Tag: Resonant

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 Underwriting Webinar Series

7 Speakers. 3 Sessions.

Underwriting’s Most Pressing Challenges (and Opportunities), Simplified.

Join iPipeline and several key industry experts as we dive deep into all things underwriting in a special three-part underwriting webinar series.

Together, we’ll uncover regulatory changes impacting the future of underwriting, advancements being made to the underwriting process, changes in consumer expectations, the ways artificial intelligence (AI) and underwriters are rewriting the rules in life insurance, and more.


SESSION ONE:

Advancing the Underwriting Process, Trends, and Consumer Expectations Post-Pandemic

In this session, we’ll uncover the pandemic’s effect on our industry, the technological advancements being made to set carriers up for success in the future, and the roadmap for agent and consumer expectations moving forward. 

Participating Presenters:


SESSION TWO:

How AI and Underwriters are Rewriting the Rules in Life Insurance

Digital data sources and integrations are becoming more accessible to carriers and underwriters. In this session, learn what data sources are most often used in the industry to corroborate application data and how COVID-19 impacted insurers’ plans regarding new data sources and implementations.

Participating Presenters:


SESSION THREE:

Regulatory Changes Impacting the Future of Underwriting

This panel discussion will dive deep into critical regulatory changes impacting the future of underwriting, as well as how some carriers, and the industry, are navigating the ever-evolving landscape.

Participating Presenters:


Navy Mutual Launches Innovative Technology from iPipeline® to Automate, Streamline, and Enhance Its Underwriting and New Business Processes

Nation’s Oldest Federally Recognized Veterans Service Organization Selects iPipeline’s Resonant® Solution to Accelerate and Improve the Delivery of Financial Peace of Mind to Servicemembers and Their Families

EXTON, PA—July 12, 2023—iPipeline® announces that Navy Mutual Aid Association, the nation’s oldest federally recognized Veterans Service Organization, recently launched its Resonant® multi-functional solution for underwriting and new business which will accelerate those processes for the insurer’s life insurance and annuity products.

By leveraging this latest technology in workflow automation, Navy Mutual now has the ability to significantly reduce the time to underwrite an application while creating a faster, more efficient, and modernized digital customer experience for servicemembers and their families. 

With Resonant’s ability to digitize and seamlessly automate underwriting and case management, its no code, self-service tools optimize workflow automation by easily building workflow routing, rules, and underwriting requirements. This innovative technology combines case management and decision support, access to comprehensive reporting and analytics, and the ability to monitor and provide regulatory compliance control.

“Today’s customers expect a positive and easy buying experience – and purchasing life insurance is no different. To better meet expanding consumer expectations, the life insurance industry is embracing newer, better, and more streamlined technology in order to provide a seamless digital experience for the customer,” said Bill Hunter, Senior Vice President of Sales for iPipeline. “iPipeline continues to build new and innovative solutions that empower life insurance and annuity providers to automate and accelerate their key workflows – from beginning to end – across their businesses. We are excited to help Navy Mutual strengthen their underwriting and new business processes as they continue on their mission to provide military servicemembers and their families the financial protection they need.”

“iPipeline’s Resonant® solution provides us with a single system for ordering, receiving, and reviewing new business and underwriting requirements,” said Peter Meyers, Vice President of Solutions and Technology for Navy Mutual. “Implementing this technology is the first step in the next phase of our digital high-tech, high-touch journey. Everything we do is dedicated to improving the member experience. As a member-focused organization, their experience is the true measurement of success and the driver of every project we undertake. iPipeline understood that and delivered on our high expectations. Our teams were in alignment during both the planning and deployment stages and we are excited for this implementation to continue improving our processes and our member experience.”

To learn more about iPipeline’s Resonant solution, please visit https://www.ipipeline.com/products/resonant.

About iPipeline

iPipeline is building a comprehensive digitized ecosystem for the life insurance and wealth management industries, which will enable millions of those who are uninsured or under-insured to secure their financial futures as part of a holistic financial planning experience. The firm is working to optimize all

application and processing workflows—from quote to commission—and consolidating them within one of the most expansive straight-through processing platforms, significantly reducing paper, saving time, and increasing premiums and placements for insurance agents. iPipeline is also committed to offering premier subscription-based tools to help financial institutions and advisors automate and digitize financial transactions, comply with regulations, and seamlessly incorporate life insurance and annuities into client accounts. 

