The acquisition of IMTI Systems by Utilant is expected to transform the New York-based insurtech company into a leading loss control service provider in the insurance market
Utilant, a provider of loss control survey management platform, has acquired IMTI Systems, a New York-based inspection and loss control software developer, for an undisclosed amount.
With the deal, the loss control platform developer is expected to strengthen its position in the loss control market and as a ‘preferred hub’ connecting insurance core systems, vendor survey companies and insurtech companies to help minimise losses and improve performance for their customers.
Founded in 1979, IMTI Systems has been a pioneer in the development of loss control technology solutions and has supported several P&C insurance companies over the years.
IMTI Systems president and CEO comments on the acquisition
IMTI Systems president and CEO Douglas Falkenburg said: “IMTI has played a critical role driving innovation in loss control survey management and automation for the insurance industry. Leading in this industry since 1979 and serving our customers well has been a personal privilege and great accomplishment for our company.
“Along with the rest of the IMTI team, I look forward to joining Utilant and continuing to develop and push innovation into the loss control market.”
The combined market share of Utilant and IMTI is claimed to be an expanding global footprint with an international presence in the UK, offering depth of expertise across Jurisdictional Objects, Equipment Breakdown, and Premium Audit.
Utilant CEO Pat Davis said: “Utilant is very excited about the IMTI acquisition and the related industry experience, customer base, technology, and data that it brings to the future of our company.
“IMTI Systems has written the book on loss control, and we are thrilled that they can continue their legacy in the market within Utilant and jointly invest in the industry’s future with our combined loss control knowledge and expertise.”
In October 2019, CNA, a commercial P&C insurance company, had adopted Utilant’s Loss Control 360 platform to streamline its loss control business process.
The platform, which is a loss control survey management for P&C insurance companies, is deployed via a SaaS model. It helps insurers to survey and score risks for an efficient underwriting process across lines of commercial and residential business.