The life insurance industry still primarily relies on legacy core systems and manual processes which are resource-intensive, lack flexibility, and ultimately slow down the sales process leading to lost premiums and unnecessary costs, observes Tim Wallace, CEO, iPipeline.
iPipeline’s solutions address the complexity and changing demands in the insurance industry by providing their customers the necessary tools to simplify and accelerate their sales and support processes.
iPipeline provides a secure comprehensive suite of cloud-based software solutions purposely designed for the life insurance industry for companies that provide life insurance without physical examination. Their solutions enable the marketing, selling, processing, and support of life insurance products on integrated platforms that streamline activities across the entire chain. iPipeline emphasizes delivery of exceptional customer service and the highest levels of system reliability in the industry.
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The solutions that address the market pain points range from health class estimation, quotes, illustrations and e-Application to agency management, data services, e-document delivery and policy holder services.
iPipeline has built a comprehensive suite of solutions that streamline functions across the entire life insurance value chain.
They offered the first electronic application solution in the market allowing agents to take applications on the go with mobile platforms. They have built the first integrated agent desktop in the marketplace, AgentOne, to manage the entire sales process from front office to middle office to back office. They are the largest data hub in the U.S. life insurance (life, annuities, and health) industry. iPipeline’s comprehensive platform offers new efficiencies and speed-to-market advantages for the agent, advisor, and consumer.
iPipeline has a customer base consisting of over 125 carriers and 875 distributors. They have operated in the U.S. market since 1995, Canadian market since 2011, and they accelerated iPipeline’s international expansion by entering the Japan and UK markets in 2012. iPipeline’s customers include some of the largest global insurance carriers such as AIG, Bankers, Manulife, Mass Mutual, Nationwide and New York Life. They maintain strategic partnerships and alliances with industry leaders for a range of technology, integration and consulting solutions and services.
iPipeline’s customers are outspoken about the benefits that their solutions bring to support their mission critical business processes for the marketing, selling and processing of life, annuity, and health (medicare supplement) products.
Erie Family Life Insurance set out to streamline the life insurance sales process and make it more intuitive to the independent agents who are used to selling the parent company’s personal lines P&C products. The resulting system and product, known as ERIE LifeSense, combines an electronic application [iGO] with e-signature capability, a real-time underwriting decision engine that integrates multiple components to provide point-of-sale automated underwriting, and straight-through processing (STP) to a policy administration system from three different vendors.
Erie Family Life found that in order to overcome business challenges posed by the project, it needed to simplify the application form, finalize the rules for immediate decisions and ensure a paperless electronic enrollment process.
The means to this end included iPipeline’s iGO e-App, eSignature, and STP (straight-through processing). It also used RGA’s EASI real-time underwriting decision platform powered by AURA and Dell’s LifeSys, Agent Web Portal, STP and policy administration.
“Erie synthesized all the right components to streamline their life product offerings from sales to issue. They’ve seen dramatic improvement in the ability of their primarily P&C channel to drive life sales, due to this new capability,” said Rob McIsaac, Principal at Novarica.
iPipeline’s visionis to be the global leader in transforming ideas into solutions that revolutionize the insurance industry.