Tech Firm Verisk Buys SV Krug, Aims Expansion By CIOTechOutlook Team

Tech Firm Verisk Buys SV Krug, Aims Expansion

CIOTechOutlook Team | Wednesday, 26 April 2023, 09:21 IST

A renowned provider of data analytics and technology, Krug Sachverständigen GmbH, based in Germany, has been purchased by Verisk. The purchase broadens Verisk's claims and casualty product capabilities throughout Europe.

Since its founding in 1982, SV Krug has grown to have a dominant position in the German insurance market thanks to highly digitalized solutions that aid insurers and automakers in providing better and more rapid customer service, which results in long-term cost savings. With the help of digital solutions from SV Krug, insurers can quickly collect images and other claim-related data from policyholders, analyse those claims, and pay out claims to policyholders.

“Digitalisation has become increasingly important to accelerate the claims process, allowing insurers to focus on their core competencies and cost-saving measures,” said Oliver Krug, managing director of SV Krug. “The implementation of a neutral and independent ecosystem in claims management is our top priority. As part of Verisk, we’ll be well positioned to enhance our role as a strategic partner and explore additional opportunities to automate the motor claims process for added benefits to both the insurer and policyholder / liability claimant.”

The purchase perfectly complements Actineo, a Verisk company that was bought out in 2021. In Germany and Austria, Actineo is a pioneer in the digitalization and medical evaluation of personal injury claims. Actineo provides a wide range of services, technology, and data solutions to support the full personal injury settlement process.

“Verisk will add SV Krug’s established claims management solutions to Verisk’s leading data analytics and insurance ecosystem to provide an end-to-end claims solution to the European insurance market,” said Olav Skowronnek, managing director for Continental Europe at Verisk Claims Solutions. “SV Krug’s synergies with Actineo show great promise to support our clients by optimising operational efficiency and improving the customer experience.”