Data Will Fuel Underwriting, Strategic Planning, and Business Development Decisions
Exton, PA (October 11, 2016) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance industry– announced today the launch of its new Data Service Offering to North American carriers. The Data Service provides carriers with access to one of the most comprehensive repositories of anonymized quoting, apply, and in-force data elements for analysis within the industry.
“iPipeline was approached by several carriers about providing this unique industry service for years. We finally decided to take this offering to the market place after conducting a survey with key industry carriers. Under our new Data Service Offering initiative, we are providing quoting, apply, and in-force data elements for carrier analysis in an anonymized fashion, so neither personally identifiable information nor carrier identifiers or product names are available,” said Tim Wallace, CEO, iPipeline. “The life insurance industry is a maturing market, so growth hinges on better understanding the buyer demographics and purchasing patterns. We believe this one-of-a-kind information will be invaluable in helping to support the industry’s underwriting, strategic planning, and business development initiatives as well as the collective advancement of the industry.”
“The Life insurance industry manages an incredible amount of information about its customers. It is a source of great opportunity to better leverage this data for so many areas, from strategic planning, product development, and underwriting to sales to service,” said Tom Scales, Research Director, Celent. “Data analytics is a critical element in understanding risks, demographic preferences, and designing new products for today’s buyers. Companies, like iPipeline, who offer access to rich industry data are fueling this necessary science.”
The new Data Service offering provides North American carriers with access to 77 million quote requests, 1 billion quote responses, 4.2 million application records, and 12.7 million in-force records. The anonymized information includes specific demographic groups, premium paid by coverage amounts, underwriting/health classes, periods of coverage, specific geographies, pending case patterns and time progressions for all key activities, and much more to signal purchasing trends and buyer dynamics by population segments.
To explore this new Data Service Offering and delve into the details, contact [email protected].
iPipeline is a leading provider of cloud-based software solutions for the life insurance industry. Through our SaaS solutions, we accelerate and simplify insurance sales, compliance, operations and support. We provide process automation and seamless integration between every participant in the life insurance industry including carriers, agents (such as financial advisors and independent insurance agents), distributors (such as banks, broker-dealers and general agencies) and consumers. Our innovative solutions enable automated processing for pre-sales, point-of-sale execution of applications, post-sale support, reporting, consumer delivery and agency management.
iPipeline provides the process automation and seamless integration needed on a global basis to make a sale by aggregating more than 120 carriers, 875 distributors and financial institutions, and their producers and licensed advisors in a cloud-based environment. Headquartered in Exton, Pennsylvania, iPipeline has locations in Cheltenham (UK), Fort Lauderdale, Huntersville, Philadelphia, Salt Lake City, and Vancouver. Save the date for iPipeline’s Connections 2017 User Meeting & Conference on March 15-17 at the ARIA in Las Vegas. Visit www.ipipeline.com.
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