(McDowell Mountains from Scottsdale, Ariz. Photo credit: Harald Nagel.)
Sagicor Life Insurance Company (Scottsdale, Ariz.) has deployed iPipeline’s (Exton, Pa.) Resonant New Business & Underwriting (NB&UW) and DocFast for e-Delivery solutions to power the insurer’s new Direct-to-Consumer (DTC) portal, SagicorNow. The portal offers buyers accelerated underwriting approvals and policy delivery with online purchasing and no required medical exam for the Sage Term 10, 15 and 20-year life insurance products, which are available in 22 states today and 46 by the end of the year.
“Underwriting and policy delivery digitalization removes barriers to purchasing with individuals put off by time consuming and complex life insurance buying activities,” comments Mike Stricker, CAO, Sagicor. “Our goal is to keep it quick and simple, and when desired, allow the consumer to use live chat at our site to secure answers to questions.”
Sagicor evaluated multiple options before developing a solution with iPipeline to achieve the insurer’s vision for a completely automated process, according to Stricker. “SagicorNow enables consumers to purchase up to $1,000,000 in term coverage or up to $250,000 of whole life coverage through a virtual experience,” he says. “Our focus is to increase the velocity of new business sales by leveraging best-of-breed technology, such as that provided by iPipeline. Together, we have managed to launch a solution that provides our family, friends and neighbors with a premier purchasing experience along with outstanding support.”
Nearly Instantaneous Decisioning
Digitized underwriting and policy delivery enable online distribution, allowing insurers such as Sagicor to cast a wider net and embrace today’s younger buyers who seek a virtual online experience, according to Tim Wallace, CEO, iPipeline. “Underwriting decisions are powered by the Resonant rules engine providing nearly instantaneous decisioning, and polices are delivered immediately via DocFast to greatly reduce cycle times and dramatically increasing placement ratios,” