Accurence has reached an agreement to acquire the software division of National Water, a Jacksonville, Fla.-based company dedicated to accurately estimating and auditing mitigation estimates from water losses.
The agreement includes the products PRIME Flood, PRIME P&C, and Audit.
Under the new structure, these products will be wholly integrated into the Accurence product line. Merging Accurence’s expertise in structural scoping with National Water’s proficiency in mitigation enhances Accurence’s status as the industry leader in guideline management and automation.
“The marketplace has validated guideline management standardization as a keystone to provide efficiency and enablement for existing and new workstreams alike,” said Jake Labrie, Accurence’s president. “With this acquisition, we are demonstrating our commitment to provide the leading insuretech platform for guideline management with a robust set of estimating and auditing automation solutions.”
The acquisition, Accurence’s first, follows a strategic partnership between the companies forged a little less than a year ago. The acquisition adds depth to the company’s existing product offerings as well as its client portfolio. National Water’s client base includes one of the nation’s largest carriers for water damage claims.
National Water’s founder, Ted Nelson, stated he is eager to provide its customers with the benefits of Accurence’s advanced platform:
“We know that Accurence will apply their experience as a trusted industry leader in claims technology to insurance-managed repair and non-program water claims,” added National Water’s founder, Ted Nelson.
National Water’s industry standards and guideline algorithms will be unified with Accurence’s proprietary guideline engine in the coming year. Accurence management has committed to a full integration of the products, producing a single top-to-bottom solution that fully reflects insurer guidelines.
Source: Company Press Release