"The TCP acquisition represents our commitment to providing the UK, Ireland and Canada with a next-generation platform for advisers, intermediaries and providers within the life and pensions market."
iPipeline has acquired TCP LifeSystems, a software solutions provider to life and pensions insurance companies.
TCP LifeSystems provides an end-to-end software solution, underpinning insurance policy administration, underwriting, and acting as a central communication exchange point between customers, advisers, providers and reinsurers.
Its self-service capability allows customers and intermediaries to manage policies instantly, with its new business underwriting solution reducing processing time from an average of 34 days to as little as 15 minutes. 95% of cases are written online and 80% are executed via straight-through processing with no human interaction.
Tim Wallace, CEO of iPipeline, said: “The TCP acquisition represents our commitment to providing the UK, Ireland and Canada with a next-generation platform for advisers, intermediaries and providers within the life and pensions market. Consumer expectations have changed, and they want a faster, self-service, and digital experience.
“This reality applies to our industry which is often labelled as being slow to adapt. Investments in transformative technology are key to meeting the industry’s evolving needs and to ensuring consumer expectations are met by offering financial solutions when they need them. We are pleased about the acquisition and the potential to grow the protection market and create further value for the life and pensions industry.”
Ashley Hale, Managing Director of TCP LifeSystems, commented: “iPipeline has repeatedly demonstrated the value of its innovations within the UK, positively impacting the growth of our industry. TCP LifeSystems’ technology, SS/G, has been developed to maximise efficiency within digitalised new business, policy administration systems and automated underwriting, and we see this nicely complementing iPipeline’s offering.
“By bringing iPipeline and TCP LifeSystems together, we will be able to further streamline processes to deliver outstanding value within the life and pensions market for the Consumer, the Adviser and the Provider.”
Ian Teague, Managing Director of iPipeline UK, added: “Advisers, intermediaries, providers and consumers have high expectations for a streamlined, digital experience. Long gone is the need for time-consuming processes.
“TCP LifeSystems’ expertise in the new business underwriting and policy administration space complements iPipeline’s efficient, straight-through processing solutions, extending the value of our digital platform for the UK marketplace. We are excited to welcome TCP LifeSystems’ employees to the iPipeline team.”