto claims in India are rising in line with the non-life market to an estimated 70 lakh incidents annually. Innovation Group with a turnover of ��143 million has a global presence and processes more than 1.2 million claims every year.
The new JV firm Innovation Auto Risk Management Services will be based in Delhi and will provide services to general insurance firms. It will help provide an adaptable platform to automate and streamline current claims processing and offer scalability to address future needs. "The partnership will help facilitate claims processing primarily in the auto and marine space," said Innovation Auto Risk Management Services MD Ashwani Sethi.
Auto claims in India are rising in line with the non-life market to an estimated 70 lakh incidents annually. Innovation Group with a turnover of ��143 million has a global presence and processes more than 1.2 million claims every year.
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