Allianz acquires majority stake in ControlExpert
Allianz X , the digital investment unit of Allianz Group, in cooperation with Allianz Germany, has entered into binding agreements with General Atlantic and other shareholders of ControlExpert for majority investment in the company. The transaction is subject to the approval of the relevant antitrust authorities.
ControlExpert is a multi-national market leader in AI-supported automotive claims handling that has partnered with more than 130 insurance companies, car dealerships, repair shops, leasing companies and OEM companies across 17 locations worldwide. The company offers an end-to-end platform for companies to digitalize and automate their motor claims management.
“Technical applications and platforms are crucial for capturing new opportunities in the digital era. ControlExpert has emerged as a clear leader in motor claims management in Germany and continues to show growth in international markets. We look forward to bringing together Allianz’s 130 years of experience in claims management and ControlExpert’s technological expertise to drive significant changes in the sector.” – Nazim Cetin, CEO of Allianz X.
“The cooperation with ControlExpert will enable us to settle automotive claims far more quickly in the future. Additionally, we look forward to deploying Artificial Intelligence in key areas such as image recognition and fraud prevention to provide new services and bespoke offers to our customers.” – Jochen Haug, Board Member and Chief Claims Officer at Allianz Versicherungs-AG.
Following the transaction, ControlExpert will maintain its business model and operational autonomy. The company will retain its name, brand and identity, and will continue to offer its range of services to its clients including Allianz Germany.
“Our long-standing collaboration with Allianz has demonstrated that we share a common ambition in continuing to drive digitalization and customer-centricity forward. With its wide-ranging expertise and international focus, Allianz will support us in achieving further growth both in Germany and in the global markets. In this way, we will take a step closer to realizing our vision of drivers receiving fair compensation for damages on the very same day, anywhere in the world. In the future, it will be possible to handle claims and maintenance processes more quickly and easily, something which all our customers will benefit from.” – Nicolas Witte, Managing Director of ControlExpert.
“We are looking back on a fruitful partnership with ControlExpert. Since 2017, we have supported the company, the management team around Nicolas Witte and the founding family in rolling out their business model internationally and further institutionalize the company. We are grateful for the constructive and trusting cooperation and wish the company and its employees all the best.” – Jörn Nikolay of General Atlantic.
Bottom Line: The transaction is Allianz X’s second majority investment, following the acquisition of Finanzen.de in May 2019.