(Image source: CoVi Analytics homepage.)
Charles Taylor InsureTech (London) announced that it has agreed to acquire a majority stake in CoVi Analytics (London), gaining entry into the insurance governance, risk and compliance management technology sector. CoVi, a Startup Bootcamp alumnus of 2016, has developed an advanced analytics platform that uses Artificial Intelligence (AI) and non-traditional tools to re-think, simplify and automate risk and compliance management for insurers and brokers.
CoVi aims at addressing inefficiencies of traditional risk and compliance processes as well as the need to meet increasing regulatory compliance demands. Charles Taylor InsureTech cites figures of $100 billion spent by insurer on compliance during 2017, and during the last decade over $320 billion paid in regulatory fines.
CoVi’s platform is designed to enable insurers to analyze, 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 it in to the core business processes.“CoVi Analytics’ innovative solutions will help our clients meet these increasing compliance demands proactively and cost-effectively based on the latest technologies,” comments Jason Sahota, CEO, Charles Taylor InsureTech. “Working together we will be able to further develop CoVi’s solutions to meet insurers’ and brokers’ 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,” Sahota adds.
Presence and Reputation in the Insurance Market
“We are very excited with this agreement with Charles Taylor InsureTech,” comments Waleed Sarwar, CEO, Covi Analytics. “With their presence and reputation in the insurance market we will be able to further enhance our products and accelerate their adoption in the market.”