Latest deals news from Verisk;
Verisk (Nasdaq:VRSK), a leading global data analytics provider, has entered into an agreement to make a strategic investment in Rocket Enterprise Solutions GmbH, a fast growing insurtech provider in the German property claims sector. Rocket’s strong property claims and underwriting technology has been widely adopted by insurers and service providers operating across Germany and Austria. The Verisk investment will enable Rocket to expand its offering across key European and Asia-Pacific markets. Founded in 2015, Rocket Enterprise Solutions GmbH (“Rocket” or “RES”) has grown rapidly to become a market leader, with many of the biggest insurers and service providers in Germany and Austria using its innovative portfolio of solutions for property claims and underwriting processes. Its Rocketform solution for claims inspection, documentation and calculation, is perfectly suited to European markets. Recently, the company collaborated with a large insurer to develop a new underwriting solution, Rocket Risk, which digitises the risk inspection and assessment process, resulting in greater operational efficiency and enabling better quality underwriting decisions. “Rocket has been on an extremely rapid growth journey since we founded the company in 2015. Through our intuitive technology and industry expertise we have made significant inroads into Germany,” said Hanno Kahmann, Managing Director, Rocket Enterprise Solutions. “This investment will allow Rocket to further develop our solutions and accelerate our growth into the rest of Europe.” As a strategic investor, Verisk will help shape the growth strategy and product direction of Rocket. Verisk also sees significant technology and data synergies across its claims and underwriting businesses that can accelerate insurers’ efficiency and profitability. “The strong alignment between Rocket and Verisk’s growth strategy and a complementary technology fit that advances insurers’ goals were the driving force behind this investment,” says Joe Pendle, Managing Director at Verisk Claims Europe. “Rocket has greatly outperformed other insurtech providers in the German market since securing its first customers in 2017. We are excited to contribute our significant financial, technological and industry expertise to help Rocket take the next step on its growth journey.” The transaction is subject to customary closing conditions.