Thinktum acquires Illustrate Inc. to emerge as no-code leader in insuretech
Waterloo, Ontario-based Thinktum Inc. has announced the acquisition of Illustrate Inc., a company with offices in Overland Park, Kansas, and Toronto, Ontario. This pivotal move positions the merged entities as a leading force in the no-code Insuretech and life insurance industry, delivering state-of-the-art back-office solutions designed to save time, cut costs, and minimize errors for insurance companies.
Uniting Pioneers: Thinktum and Illustrate Revolutionize Insurance Tech
Founded by David Slabodkin, the original owner of Canada Protection Plan (CPP), Thinktum has been a trailblazer in the insurance and financial services industry. The company’s innovative no-code underwriting and e-application solutions are game-changers, reducing costs and streamlining data collection and analysis for insurance carriers. Meanwhile, Illustrate Inc., a veteran with 35 years in the industry, brings to the table a proven low-code platform focused on life, wealth, and health insurance solutions. The collaboration between Thinktum and Illustrate is expected to more than double resources to better serve existing and future clients.
Leadership to Steer New Horizons in Insuretech
Lyndon Edwards will maintain his role as President of Illustrate Inc. while also taking on the presidency of Thinktum. Paul Reaburn steps in as the new CEO of Thinktum, and David Slabodkin will serve as Chairman of the Board for both companies. Together, they aim to leverage their combined resources to offer cost-effective, cutting-edge solutions to the Insuretech industry.
Executives Share Vision for Synergistic Growth
David Slabodkin, the new Chairman for both entities, stated, “Our common vision creates the synergies necessary to elevate both companies to the next level of service. The merge allows us to boost our capacity to offer cost-effective solutions to our existing and future clients.” Paul Reaburn, CEO of Thinktum, added, “We will continue to invest in our combined products while enhancing customer experience with additional technology solutions developed by Thinktum.” Lyndon Edwards, the President of both companies, expressed enthusiasm, stating, “The integration of Thinktum’s advanced solutions with our OPUS Platform will empower our current and future customers with an unparalleled suite of options.”
Setting the Stage for an Insuretech Revolution
The acquisition and subsequent merger promise to revolutionize the Insuretech and life insurance sectors. As two industry leaders combine their extensive experience and innovative platforms, they are set to offer an unparalleled range of services and products that meet the ever-evolving needs of the insurance market. This deal signifies a substantial step forward for Insuretech, positioning Thinktum and Illustrate as leaders ready to redefine the future of insurance technology.