The 2014-founded cloud-based video insurance company Livegenic, which has an office in The Curtis building and a distributed global team, was acquired this month by one of its key investors, Claim Central.
Livegenic allows customers to stream video from their phones between property and casualty insurance organizations and their customers to connect all parts of the claims ecosystem in one place. The platform streamlines communication between in-house and external adjusters, appraisers, contractors and policyholders and provides field video loss documentation capabilities as well as customer self-service solutions.
Cofounders Olek Shestakov and Alex Polyakov zeroed in on the insurance industry. Here’s an example of its use in practice: Say you wake up the morning after a thunderstorm to find your 2002 Hyundai Elantra pancaked by the lone tree on your block. Instead of trying to describe and explain the scenario to your insurance agent, you can simply stream live video to their computer while simultaneously speaking with them over the phone.
Shestakov said they began working with Claim Central, which specializes in claims fulfillment technology, in 2016, and the Australia-based company became an investor in 2017. The recent acquisition is centered around the two companies working together, the cofounder told Technical.ly — and their distributed workforce is a strength.
“By joining efforts, we can concur the whole globe,” Shestakov said. “It was important for Lifegenic to expand and to me and the board, this was a good opportunity for strategic growth.”
“Livegenic’s remote virtual inspection software is a fantastic addition to the Claim Central solution set,” said Claim Central’s Group CEO Brian Siemsen in a statement. “This acquisition further enhances our ability to settle claims quickly, fairly, and on an increasingly remote basis. With the onset of COVID-19, there is a greater need for improved claims tracking and virtual claims handling than ever before, and Livegenic certainly fulfills that need.”
Shestakov said the pandemic brought a lot of disruption to the insurance industry and many others, but it helped uncover more value in Livegenic. The streaming service allows insurance adjusters and customers to have appointments without human contact, for one.
“Customers don’t want unnecessary people in their house and adjusters don’t want to be exposed either,” he said.
Livegenic’s approximately 80 employees will all stay with the company, as it becomes a wholly owned subsidiary in the Claim Central Group, and Shestakov will maintain his role as managing director. Before the pandemic, there were about 10 full- and part-time Philadelphia-based employees, and those folks will remain here.
“This acquisition provides new resources that will enable Livegenic to further enhance our services, expand our platform, and support our customers across the industry,” Shestakov said in a statement. “Working with Claim Central will allow us to offer a truly end-to-end inspection and collaboration solution that elevates and expands claims servicing operations globally.”-30-