The iPipeline digital ecosystem incorporates one of the industry’s largest data sets to enable advisors and agents to optimize their businesses. Since its establishment in 1995, iPipeline has facilitated 1.5 billion quote responses, $32 billion in savings on printing and mailing costs, the collection of 55 billion premiums, and the protection of 25 million lives. iPipeline operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the S&P 500® and Fortune 1000® indices. For more information, please visit https://www.ipipeline.com/.

About Navy Mutual

Navy Mutual is a nonprofit, member-owned mutual association established in 1879 to provide affordable life insurance and peace of mind to members of the military and their families. As the nation’s oldest federally recognized Veterans Service Organization, its mission and commitment to protect those who defend us remains unwavering. Financially strong, Navy Mutual is proud to be a first-choice provider of life insurance to servicemembers and their loved ones. Through quality life insurance products, no-cost educational and veterans services programs, and unparalleled service, Navy Mutual has earned the loyalty and support of its membership. For more information, visit navymutual.org.


Media Contacts

Laura Simpson
JConnelly for iPipeline
973-713-8834
ipipelinepr@jconnelly.com

Kate Walton
Director of Marketing, Navy Mutual
571-481-2320
marketing@navymutual.org

iPipeline® Ecosystem Enables National Life Group to Create Fully Automated New Business Underwriting Platform

National Life Becomes One of the First Providers to Offer a Fully Digital Distribution of Indexed Universal Life Insurance Policies via Same-Day Turnaround and Without Human Touch

EXTON, PA and MONTPELIER, VT—September 13, 2022—iPipeline® announces that National Life Group is utilizing its iGO® e-App and Resonant® underwriting solutions to automate and optimize the underwriting and distribution of indexed universal life insurance policies.  

iPipeline’s technology enables National Life to become one of the first insurance providers to distribute universal life insurance policies via a fully digital process—on the same day the customer applies for coverage and without the need for any human touch. By integrating iPipeline’s e-App, new business solutions with underwriting and e-Signature tools, National Life can now fully digitize and automate all processes involved in issuing a complex indexed universal life insurance policy—including electronic application, data transfer, underwriting, policy approval, and sending the policy to the customer.

“Our partnership with National Life spans more than a decade—and it has culminated in an innovative platform which reduces the time it takes to issue an indexed universal life insurance policy from approximately 46 days—to less than one,” said Deane Price, Chief Executive Officer of iPipeline. “National Life has been one of the fastest growing life insurers in the U.S.,* and we are proud that our ongoing collaboration has positioned them to grow at scale to meet the expectations of their customers.”

“National Life and iPipeline are two companies, yet from the beginning of our strategic partnership, we have been one collaborative and innovative team,” said Nimesh Mehta, Senior Vice President and Chief Information Officer of National Life Group. “We are a purpose-driven organization, and iPipeline shares our commitment of getting the process right—especially for those in Middle America, where a significant percentage of the population is uninsured or underinsured. Our relationship with iPipeline empowers us to transform the way we deliver insurance, so that we are well-positioned to stay one step ahead of customer expectations in today’s changing world—and ensure the process will never prevent customers from protecting their financial future.”

About iPipeline

iPipeline is building the end-to-end digitized ecosystem for the life insurance and wealth management industries, which will enable millions of uninsured or under-insured Americans to secure their financial futures as part of a holistic financial planning experience. The firm is working to optimize all application and processing workflows—from quote to commission—and consolidating them within one of the most expansive straight-through processing platforms, significantly reducing paper, saving time, and increasing premiums and placements for insurance agents. iPipeline is also committed to offering premier subscription-based tools to help financial institutions and advisors automate and digitize financial transactions, comply with regulations, and seamlessly incorporate life insurance and annuities into client accounts. 

The iPipeline digital ecosystem incorporates one of the industry’s largest data sets to enable advisors and agents to optimize their businesses. Since its establishment in 1995, iPipeline has facilitated 1.5 billion quote responses, $32 billion in savings on printing and mailing costs, the collection of 55 billion premiums, and the protection of 25 million lives. iPipeline operates as a unit of Roper Technologies (NYSE: ROP), a constituent of the S&P 500® and Fortune 500® indices. For more information, please visit https://www.ipipeline.com/.

About National Life Group

National Life is here to bring you peace of mind. We’ve been keeping our promises since 1848. Believe in tomorrow, do good today. Learn more at NationalLife.com.

