iPipeline® Partners with iCover, Harnessing AI Underwriting to Optimize the Insurance Buying Experience
iPipeline has entered a strategic partnership with iCover, an InsurTech firm, to enhance the life insurance application process using AI-driven algorithmic underwriting. This collaboration aims to streamline risk assessment, enabling users to receive fully underwritten offers in under five minutes without the need for labs or exams. The partnership is expected to simplify the application experience, decrease costs, and improve sales cycles with a 75% straight-through processing rate. iPipeline operates as a unit of Roper Technologies (NYSE: ROP), emphasizing its commitment to digitizing the insurance ecosystem.
- Partnership with iCover enhances underwriting accuracy and speed.
- Fully underwritten offers can be generated in under five minutes.
- 75% straight-through processing rate improves point-of-sale conversions.
- Lower application costs due to reduced underwriting time.
- None.
iCover's Algorithmic Underwriting Enables Fast and Accurate Risk Assessment at the Point of Sale, and Significantly Higher Rates of Instant Decisions
EXTON, Pa., Sept. 15, 2022 /PRNewswire/ -- iPipeline® announced that it has entered into a strategic partnership with iCover, an InsurTech provider of algorithmic underwriting for streamlining the assessment, pricing, and delivery of life insurance. This strategic alliance harnesses the power of both platforms—with iCover helping to strengthen iPipeline's existing automated capabilities within its Resonant® solution—to create a faster life insurance sales cycle.
iCover, which will become available via iPipeline's iGO® e-App, uses artificial intelligence (AI) predictive modeling to assess mortality risk, reducing the digital consumer application process to five minutes—and producing fully underwritten offers without labs, exams, or attending physician statements.
"As the demand for AI-driven automated medical underwriting grows, we have partnered with an innovative and progressive AI provider to create an even faster end-to-end selling process," said Deane Price, Chief Executive Officer of iPipeline. "The combination of iPipeline and iCover will automate and simplify a process which can normally take weeks, while increasing sales and lowering overhead. This is a game-changing enhancement for the life insurance industry, and we are proud to offer it in our ecosystem."
The strategic initiative with Chesterfield, MO-based iCover will offer iPipeline users:
- Simplified and accelerated application interview and experience, where medical questions and responses are channeled into iCover's algorithm model for accurately rating applicant risk.
- This streamlined process can be applied to multiple types of products—including term and permanent life insurance, and fixed and variable annuities.
- Lower cost per application, due to the elimination of underwriting risk assessment time from the process.
- More instant offers because risk is priced using iCover data and proprietary analytics.
75% straight-through processing rate, enabling more point-of-sale conversions, reducing sales cycle time, and allowing insurance agents to receive payment faster.
"We built a powerful decision framework that has revolutionized underwriting," said Hari Srinivasan, Founder and CEO of iCover. "Working together with iPipeline, we can help insurers expand their reach and sell to a greater number of customers through a seamless, digital experience that just takes a few minutes."
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 iCover
iCover is a cloud-based algorithmic underwriting platform that helps insurers sell to the middle market. By leveraging data and predictive analytics iCover can quote, underwrite, and deliver life insurance in under 5 minutes. iCover was built by industry insiders Hari Srinivasan and Nicole Mwesigwa who applied their 30+ years of InsurTech experience and intimate knowledge of automated underwriting technologies. To learn more about iCover, visit www.icoverinsure.com.
Media Contacts:
Laura Simpson
JConnelly for iPipeline
973-713-8834
ipipelinepr@jconnelly.com
Hari Srinivasan
CEO & Founder, iCover
314-255-3861
hari@icoverinsure.com
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SOURCE iPipeline
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