Thinktum, Inc., a Waterloo, Ontario-based provider of no-code underwriting and e-app solutions for the insurance industry, acquired Illustrate Inc., an Overland Park, Kansas & Toronto, Ontario-based cloud-based, low-code platform for the life insurance industry.
The amount of the deal was not disclosed.
The acquisition will enable the combined company to become the no-code leader in the Insuretech and life insurance industry, building back-office solutions.
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. Thinktum provides no-code underwriting and e-app solutions for the insurance industry to reduce costs to insurance carriers, improve data collection & analysis, and eliminate most underwriting requirements with its personalized risk assessment platform.
By joining with Thinktum, Illustrate will more than double its resources to 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.