Software provider iPipeline has acquired TCP LifeSystems, a software solutions provider to life and pensions insurance companies.
TCP LifeSystems acts as a communication exchange point between customers, advisers, providers and reinsurers.
TCP’s business underwriting solution has reduced processing time from an average of 34 days to as little as 15 minutes – 95% cases written are online and 80% without human intervention.
Tim Wallace, chief executive of iPipeline, said: “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, said: “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 offerings.
“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.”