Tag: Celent

Harnessing Change to Accelerate and Automate Underwriting

Today’s consumers demand an improved customer experience. Regardless of what they are purchasing, they expect the ease of shopping online and having their package show up two days later. Life insurance is no different, but you can’t improve the customer experience without change. 

Underwriting consumes a large amount of time in the application process, and consequently, it has become one of the primary focuses for insurance carriers over the last three to five years – leading you to pursue innovative tools to speed up your processes.  

Life insurers using automated underwriting tools say they save up to 90% in cycle time, resulting in a speedier underwriting process, according to Celent. 

But implementing the necessary tools and technologies for automation can be an overwhelming process, because after all, change can be hard.    

One thing is for sure: technology is constantly changing. While these technological innovations are designed to improve the way things are done, it can be incredibly intimidating and overwhelming to take that first step.  

So how do you prepare for change?  By implementing technology that accelerates your business in a sustainable and scalable way.   

Adopting new technology can help propel your business into the future and give you an edge over your competition. But you also need to select the right technology to make that adoption sustainable and enable you to tap into ongoing growth.  

We can share some tips on how to do just that.

Here are 5 Key Takeaways from our recent underwriting webinar series. Check out these bits of wisdom for staying on top of industry trends and preparing for the future: 

  1. Digital acceleration is top of mind for insurers, and efficiency and ease of doing business are top priorities when it comes to adopting new tools. Insurers are looking to realize value by providing customers with the experience they desire. This informs how you should assess new technologies. Is the solution going to make things easier and faster for the customer? If it doesn’t, or if it can’t in its current stage, then it isn’t worth investing in at the current time.  
  1. Customer experiences have changed. Most customers desire an omnichannel experience. They want an easy way to purchase life insurance in a digital environment, but they still want to have a personal relationship with the agent – someone who can answer their questions and provide personalized guidance. How this relationship takes place, however, has also shifted. The use of features like chat and virtual meetings continues to remain prevalent as the industry moves past the pandemic because convenience is key to meeting customer expectations.  
  1. More insurers are using rules engines and underwriting workbenches. Celent data shows an increase in using these, by 25% and 33% respectively. Tools such as these help to facilitate accelerated underwriting, and as the industry continues to evolve, speed and efficiency will remain differentiating factors.
  1. Data required for making underwriting decisions is growing and changing. Data sources like RX and the Medical Information Bureau are commonly used in the industry, but some insurers are venturing out and exploring other types of data, like APS Summaries and Electronic Health records. The practice of utilizing behavioral data – like credit scores and application behavior – is growing and nearly 40% of insurers have started implementing AI or Machine Learning models into their underwriting, according to Celent.  Data sources continue to expand, to now include data from wearable devices, but as this expanded consumer data is gathered, it will continue to be important that all data that you examine, analyze, and use is done so in an unbiased manner.  
  1. Partner security with convenience. As you look to incorporate new data sources, it is critical to remain vigilant, recognizing the regulatory requirements and limitations. Data is valuable, but it brings privacy concerns that must be taken into consideration – especially with the use of consumer data sources like credit scores or wearable data. Don’t be afraid to seek new data sources – just be sure to do your homework, analyze the evaluation, and check all the boxes first.  

Well, there you have it. We hope that these insights have helped prepare you to tackle the ever-changing landscape of the life insurance industry. If you are interested in learning more about any of these topics, be sure to check out our Underwriting Webinar Series.   

If you are ready to explore an automated underwriting solution that offers speed and efficiency using an underwriting workbench and a fast rules engine, let’s chat about Resonant®.  

Resonant® – iPipeline

iPipeline’s WELIS Systems Wins 2020 XCelent Award for Depth of Customer Service for Ascent Illustration System

WELIS Excels in Customer Satisfaction Above All Other Illustration System Providers

Exton, PA (December 2, 2020) – iPipeline® – a leading provider of low code cloud-based software solutions for the life insurance and financial services industry – today announced recently acquired WELIS Systems has won the 2020 XCelent Award for Depth of Customer Service. The award is given to a company for outstanding performance in implementation and post-implementation services, training, the quality of user conferences, service-level agreement (SLA) scope and features, and mechanisms to obtain and service customer tickets. WELIS is long considered to be an industry leader in Illustration systems for the U.S. life insurance industry. The acquisition of WELIS positions iPipeline as one of the largest providers of illustrations in North America.

