iPipeline buys policy admin provider TCP Life Systems
Insurance industry vendor iPipeline has acquired TCP Life Systems, a provider of policy administration software for life carriers in North America, Ireland and the U.K.
The move marks iPipeline’s entrance into the policy admin space, enabling it to better support clients’ growing digital ambitions, the company said in a statement. Terms of the deal were not disclosed.
TCP’s technology suite encompasses user tools for claims, billing and distribution management as well as a policyholder portal. Each component will be integrated into iPipeline’s cloud-based platform, according to the company.
“Consumer expectations have changed, and they want a faster self-service and digital experience. This reality applies to our industry which is often labeled as being slow to adapt,” said Tim Wallace, CEO of iPipeline. “Our customers’ investments in transformative technology are key to meeting the industry’s evolving needs, and to ensure consumer expectations are met.”
iPipeline’s latest acquisition follows its purchase of life underwriting tech provider Resonant in January 2016, a time when vendor M&A was at its peak in the industry. Resonant aggregates third-party data to automate policy creation.