National Life Group® is a trade name of National Life Insurance Company, founded in Montpelier, Vt., in 1848, Life Insurance Company of the Southwest, Addison, Texas, chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.

Media Contacts:

Laura Simpson

JConnelly for iPipeline

973-713-8834

ipipelinepr@jconnelly.com

Beth Rusnock

Corporate Communications, National Life Group

802-229-7214

brusnock@nationallife.com

* #3 fastest growing life company over the past 5 years (of companies with $50M+ of sales in 2016) – LIMRA Sales Rankings, 4Q2021

TC128548(0822)1

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Resonant | Shorten Your Underwriting “Long Poles”. From Submission to Decision.

Presenter: Bill Atlee, Founder & Chief Innovation Officer, iPipeline

Let’s Talk About the 5 Days That Cost Carriers Millions of Dollars.

If you were asked to take a guess at what the pivotal day for cases in underwriting was, what would you say? We’ve uncovered this day, the “Hour of Sour”, that results in a 13% decrease in placement ratio. Talk about an underwriting ‘aha’ moment! Join Bill Atlee, Founder and Chief Innovation Officer at iPipeline, as he discusses this precise day and what it means in terms of millions of dollars being left on the table.

Case Study: Enhancing Analytics & Accelerating Underwriting

Case Study

“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.

Pain Points

  • 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

Solution

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.

Sound Interesting? Let’s Talk!

Continue reading

5 Days Cost Carriers Millions of Dollars.

At iPipeline, we’ve conducted the most expansive artificial intelligence and machine learning project known to the industry. Our mission was to analyze over 3 million life insurance applications submitted over the last 2 years and across 62 life insurance companies. The purpose? Enable machines to learn recognizable patterns that cause underwriting delays, missing requirements, agent behavior, case manager interactions, and any internal/external factors that could affect placement ratio.

Our goal was to increase the SPEED of underwriting by removing the obstacles that affect policy approval times.

Carriers measure underwriting speed in “cycle times”, and their success by “placement ratio”. Carriers typically define cycle time as the overall elapsed time from the date the carrier receives a submitted application until the date an underwriting decision is made. Cycle times are tricky because days are often not concurrent- instead, they’re a series of start, stop, and wait times. In traditional underwriting, it’s not uncommon for underwriters to wait on paramedical exams, APS’s, and agent responses- many factors that are beyond their control. We found machine learning was necessary to gather, organize and analyze these factors. These relationships were then plotted onto a placement ratio graph for all participating carriers. The graph revealed where the industry’s ratios plateaued, rose, and fell. We then took the same approach to graphing cycle times on each submitted application. Again, we saw various fluctuations. But here’s where the magic occurred: when we overlapped these two graphics, we found a precise day where industry placement ratio significantly dropped.

Across 62 carriers and millions of cases, the most impactful day was day 55.

However, the real “aha” moment was that cases still in underwriting between days 55 and 60 have a 13% decrease in placement ratio. This 5-day window after the day 55 “hour of sour” has huge financial consequences to carriers, so we needed to take a deeper dive. We had the machines segment applicants to filter those that fell below the blue line and purchased a policy. These green folks were then further delineated into policyholders that bought regardless of time, and those that also bought but had a bad experience due to time lags.

Above the blue line, you can see in red all the applicants that didn’t buy. Within this group of red folks, there’s a group that “will never buy”. This may be a result of them changing their mind, maybe losing their job, possibly received a worse underwriting offer, or simply went with another carrier. So the real focus should be on the applicants that did not buy due to lack of SPEED.

If the average carrier could shave 5 days off its’ cycle time, they could shift a block of applicants back into the green side, resulting in millions of additional premium dollars.

Remember, day 55 is the average across all our participating carriers and all applicant’s ages and face amounts together. The reality is, you can expect younger applicants, with lower face amounts, to fly through underwriting faster than older applicants, with higher face amounts. This is where machine learning really excels and helps uncover the “hour of sour” where placement ratio starts to drop each day.

Cycle Time Measured: Submission to In-Force

Machines can even go deeper by learning the effects that speed has on placement based on gender and product types. Clearly, speed matters. So, ask yourself, “where are you leaking time”? What are the long poles in your “outstanding requirements” tent that are not necessary, chewing up time, or can be fixed with modern technology?

