Martin buys Adaptify to add AI across insurance product lifecycle
What's the deal? Martin, a Pennsylvania-based insurance product development and regulatory services company, has acquired AdaptifyDealroom has a profile for this one. Try Dealroom →, an insurance technology firm focused on AI-powered product lifecycle management and pricing. Terms were undisclosed.
What's the endgame? The deal combines Martin's three decades of product, actuarial and regulatory expertise with Adaptify's configurable technology for managing a product from inception to market. Martin says it supports more than 350 carriers, managing general agents and program administrators, and processes over 7,000 filings annually across 51 US jurisdictions.
Why now? The acquisition follows Martin's recent rebrand and a strategic investment from Polaris Growth FundDealroom has a profile for this one. Try Dealroom →. It marks the company's next step in expanding its technology offerings.
What they're saying: "The acquisition of Adaptify provides the additional technology and intelligence our customers need to move from product inception to in-market faster and with greater confidence," said Lani Cathey, chief executive officer of Martin. Adaptify chief executive officer Anil Annadata said the combination ushers in "a new era for insurance product lifecycle management."
The signal: The deal lands amid a wave of consolidation in insurance software. Guidewire agreed in October to buy pricing and underwriting provider hyperexponential for up to $2.1 billion, and Amdocs bought EIS for about $340 million in November. Those moves point to growing demand for integrated platforms spanning insurers' product and policy workflows.
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