illumifin
Provides administrative services and software for insurance companies.
Company facts
- Founded
- 2021
- Employees
- 3,000
- Headquarters
- United States
- CEO
- Peter Goldstein
- Type
- Private
- Funding
- Private Equity · $304M · 2024
- Subsidiaries
- LTCG, Administrative Partners of America, Concentrix Insurance Solutions
About
illumifin is a prominent provider of technology-enabled business processing services and software solutions tailored for the insurance industry. The company positions itself as a strategic partner to insurers, aiming to facilitate their transformation into the digital future. With a primary focus on the North American life, long-term care, annuity, and health markets, illumifin delivers a comprehensive suite of services designed to enhance operational efficiency and customer experience. The company's offerings encompass end-to-end policy administration, business process outsourcing, and specialized services for individual, group, and voluntary insurance products. By leveraging a proprietary software platform characterized by a simplified user experience, robust functionality, and a cloud-native architecture, illumifin enables its clients to rapidly launch new products and modernize their operations into cost-effective, customer-centric digital enterprises. The foundation of illumifin is built upon a rich legacy of industry experience, combining over three decades of expertise as a third-party administrator (TPA) with more than fifty years in designing and developing insurance software. This deep-rooted knowledge allows the company to address the complex challenges of the insurance sector with innovative and effective solutions. The company was officially launched in 2021, following the acquisition of Concentrix Insurance Solutions by Abry Partners and Hoplon Capital. Since its inception, illumifin has expanded its capabilities, notably through the acquisition of LTCG, a leader in long-term care administration. This strategic growth has solidified its position as one of the largest insurance TPAs in North America. Headquartered in Woodbury, Minnesota, with additional operations across the United States and India, illumifin's global team of over 2,500 professionals is dedicated to delivering sustainable value and fostering deep partnerships with its clients, helping them navigate the evolving digital landscape of the insurance world.