For cash consideration of Rs 225 croreICICI Lombard General Insurance Company has entered into an arrangement with Unbox Technologies, a company
engaged in providing customer relationship management (CRM) services on 30 October 2019, pursuant to which the Company will be acquiring
proprietary software, platforms and underlying intellectual property assets developed by Unbox (software), along with ancillary movable assets for housing the Software and employees for operation, maintenance and development of the Software, for an aggregate cash consideration of Rs 225 crore.
Pursuant to the Transaction, the Company proposes to utilise the Software for its own
business purposes, specifically towards enhancing its existing technological
infrastructure for product distribution, product servicing, claims handling and customer
relationship building, with a specific focus on creating efficiencies in the process of
renewal of insurance policies. The Transaction is expected to be completed in the
quarter ending on 31 December 2019.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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