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89% of iPipeline™ Survey Respondents Plan to Adopt Straight-Through Processing
Exton, PA — 02/24/2009
iPipeline, the leader in on-demand software that supports marketing, selling, and processing solutions for the nation’s top insurance carriers, distributors and producers, today reported that a nationwide survey of distribution customers indicated iPipeline’s solutions and agent tools are key to the profitability and growth of their businesses. The survey also revealed an industry-wide migration of top distributors during the next 6-12 months to iGOFORMS--intelligent fillable forms--to support the straight-through processing of insurance applications across the value chain.
"To become a highly-valued business partner, you need to know where you are with your customers and understand their current and future needs. No other vehicle better provides that level of insight than the client survey,” said Tim Wallace, CEO, iPipeline. “Our recent distribution customer survey confirmed that iGOFORMS is becoming the preferred industry standard for straight-through processing among distributors and their agents. Q1 adoption has been extremely strong, because the benefits realized from implementation are almost immediate. There are instances where agent usage rates are at 85% within 3 months."
iPipeline’s recent distribution customer survey delivered the following salient findings:
- 94% of respondents view iPipeline’s solutions and tools as very important to extremely important to the viability of their businesses.
- 53% of respondents plan to add iGOFORMS to their Web sites within 6-12 months.
- 97% of respondents are satisfied to extremely satisfied with iPipeline’s products and services.
- 89% of respondents plan to migrate to e-applications with e-submission and e-signature to achieve new efficiencies via straight-through processing.
"iPipeline’s goal is to enable the industry to eliminate all errors and turn NiGO (Not In Good Order) submissions into iGO (in Good Order) submissions. This is an enormous win for carriers, distributors and agents: everyone saves money by working smarter, cycle times are significantly reduced, and the payment process is turbo-charged,” added Wallace. “At a time when the economy is challenging all businesses, this could be an unexpected windfall of cash for the insurance industry. We’re talking about improving placement ratios by as much as 10% or more per carrier."
iPipeline leads its industry in providing the next-generation suite of sales distribution software to the insurance and financial services markets through its on-demand service. iPipeline's channel solutions for carriers, distributors, producers and financial professionals automate activities for CRM, forms distribution and processing, quotes and illustrations, in Good Order e-Applications, agency management, data services, policy delivery and related services, enabling the insurance industry to market, sell, and process faster. iPipeline provides the process automation and seamless integration needed on a global basis to make a sale by aggregating approximately 150 carriers, 6,900 distributors, and 425,000 financial professionals and advisors in a single, Web-based environment -- the iPipeline Customer Network. With headquarters in Exton, Pennsylvania, iPipeline has locations in Atlanta, Charlotte, Danville, Milwaukee, Philadelphia, Salt Lake City, Tokyo, UK, and Vancouver. Visit us at www.ipipeline.com.