Let’s have a look at some of the top underwriting delays across 62 life carriers:

Outstanding RequirementAverage Carrier’s Collection TimeResponsible Party
APS’s orders19.8 daysCarrier
Signed illustration18.7 daysAgent
Paramedical exam15.2 daysAgent/Insured
Signed Supplemental forms14.4 daysAgent
Missing application data10.3 daysAgent
APS review1.4 daysCarrier
Data entry1.3 daysCarrier

Without a doubt, agent behavior has an impact on underwriting speed. Carriers should be looking at both internal and external factors that contribute to a loss of speed. But this exercise will have little value if the carrier has no industry benchmark with which to compare themselves on speed.

iPipeline’s Resonant does exactly that and more. Resonant tracks millions of underwriting decisions across carriers and uses predictive analytics to optimize underwriting throughput. Once Resonant understands the desired underwriting path, it focuses on the toolsets necessary to execute those specified outcomes.

Resonant is built to shorten your underwriting long poles from submission to decision by providing four key modules to help you shorten your cycle time and increase placement ratio.

1) Workbench – where case managers and underwriters track and manage their individual cases with all the information needed to make a decision at their fingertips.
2) Decision Engine – this houses not only the complexity of underwriting, but also automates the entire new business process including robotic workflow routing of next steps to the right person at the right time.
3) Guideline Manager – provides you with the ability to build and modify the rules that drive the Decision Engine – not only Underwriting guidelines, but also Product, Workflow, NIGO and Suitability.
4) Correspondence – faster messaging to agents and clients.
5) OR Real-Time Dashboards – manage the pending inventory in real-time and quickly take action on cases approaching the “hour of sour”.

The Workbench and Decision Engine/Guideline Manager modules can be used separately or purchased as a suite. Either strategy will enable Resonant to help you to transform underwriting and modernize your technology.
When you’re ready, Resonant will integrate with your e-Application and offer your agents “instant decisioning” on your products that make the most sense. Standard integrations with third party evidence provider tools enable access to critical data in real time. Resonant can provide you with one process to handle the entire spectrum of underwriting from instant to accelerated to traditional.

Finally! A modern underwriting tool with all the capabilities you need, wrapped together in an advanced analytics and industry benchmarking solution. Built by underwriters, for underwriters.

Pekin Life Insurance Company Integrates iPipeline’s Resonant Automated Underwriting With iGO e-App for Instant Decisioning

Instant Decisioning for Life Insurance Accelerates Sales in COVID-19 Pandemic

Exton, PA (November 23, 2020) – iPipeline® – a leading provider of low code cloud-based software solutions for the life insurance and financial services industry – today announced Pekin Life Insurance Company has integrated Resonant® New Business and Underwriting into their new business platform to provide point-of-sale (POS) instant decisioning within iGO® e-App, the most widely used, wizard-based e-Application among carriers and agents in the US.

“POS instant decisioning is something that we have long been advocating at iPipeline. With the current COVID-19 pandemic and the obstacles being faced by both agents and their clients, POS automation can be of enormous benefit,” said Larry Berran, CEO, iPipeline. “In Pekin Life’s new workflow, the life insurance case is submitted through iGO e-App to Resonant and the necessary automated underwriting actions take place, based on predefined rules. This accelerated approach to instant decisioning for life insurance ultimately leads to better outcomes for both the insurer and the customer, particularly at a time when contactless selling has become the new norm.”

“iPipeline is transforming how we think about the new business workflow and how we help our agents sell life insurance products to their clients. Our next-gen straight-through processing platform has advanced to the point with Resonant where we are now able to provide the agent with an instant underwriting decision with no human interaction,” said Jocelyn Duncan at Pekin Life, VP of Life Administration. “In the future, our plans are to further enhance the platform functionality and increase straight-through processing speed by reducing human interaction on a wider array of products and including DocFast® e-Delivery to fully automate policy issuance. iPipeline has continued to innovate with us on many fronts this year. The results of this partnership are helping us to maintain and build upon our market momentum during the COVID-19 pandemic and offer the valuable protections so many families need at this time.”

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

About Pekin Life Insurance Company
Pekin Insurance is a group name adopted to designate the combined operation of The Farmers Automobile Insurance Association, Pekin Insurance Company, PAC, Inc., Pekin Select Insurance Company, and Pekin Life Insurance Company.

