In a recent acquisition, Thinktum Inc. of Waterloo, Ontario has acquired Illustrate Inc., based in Overland Park, Kansas and Toronto, Ontario. This acquisition aims to position both companies as leaders in the no-code movement within the insuretech and life insurance industry. The joint efforts will focus on developing back-office solutions for insurance companies that require advanced technology to save time, reduce costs, and eliminate errors.
Thinktum Inc. was founded by David Slabodkin, the original owner of Canada Protection Plan (CPP), which has become the largest provider of non-medical/simplified issue life insurance in Canada. With a mission to revolutionize the insurance and financial services industry, Thinktum offers pure no-code underwriting and e-app solutions. Their personalized risk assessment platform significantly reduces costs, improves data collection and analysis, and eliminates most underwriting requirements.
Illustrate Inc., on the other hand, has been a key player in the life insurance industry for the past 35 years. Their cloud-based, low-code platform is designed to be easily configured to meet the specific needs of insurance, wealth, and investment companies. Their applications provide state-of-the-art life, wealth, and health illustrations, e-applications, and point of sale technology. By joining forces with Thinktum, Illustrate will gain additional resources to better serve and support their clients.
Following the acquisition, Lyndon Edwards will remain as President of Illustrate Inc. and take on the presidency of Thinktum. Paul Reaburn will become the CEO of Thinktum, while David Slabodkin will assume the role of Chairman of the Board for both companies. With a shared vision, the two companies aim to create synergies that will propel them to the next level of service and innovation within the industry.
The acquisition will allow Thinktum and Illustrate to increase their capacity to provide cost-effective solutions to their existing and future clients. They are committed to investing in their combined product and service offerings while improving the overall customer experience. The integration of Thinktum’s advanced technology solutions with Illustrate’s powerful OPUS Platform is expected to empower customers with a comprehensive suite of options and functionality to drive their businesses forward.
Both Thinktum Inc. and Illustrate Inc. are excited about this new partnership and are looking forward to combining their expertise to offer enhanced solutions to their clients. The acquisition represents a significant milestone for both companies as they continue to shape the future of the insuretech and life insurance industry.
Source: Thinktum Inc. and Illustrate Inc.