The WELIS Ascent® Illustration System is designed to help insurers sell and service customers in a multi-channel distribution environment. The multi-time, award-winning software is constructed as a standard single life illustration system that can be transformed into a sophisticated multiple life/multiple plan system with a single button click.

“Happy customers are what customer service is all about, and the WELIS team delivers services at a level not easily emulated by others within the Illustration System industry. Stephen Frederick and his team are a unique breed with an intense focus on excellence,” said Larry Berran, CEO, iPipeline. “Celent’s awards are highly coveted within the life insurance industry, and I am thrilled to see WELIS setting the bar for depth of customer service within our industry. Our focus will remain fixed on maintaining exceptional customer satisfaction.”

“Celent’s framework for evaluating vendors is called the ‘Celent ABCD Vendor View.’ Our standard representation of a vendor marketplace is designed to show our industry readers at a glance the relative positions of each vendor in four categories: Advanced Technology, Breadth of Functionality, Customer Base, and Depth of Customer Service,” said Karen Monks, Senior Analyst, Celent. “In the category of Depth of Customer Service, WELIS emerged as the clear winner based on customer evaluations. We congratulate Stephen and his team on a job well done.”

“Our customers are viewed as family at WELIS. Our team’s accessibility for them is second to none, and we understand the critical role Ascent plays in their agents’ abilities to attract and secure customers,” said Stephen Frederick, Senior Advisor, iPipeline. “We are honored to receive this award and committed to maintaining the same level of performance for our customers in the future.”

Ascent will be integrated into iPipeline’s low code, SSG Digital® Platform to enable agents and advisors to quickly run real-time scenario-based illustrations, save them, and send them to customers for review and e-Signature through the PAS+® (Policy Administration System Plus) agent portal. Agents and advisors will also be able to run an illustration and include it during the e-App process to collect e-Signatures, reducing cycle times and improving iGO® e-App processing rates.

To learn how you can implement iPipeline’s innovative solutions to automate how your products are marketed, sold, and processed, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

About iPipeline
iPipeline is a leading provider of low code, cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital, end-to-end platform, we accelerate and simplify sales, compliance, operations, and support. We provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management.

iPipeline’s platform is used by approximately 450 carriers and fund companies, 1,400 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Boston, Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Davidson, Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com.


For iPipeline:
Lisa Shea

Celent Analyst Session: Life Insurance Online Self-Service…How Far Has It Come?

Presenters: Tom Scales, Head of Life & Health Americas, Celent and Karen Monks, Insurance Senior Analyst, Celent

Where do you stand in terms of web-based self-service for your customers? Celent’s 2019 research looked at United States life insurance websites and how well suited they are to meet a customer’s expectations in terms of self-service. In a previous 2014 report, Celent found that very few life insurers offered any kind of self-service on their websites. The 2019 report revisits what progress in service offerings life insurers have made by measuring a customer’s ability to perform self-service functions on websites. Use this session to benchmark yourself and learn what you can do to leapfrog the competition.

Season 2, Episode 1 | CELENT Reflects on Big Trends from 2018 and Looks Ahead into 2019

Released January 04, 2019

Tom Scales – Head of Americas Life, Annuity, and Health for Celent – joins host Rich Grisham to take a look at the big trends of the life insurance industry as we look back at 2018 and forward to 2019. From technology to product, distribution to end consumers, Mr. Scales has his finger on the pulse of our industry like few others.

Season 1, Episode 7 | Pipecast LIVE! at Connections 2018

Released March 27, 2018

This episode is the first ever Pipecast Live! Recorded on location at iPipeline’s Connections 2018 conference. Host Rich Grisham sits down with several industry thought leaders to discuss what’s happening in the insurance and financial services industry. It’s a fascinating series of conversations, featuring:

Tom Scales, Head of Life and Annuity Practice, Celent
Rachel Sachs, VP of Life Operations, Advisors Excel
Sam Halpern, Director of Internet Marketing, Senior Market Sales
Kevin Baer, Founder of Baer Coaching
Aaron Guidotti, CEO, Grendel