Charles Taylor InsureTech enters insurance compliance & risk technology market with majority stake of tech start-up
Agreement with CoVi Analytics includes development and go-to-market support
Charles Taylor InsureTech (InsureTech) has entered the fast-growing insurance governance, risk and compliance management technology sector, with an agreement to acquire a majority stake in CoVi Analytics (CoVi).
CoVi has developed an advanced software platform that uses Artificial Intelligence (AI) and innovative tools to re-think, simplify and automate risk and compliance management for all insurers and brokers.
The global insurance market needs an innovative way to manage the complex and ever evolving regulatory and compliance requirements through the use of technology-enabled processes that re-think how risk and compliance is managed. Research shows that global insurance organisations spent over US$100 billion on compliance in 2017, yet many are struggling to keep up with the increasing demands and risks of regulatory compliance. Figures show that over US$320 billion has been paid in regulatory fines in the last ten years.
Formed in 2016, CoVi’s platform enables insurance organisations to analyse, monitor and report on compliance and risk from a single platform, reducing manual intervention and improving the speed and accuracy of compliance processes by embedding them in to the core business processes.
This is another example of Charles Taylor InsureTech investing in new intellectual property for the benefit of the global insurance markets, CoVi’s solutions will add risk and compliance capabilities to Charles Taylor InsureTech’s wide range of owned intellectual property.
Jason Sahota, Chief Executive Officer, Charles Taylor InsureTech said:
“CoVi Analytics’ innovative solutions will help our clients meet these increasing compliance demands proactively and cost-effectively based on the latest technologies.
“Working together we will be able to further develop CoVi’s solutions so that they continue to meet insurers’ and brokers’ evolving, complex risk and compliance needs.
“I am pleased to welcome Waleed Sarwar and his team to the Charles Taylor InsureTech team and look forward to working closely with them and seeing the evolution of the platform.”
Waleed Sarwar, Chief Executive Officer, Covi Analytics said:
“We are very excited about this partnership with Charles Taylor InsureTech. With its global footprint and a great reputation in the insurance market coupled with CoVi's unique approach to simplifying risk and compliance for business teams, CoVi Analytics will now be able to accelerate its product roadmap and simplify compliance for financial institutions globally.”