Pekin Insurance has been in business since 1921 and is one of the leading insurers in the state of Illinois, providing multiple lines of insurance. Pekin Insurance offers insurance coverage in 21 states through its growing agency force, which now totals 1,500 independent agencies and 8,500 insurance producers. The company is headquartered in Pekin, Illinois, with service offices at Phoenix, Arizona; O’Fallon, Rockford, and Warrenville, Illinois; Indianapolis, Indiana; Des Moines, Iowa; Columbus, Ohio; and Appleton, Wisconsin. Visit us at www.pekininsurance.com

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.

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For iPipeline:
Lisa Shea
Marketing
lshea@ipipeline.com
484-870-6234

The Sagicor Life Insurance Company Customer Experience

Driving Higher Placement Ratios and BGA Engagement

In the modern life insurance environment, the criticality of the customer experience cannot be overstated. Accelerating the application process, and removing the disconnect between need and execution, is the key to helping more people get insured.

Listen to Laura Morrison, VP of Sales and Chief Channel Officer of Sagicor Life Insurance Company, as she shares their experience of process improvement. By allowing the customer experience to drive their decisions for digital investments and product design, they have seen higher placement ratios and increased BGA engagement.

Laura explores the benefits of their fluidless, no telemed workflow of iGO® — Resonant® — DocFast®, which has resulted in client decisioning at the point of sale.

This is an accelerated underwriting discussion you won’t want to miss!

Pekin Life Insurance Innovates with iPipeline’s Underwriting and e-Delivery Solutions to Power Core New Business Platform

EXTON, PA (May 7, 2019) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced Pekin Life Insurance is innovating with Resonant® for new business and underwriting and DocFast® for e-Delivery to power its core new business platform. The platform is used to automate and simplify sales activities for 1,500 distributors.

SSG Digital™, iPipeline’s end-to-end core platform for the life insurance and financial services industry, is the most widely used platform among independent and captive agents and licensed financial advisors in North America.

“Digital transformation is a key focus for executives in life insurance and financial services seeking to accelerate the speed of business.Pekin Life’s decision to implement our new business and underwriting and e-Delivery solutions is enabling them to deploy a powerful, end-to-end core platform to optimize sales for their independent agents,” said Tim Wallace, CEO, iPipeline. “Our SSG Digital platform delivers the most extensive capabilities offering in North America.Pekin Life’s tightly integrated quoting, illustrations, and e-app products are now enabling them to feed critical data into their underwriting and e-delivery process. This is a game changer, and it demonstrates how one platform has the ability to power new business functions across the enterprise.”

“As a result of our decision to innovate, information from the e-App will be directly transferred to our underwriting environment to reduce processing time. Approved policies will, in the very near future, be e-delivered to our customers to speed issuance and get them protected faster. This is an enormous gain for Pekin Life and our customers,” said Diane Steiner, Vice President, Life Underwriting, Pekin Life Insurance. “Pekin Life is focused on providing peace of mind and long-term security for our policyholders, shareholders, agents, and employees. Our digital transformation initiative with iPipeline supports this focus and allows us to meet the expectations of our customers by offering them an innovative, easy and quick buying experience to accomplish their financial goals.”

iPipeline’s SSG Digital core platform is designed to enable the life insurance and financial services industry to automate and simplify all new business, administration, and in force management tasks to achieve desirable business outcomes. For assistance in reimagining how your organization does business and achieving a competitive advantage, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

About Pekin Life Insurance

Pekin Insurance is a group name adopted to designate the combined operation of The Farmers Automobile Insurance Association, Pekin Insurance Company, PAC, Inc., and Pekin Life Insurance Company.

Pekin Insurance has been in business since 1921 and is one of the leading insurers in the state of Illinois, providing multiple lines of insurance. Pekin Insurance offers insurance coverage in 21 states through its growing agency force, which now totals 1,500 independent agencies and 8,500 insurance producers. The company is headquartered in Pekin, Illinois, with service offices at Phoenix, Arizona; O’Fallon, Rockford, and Warrenville, Illinois; Indianapolis, Indiana; Des Moines, Iowa; Columbus, Ohio; and Appleton, Wisconsin. Visit us at www.pekininsurance.com.

About iPipeline

iPipeline is a leading provider of 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 more than 135 carriers, 1,350 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com.

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For iPipeline:

Lisa Shea
Marketing
lshea@ipipeline.com
484 870 6234

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