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Thinktum Inc Acquires Illustrate Inc To Become Powerhouse Technology Solution For Insurance Companies and Insuretechs
News provided bythinktum Inc.
Sep 18, 2023, 2:06 PM ET
WATERLOO, ON, Sept. 18, 2023 /PRNewswire/ - Thinktum Inc. of Waterloo, Ontario has acquired Illustrate Inc. of Overland Park, Kansas & Toronto, Ontario to jointly become the no-code leader in the Insuretech and life insurance industry, building back-office solutions for insurance companies looking for state of the art technology that saves time and money and eliminates errors.
Thinktum was created by David Slabodkin, the founder and original owner of Canada Protection Plan (CPP), which became the largest provider of non-medical/simplified issue life insurance in Canada. Through continuous innovation, CPP revolutionized the insurance and financial services industry. Thinktum's new and revolutionary pure no-code underwriting and e-app solutions for the insurance industry significantly reduce costs to insurance carriers, improve data collection & analysis, and eliminate most underwriting requirements with its personalized risk assessment platform.
Illustrate 35 years ago had a vision to revolutionize the life insurance industry. Its proven cloud-based, low-code platform is purposefully created to be modular, open ended applications that are easily configured to meet the different needs of each insurance, wealth and investment company, delivering state of the art life, wealth and health illustrations, e-applications and point of sale technology. By joining with Thinktum, Illustrate will more than double its resources to better service and provide additional support to its existing and future clients.
Lyndon Edwards will remain as President of Illustrate Inc. and take over the presidency of Thinktum. Paul Reaburn will become CEO of Thinktum while David Slabodkin will become Chairman of the Board of both companies.
"We share a common vision that is complementary to each other, creating the synergies necessary to take both companies to the next level of service in our evolution. Our combined resources allow us to increase our capacity to provide cost effective solutions to our existing and future clients," said David Slabodkin, Chairman of Thinktum and Illustrate.
"I personally welcome Illustrate Inc's management, employees, and customers. We are proud to continue offering Illustrate's great products and services through their highly qualified staff, while enhancing its portfolio with additional cutting-edge technology solutions developed by Thinktum. We will continue to invest in all our combined products and service offerings while improving the overall customer experience" said Paul Reaburn, CEO of Thinktum.
"We are thrilled to join forces with Thinktum and to be provided the opportunity to expand and enhance our bench depth, capabilities, and solutions. Integrating the advanced and innovative Thinktum solutions with our powerful OPUS Platform is a natural fit, empowering our current and future customers with an unparalleled suite of options and functionality to drive their businesses forward," said Lyndon Edwards, President of Thinktum and Illustrate.
"We take great pride in our history and past and present successes," said Zahir Dhalla, founder of Illustrate Inc: "I founded Illustrate Inc. with a vision to revolutionize the life insurance and wealth industry. Our dedication to embracing technology and an innovative approach quickly propelled us into a prosperous business model in the life insurance distribution market across North America."
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SOURCE thinktum Inc.
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