iPipeline® Ecosystem Enables National Life Group to Create Fully Automated New Business Underwriting Platform
National Life Group has partnered with iPipeline to automate and digitize the distribution of indexed universal life insurance policies, enabling a same-day turnaround without human intervention. This innovative approach reduces the issuance time of these policies from approximately 46 days to less than one. The collaboration strengthens National Life's position in the market, allowing the company to meet increasing customer expectations and cater to the uninsured population. iPipeline's technology supports the full integration of application, underwriting, and policy delivery, marking a significant advancement in insurance distribution.
- National Life significantly reduces policy issuance time from 46 days to less than one day.
- The partnership with iPipeline positions National Life as a leader in fully digital insurance distribution.
- Automation of processes enhances customer experience and satisfaction.
- None.
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., Sept. 13, 2022 /PRNewswire/ -- 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 a comprehensive 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,
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
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SOURCE iPipeline
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