“Partnering with iPipeline, and specifically the InsureSight product, has allowed us to gain valuable insight into our comparison of traditional vs. accelerated underwriting. We’ve been able to establish a consistent answer to the question of ‘what’s slowing things down?’, stop playing the blame game, and get a better grasp on just what exactly we’re getting from a particular vendor.”
– Carrier Customer, Director, Life Operations
The objective was to supplement the accelerated underwriting process, which already featured iGO® and Resonant®, with meaningful analytics to allow the organization to be proactive with decision making.
Lack of control on underwriters
Productivity metrics (internally, for agents, vendors, and requirement management)
No understanding of the impact of process influences on an application
Unable to clearly break down specific segments of cycle time
No easy way to benchmark at any level
No strategically defined best practices
Inability to be proactive
This carrier became an early adopter of InsureSight®, partnering with iPipeline to integrate this data toolset to enhance their reporting capabilities.
Results, Discoveries & Impressions
Upon implementation of InsureSight, the carrier has found several game-changing capabilities, including the ability instantly access the granular segments of cycle time, which allows them to pinpoint the exact point of change in each step. They have direct, on-demand, real-time insight into how career agents compare to one another, and to independent or affiliated agencies, allowing them to decide whether to continue developing certain channels. Vendor accountability has become much easier to track- if the carrier partners with a vendor, they can easily see if their expectations and outcomes are being met.
In a use case example, the carrier has discovered that applications they collected with premium have a 30% higher placement ratio, and also take 21 days less to issue the case.
Finally, the carrier has been impressed what they deem the ‘revolutionary ability’ to locate any piece of data, from the highest level overview to the lowest level of granularity, within a matter of seconds- with the ability to export the data equally as quickly and present it in Excel, a PowerPoint slide, or a PDF.