Verisk Acquires German InsurTech SV Krug, Expands European Motor Solutions
Verisk (Nasdaq: VRSK) has acquired Krug Sachverständigen GmbH, a leading motor claims solutions provider based in Germany. This acquisition enhances Verisk’s claims and casualty offerings across Europe, aligning with its strategy to support the global insurance industry.
Founded in 1982, Krug specializes in digitalized claims management solutions, allowing insurers to streamline motor claims processes. The integration of Krug's capabilities aims to optimize operational efficiency and improve customer experience.
Furthermore, this acquisition complements Verisk’s previous acquisition of Actineo, which focuses on personal injury claims. Both companies promise to enhance Verisk's data analytics ecosystem, creating comprehensive solutions for the European insurance market.
- Acquisition of Krug enhances claims offerings in Europe.
- Strengthens Verisk's ecosystem by integrating with Actineo.
- Potential for improved operational efficiency and customer experience.
- None.
Acquisition further accelerates Verisk’s growth to support the global insurance industry
COLOGNE, April 26, 2023 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has acquired Krug Sachverständigen GmbH, a Germany-based motor claims solutions provider. The acquisition expands Verisk’s claims and casualty offerings across Europe.
Founded in 1982, SV Krug has established an industry-leading position in the German insurance market through highly digitalised solutions that help insurers and car manufacturers achieve better and faster customer service, leading to sustainable reductions in costs. SV Krug streamlines motor claims with digital solutions that enable insurers to quickly obtain claim photos and information from policyholders, analyze those claims and deliver payments 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 acquisition is highly complementary to Actineo, a Verisk business that was acquired in 2021. Actineo is a leader in the digitalisation and medical assessment of personal injury claims in Germany and Austria, offering a comprehensive portfolio of services, technology and data solutions to support the entire 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.”
About Krug Sachverständigen GmbH
Since 1982, Krug Sachverständigen GmbH has been serving insurance companies, car manufacturers, mobility service providers, and automotive body shops with customized assessment services, digital tools, and AI-based software solutions for claims management. Based on technological innovation and a network of 120 permanent experts throughout Germany, SV Krug offers industry-specific solutions for private and business customers - from motor vehicle damage appraisals and document checking reports to securing evidence and determining vehicle valuations. sv-krug.de
About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
FAQ
What is the purpose of Verisk's acquisition of Krug?
What are the expected benefits of the acquisition for Verisk?
When did Verisk acquire Krug Sachverständigen GmbH?
How does Krug's expertise complement Verisk's existing services?
