Swedish insurtech breaks into UK life insurance market via London acquisition
Lumera, a leading insurtech company dedicated to the digital transformation of the European Life and Pensions industry, has entered an agreement to acquire Ai-London.
Ai-London is an insurtech specialist delivering AI-driven, open and configurable platforms to life and pension providers.
With the transaction completed, Ai-London will be a fully integrated Lumera company. The rationale for Lumera’s acquisition of Ai-London is twofold: It will support the strategic objectives for expanding into new markets and brings “substantial additions” to Lumera’s technology portfolio.
Mats Lillienberg, CEO, Lumera, commented: “Entering the UK, the world’s second-largest life insurance market, is an essential part of our European expansion strategy, and doing so by joining forces with Ai-London is an opportunity we wouldn’t want to miss.
“We see a strong cultural fit between our organisations, including a common mission to ‘The Prudent Revolution’ to the Life and Pensions industry. Our respective technology portfolios are highly complementary, with Ai-London adding digital engagement capabilities that will certainly appeal to Lumera’s customers.”
Founded in 1992, London based Ai-London adds experience from the UK, Ireland and several international markets. Leveraging Ai-London’s existing offering, Lumera expects to accelerate “The Prudent Revolution” and create the world’s first AI-Powered PAS.
Andrew Hubbard, CEO, Ai-London, added: “We are thoroughly pleased to be uniting with Lumera. This match brings long-term positive implications for our customers and enables us to serve more and even larger insurers with our AI-powered PAS offering.
“We are equally impressed by Lumera’s modern technology stack and the professionalism of their team, including an excellent track record from successful implementation and migration projects for the leading Nordic insurers.”
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