iPipeline, a U.S.-based provider of cloud-based software solutions for the financial services industry, announced on March 18 that it has acquired Bluesun, a Burlington-Ontario-based insurtech.
In a statement, iPipeline said Bluesun has a client base that includes 70% of all Canadian life insurers and agencies. Bluesun’s software products are designed to automate core business processes for MGAs, national accounts, mutual fund dealers, banks and insurance companies.
Acquiring the company enables iPipeline to expand its geographic footprint. “For more than a decade, iPipeline has had an intense focus on making strategic acquisitions that cumulatively increase our value to the life insurance and financial services industry. Canada has been in our sights for years, and the acquisition of Bluesun enables us to extend our reach into a geography that is committed to digital transformation,” stated Larry Berran, COO and CFO, iPipeline.
“The acquisition of Bluesun gives us the opportunity to combine the synergies of the two companies and present our Canadian clients across the industry with an innovative, straight-through processing platform strategy that has been proven effective by our U.S. customers,” said Tim Wallace, CEO, iPipeline. “We’re excited about the growth potential and confident about the value we can deliver together through industry leadership and innovation.”
A huge step forward
“Bluesun’s software solutions for life insurance sales, case management, and policy administration, when combined with iPipeline’s extensive offerings, will take our clients to the very leading edge and drive sales, settlement and administration of life insurance through any channel the consumer wants to choose,” added Simon Tomlinson, Founder and Chief Executive Officer, Bluesun. “This will now be possible using one partner for every step in the process that takes the consumer from prospect to policyholder using a Canadian multicarrier platform. Our goal is to be a part of every life insurance transaction in Canada, and our acquisition by iPipeline is a huge step forward to accomplishing this mission.”