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.”
