Thinktum Inc., a technology company based in Waterloo, Ontario, has recently announced its acquisition of Illustrate Inc., a company located in Overland Park, Kansas, and Toronto, Ontario. This partnership aims to establish Thinktum and Illustrate as the leaders in the Insuretech and life insurance industry, providing innovative back-office solutions for insurance companies.
Thinktum was founded by David Slabodkin, the 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. With Thinktum’s no-code underwriting and e-app solutions, insurance carriers can significantly reduce costs, improve data collection and analysis, and eliminate most underwriting requirements with its personalized risk assessment platform.
Illustrate, on the other hand, has been in the business of revolutionizing the life insurance industry for the past 35 years. The company provides cloud-based, low-code platforms that can be easily configured to meet the unique needs of insurance, wealth, and investment companies. Their applications deliver state-of-the-art life, wealth, and health illustrations, e-applications, and point-of-sale technology. By joining forces with Thinktum, Illustrate will be able to expand its resources and provide better service and support to its clients.
Under this new partnership, Lyndon Edwards will continue to serve as President of Illustrate Inc. and assume the presidency of Thinktum as well. Paul Reaburn will take on the role of CEO of Thinktum, while David Slabodkin will become the Chairman of the Board for both companies.
The shared vision and complementary nature of Thinktum and Illustrate will allow them to take their services to the next level. With combined resources, they will be able to offer cost-effective solutions to their existing and future clients. This partnership will also allow them to invest in all their products and services while enhancing the overall customer experience.
Both companies are enthusiastic about this collaboration. Paul Reaburn, CEO of Thinktum, welcomes Illustrate Inc.’s management, employees, and customers, expressing pride in continuing to offer Illustrate’s products and services while introducing cutting-edge technology solutions developed by Thinktum. Lyndon Edwards, President of Thinktum and Illustrate, is excited about the opportunity to expand and enhance their capabilities and solutions.
Zahir Dhalla, the founder of Illustrate Inc., reflects on the company’s history and success. Since its inception, Illustrate Inc. has been dedicated to revolutionizing the life insurance and wealth industry. Embracing technology and an innovative approach have driven the company’s growth and success in the life insurance distribution market across North America.
The acquisition of Illustrate Inc. by Thinktum Inc. signals a promising future for both companies and the insurance industry as a whole. With their combined expertise and resources, they are poised to make significant advancements in back-office solutions for insurance companies. Their focus on providing state-of-the-art technology that saves time, money, and eliminates errors will undoubtedly shape the future of the industry.