BUFFALO, N.Y., Jan. 16, 2020 /PRNewswire-PRWeb/ -- Utilant, the provider of the P&C insurance industry's premier loss control survey management SaaS platform, through an asset acquisition, has acquired IMTI Systems. IMTI has been a long-standing pioneer in loss control technology solutions with a history of supporting many of the top P&C insurance companies as customers over the years. The acquisition was announced today by Utilant's management team in Buffalo, NY and the official acquisition date was December 31, 2019.
As one of the fastest-growing global InsurTech software companies today, Utilant continues to expand its market share with this acquisition, further establishing itself as the leading loss control provider and as the insurance industry's preferred "hub" connecting insurance core systems, vendor survey companies, and InsurTech companies to help reduce losses and improve the performance of their customers.
"IMTI has played a critical role driving innovation in loss control survey management and automation for the insurance industry," said Douglas Falkenburg, President and CEO of IMTI Systems. "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."
With the acquisition of IMTI, Utilant has put in place an extensive plan to seamlessly service IMTI's customer base, allowing for IMTI customers to receive excellent customer experience and support.
"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," said Pat Davis, CEO at Utilant. "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."
The combined market share of the joined companies includes an expanding global footprint with an international presence in the UK and an increased depth of expertise in Jurisdictional Objects, Equipment Breakdown, and Premium Audit.
About Utilant and Loss Control 360
Utilant's Loss Control 360 is the "best-in-class" Loss Control Survey Management Platform for P&C insurance and survey/risk engineering companies, establishing its position as the hub for connecting insurance carrier core systems, vendor survey firms, and InsurTechs to comprehensively transform the global insurance industry workflow. The solution supports Commercial, Personal, and Specialty lines, and is deployed via a SaaS model. Utilant's Loss Control 360 platform is used by leading Insurers and top vendor survey companies around the world. The Loss Control 360 platform helps Insurers to survey and score risks for an efficient underwriting process across all lines of commercial and residential business. A typical implementation provides positive ROI within the first year. For more information visit http://www.losscontrol360.com.