illumifin Corporation has started its operations in Bangalore and Mumbai to target talent pool across the country. With its deep industry expertise, proven technology and best-in-class administration, illumifin aims to create transformational change in the insurance industry through market-driven technologies and solutions.
illumifin is focussed at becoming an innovative partner to the insurance industry and delivering visionary technology-enabled services to individual and group insurers. The company has recently signed a tripartite MoU with Sahyadri College of Engineering and Management, Mangaluru, and will create a comprehensive training and internship program to train Engineering and MBA graduates in the Banking, Financial Services, and Insurance Sector (BFSI). This program will open doors for youth of India to build career opportunities in tech-enabled business processing services and essential software solutions to insurers for tomorrow’s digital future.
Phil Ratcliff, Global CEO of illumifin Corporation, said, “We are excited to grow and develop our capability in India at this pivotable moment. As India will be central to our business expansion, our vision is to be a true partner to the insurance industry, delivering technology enabled business processing services and essential software solutions, to help transform insurers for tomorrow’s digital future.”
Talking about India operations and knowledge-based workforce expansion, Manoj Kallangad Puthankalam, Head of India at illumifin, said, “As we expand in India, we look forward to creating a strong domain-centric and digitally skilled workforce and a vibrant work culture. We aim at providing careers that make a difference. Illumifin India would create an ecosystem that empowers every employee to take charge of their career, providing a platform to make them experts in the insurance industry and futuristic technologies.”
illumifin was founded in July 2021 by Abry Partners, a Boston-based private equity firm, and Hoplon Capital, an asset manager, focused on digital disruption after the acquisition of Concentrix Corporation’s insurance third-party administration and software platform. illumifin has also recently in April 2022 completed its acquisition of LTCG (Long Term Care Group), a leading provider of administrative solutions and clinical services to the long-term care and life insurance industry. The strategic acquisition will make illumifin one of the largest insurance third-party administrators in the US with leading capability in Insurance Software, underwriting, policy administration, health risk assessments and claims management.