Exton-based iPipeline, which sells cloud-based digital policy paperwork and other applications to life insurers, says it has bought Chicago-based Resonant, which sells integrated life insurance software, for a price iPipeline won't disclose.
The combined companies' revenues approach $150 million, with more than 500 employees. iPipeline is also considering "more transformative acquisitions," chief marketing officer Michael Persiano told me.
Both companies help replace human workers with automated applications, said iPipeline CEO Tim Wallace in a statement. “Our goal is to take the complexity out of the underwriting tasks through automation while allowing each insurer to manage to their risks" and speed sales growth.
Resonant's Adaptive Process Platform offers "guideline definition, case management, decision support, and real-time monitoring of all business decisions and processes" using data "gathered from users and third party vendors," iPipeline said in a statement. Resonant offers "a sweet spot that no one else has been able to fill,” which "complements" iPipeline's platform, one of the insurance industry's most popular, said Resonant founder and CEO Dr. Brian Falkenhainer .