NEWTOWN SQUARE, PA — Martin, a Pennsylvania-based insurance product development and regulatory services company, has acquired insurance technology provider Adaptify to expand its artificial intelligence capabilities and automate more of the processes insurers use to develop, price and maintain products.
The acquisition combines Martin’s actuarial, compliance and regulatory expertise with Adaptify’s AI-powered product lifecycle management and pricing technology, extending the company’s capabilities from initial product development through regulatory approval and subsequent product modifications.
Martin serves insurance carriers, managing general agents (MGAs) and program administrators, helping them develop products and navigate regulatory requirements.
The transaction advances the company’s strategy of integrating technology into insurance product development, a process that involves actuarial analysis, pricing decisions, regulatory filings and ongoing compliance management.
Adaptify specializes in configurable software designed to manage insurance products throughout their lifecycle, including pricing and changes to products already available in the market.
By incorporating Adaptify’s technology, Martin intends to provide a more integrated system for managing these activities, reducing the need to handle product development, regulatory processes and ongoing modifications through separate workflows.
“Bringing an insurance product to market still requires navigating complex regulatory requirements, pricing decisions, and ongoing product changes,” Martin Chief Executive Officer Lani Cathey stated.
“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.”
The transaction also expands Martin’s position in the insurance technology market, where carriers and intermediaries use specialized software to manage increasingly complex product development and regulatory processes.
Martin has operated in insurance product development, actuarial services and regulatory compliance for more than three decades.
Its existing services include developing insurance products, evaluating pricing structures, preparing regulatory filings and supporting insurers as they modify products after introduction.
Adaptify’s technology adds AI-supported product lifecycle management and pricing functions to those established services.
Anil Annadata, chief executive officer of Adaptify, described the combination as an effort to integrate insurance industry expertise with software capable of managing products across multiple stages of development and operation.
“Our advanced technology platform and Martin’s unparalleled product and actuarial expertise and deep industry content, together will redefine how insurance products are developed, managed, and maintained,” Annadata stated.
The acquisition follows Martin’s recent rebranding and continues its expansion into technology-based services for insurance companies and intermediaries.
The combined capabilities are intended to support insurers from product design and pricing through regulatory approval and ongoing adjustments to products already being sold.
For Martin, the acquisition represents a further shift toward integrating its established consulting and regulatory services with software that can support more of the insurance product lifecycle.
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