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iPipeline: One Platform for New Business and Underwriting, Policy Administration, and Digital Distribution

CIO VendorTim Wallace, CEO
Insurance technology has become the epitome of dynamism with carriers undergoing digital transformations to achieve business milestones; newer technologies like electronic delivery of insurance policies to consumers are much in vogue. Taking cognizance of the trend, iPipeline embarked on a mission to provide integrated SaaS-based solutions for organizations in life insurance, pension, and annuity domains to enable end-to-end processing with solutions ranging from CRM, new account opening, needs, quotes and illustrations, and e-App and order entry to new business management, underwriting, policy administration/inforce management, e-Delivery, forms/document management, and data analytics and benchmarking. “With the recent acquisition of Resonant, we have successfully automated underwriting within the sales cycle to increase the quote-to-bind ratios and deliver a faster, enhanced experience to consumers when purchasing insurance products,” says Tim Wallace, CEO, iPipeline.

iPipeline’s capabilities to strengthen its position in the securities/broker dealer, policy administration system, and automated underwriting market received a further boost through the recent acquisitions of TCP LifeSystems, Laser App Software, and Resonant, all providers of next-generation software solutions for life insurance and financial services companies. Another focus of iPipeline is Robot Forms, which Wallace describes as “robot advisor,” a feature that empowers consumers to complete and carriers to accept policy applications as well as convey the application status to their agents. Michael Persiano, CMO, iPipeline stated, “All of the company’s diversified solutions are available as platform “modules” to support clients in implementing IT-related projects to hasten new business and underwriting and policy administration processes while leveraging iPipeline’s digital distribution network of 130 carriers, 1,200 distributors, and hundreds of thousands of agents and advisors.”

We have successfully automated underwriting within the sales cycle to increase the quote-to-bind ratios and deliver a faster, enhanced experience to consumers when purchasing insurance products

iPipeline’s commitment to accelerating clients’ time-to-market is a key factor that has won immense appreciation. Project durations typically depend on the complexity of the solutions being implemented. In one instance, a global insurance carrier sought to release new products to the market in a single comprehensive platform. The platform would underwrite the policy and help agents deliver and support them electronically to consumers, besides empowering agents to analyze consumers’ needs in a hassle-free manner. iPipeline implemented its e-App solution by illustrating all the relevant systems in a timely manner, following which the carrier released several new products to the market. While the implementation saved millions of dollars in terms of operating costs for the carrier, it increased their U.K. market share by an impressive 10 percent.

Client support is another area where iPipeline has set a new benchmark. The company’s support team provides tier 1 and tier 2 support by aligning itself with clients to facilitate seamless transitions from legacy systems or existing platforms to iPipeline’s solutions. Wallace mentions that “tier 3 support includes services for customers with large complex implementations of iPipeline solutions through a dedicated support team working 24/7.” Furthermore, the company offers open API’s that clients can integrate analytics, BI, cloud storage, and e-signature and authentication capabilities from its partner network comprised of big names such as Microsoft, and DocuSign.

Numerous success stories made 2017 a record year for iPipeline from client satisfaction, growth, profitability, and revenue standpoints. Quality “Pulse” surveys among iPipeline’s clients attained a score of 8.5 on a scale of 10. iPipeline’s heavy investment in R&D to support new innovations, including multi-carrier policy illustrations on its platform, is bound to herald a new era in insurance.