InsureTech company Accurence announced that it has finalised the acquisition of the software division of National Water on June 14, 2019.
National Water is a Jacksonville, Fla.-based company dedicated to accurately estimating and auditing mitigation estimates from water losses and flood claims.
The combination of Accurence’s expertise in wind, hail, flood, and other structural loss types with National Water’s proficiency in water results in a highly automated and comprehensive guideline management platform for the insurance industry after severe weather and other events resulting in homeowner and commercial claims.
“The expanding team enhances Accurence’s leadership status in guideline standardization and automation for the industry,” said Accurence CEO Jake Labrie. “The marketplace today and future trends demand the best technology in this area to unlock significant workflow opportunities and policyholder enhancements. Accurence is dedicated to partnerships like this to provide the best results for the industry.”
The acquisition adds depth to Accurence’s existing product offerings and client portfolio as National Water and Accurence have provided mitigation auditing services since 2018 for one of the nation’s largest insurance carriers for water damage claims.
Under the terms of the deal, National Water is now wholly absorbed into Accurence. As a result, the standards and guideline algorithms behind National Water’s existing software—PRIME Flood, PRIME P&C, and PRIME Audit—are planned to be completely incorporated into the Accurence product line, creating a unified suite of scoping and auditing tools. The National Water products will be renamed to conform to Accurence’s brand standards by the fourth quarter of 2019.
Additional staff are being added to the Jacksonville team, and personnel in both Florida and Colorado are being cross-trained to ensure effective support is provided for all of the applications.
The acquisition, Accurence’s first, follows a strategic partnership between the companies forged more than a year ago.
Source: Company Press Release