GT Motive has a presence in 28 countries. Credit: Photo by Rio Lecatompessy on Unsplash.

Allianz X, the digital investments arm of German insurer Allianz, has agreed to acquire a majority stake in GT Motive.

The Financial value of the deal has not been disclosed.

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GT Motive is a software-as-a-service (SaaS) firm that develops solutions for automotive insurance claims, maintenance, and mechanical breakdown.

Allianz X CEO Nazim Cetin said: “We see enormous potential to scale it up into a hard-hitting heavy-weight. All it needs is some more muscle behind it—and that is where Allianz X can help.”

Under the terms of the agreement signed between Allianz X and the shareholders of GT Motive, Mitchell International and Einsa Print, the SaaS company will retain its name, brand, and operational autonomy.

Allianz X noted that the firm, which caters to automotive, insurance, fleet and leasing industries, has a presence in 28 countries.

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GT Motive CEO Ángel Martínez said: “We have won the support of a business partner that is committed to digitalisation and recognises our contribution to the industry after many years of service and hard work.

“Our long-term vision requires commitment and investment. In Allianz X, GT Motive has found the best way to ensure that.”

In a separate development, Allianz Partners, which offers B2B2C insurance and assistance, has expanded its digital health assistant to ten markets in Asia-Pacific.

Initially launched in Europe, the service is now available in Singapore, the Chinese Mainland, Hong Kong, Taiwan, India, Malaysia, Vietnam, Thailand, the Philippines, and Australia.