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 firstname.lastname@example.org 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
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.