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Livegenic Acquisition Announcement – Internal FAQ

 

Q.  So, what has actually happened?

R.  Claim Central Consolidated has recently completed an acquisition of Livegenic, an industry leading virtual collaboration platform for insurance. Claim Central Consolidated was already a shareholder in Livegenic and has now acquired all of the remaining shares.

 

Q.  Who is Livegenic?

R.  Livegenic is an industry leading virtual collaboration platform for insurance. The Company has clients around the world and maintains a strong presence in the US with over 30 insurance carrier clients, most notably The Hartford, Liberty Mutual, and American Modern.

Livegenic’s cloud-based, real-time video collaboration and adjustment solution streamlines communication between in-house and external adjusters, appraisers, contractors, and policyholders, provides field video loss documentation capabilities, and delivers customer self-service solutions. Livegenic is the foundational platform of our video streaming and collaboration platform, LiveLogik.

The core Livegenic team is based in Philadelphia USA, with an additional development team based in Ukraine. The business is led by Olek Shestakov.

 

Q.  Why did Claim Central Consolidated acquire the remaining shares in Livegenic?

R.  After years of co-developing and incubating together, our Board and Livegenic feel that now is the perfect time to bring both businesses together to help deliver a faster and smarter claim experience.

Livegenic’s software is a fantastic addition to the Claim Central solution set. Bringing Livegenic into the Group as a wholly owned subsidiary further enhances our ability to settle claims quickly, fairly, and on an increasingly remote basis.

A key part of the Claim Central USA strategy is to create and grow a marketplace of technology solution offerings to the P&C insurance market. Livegenic is Guidewire-accepted and has a strong foothold with dozens of existing clients in the USA – so the acquisition is a natural fit to help us achieve that strategy and open up broader revenue opportunities – not just in the USA but across all of our geographies.

Additionally, as we continue to build our executive team bench strength, the addition of Olek Shestakov is a fantastic result for our business in the longer term.

 

Q.  What will happen to the brands Livegenic and LiveLogik?

R.  Livegenic will become a wholly-owned subsidiary in the Claim Central Group, but will continue business-as-usual by maintaining its own brand identity, headquarters location, and staff/leadership including Olek Shestakov as Managing Director (Head of Livegenic). Additionally in the short term LiveLogik will continue to operate under its existing brand.

So for the short to medium term future, nothing changes for either business – both brands will continue to co-exist in their current state. However, in the longer term, we are looking at the best way to integrate both brands into a single market offering.

 

Q.  How does the acquisition affect clients of Livegenic and LiveLogik?

R.  There will be no material impact on Livegenic’s or LiveLogik’s existing clients. The Claim Central USA and Livegenic teams will be working closely with Livegenic’s clients to ensure a smooth transition.

 

Q.  Does anything change for staff of Claim Central Consolidated and Livegenic?

R.  No, everything remains business as usual for both Claim Central Consolidated staff and Livegenic staff.

 

Q.  Has Olek Shestakov’s position changed?

R.  Olek will continue to head up Livegenic as Managing Director (Head of Livegenic), with the company continuing to operate business as usual. Olek will report to Robin Roberson (Managing Director – North America, Claim Central) and form part of the Claim Central USA team.

 

Q.  What do I say to customers or clients who call with concerns as a result of the acquisition?

R.  Please refer all client or customer enquiries regarding the acquisition directly to Mark Cohen at mcohen@claimcentral.com.au

 

Q.  Where can I learn more?

R.  You can learn more about Livegenic at www.livegenic.com

To connect with or learn more about Olek Shestakov, visit https://www.linkedin.com/in/oshestak/

If you have any further questions please contact Mark Cohen at mcohen@claimcentral.com.au

 

Q.  What should I do if someone from the media calls to ask about the acquisition?

R.  Please refer all media enquiries directly to Jessica Srbinoski, Claim Central Consolidated Marketing & Communications Manager at jsrbinoski@claimcentral.com.au



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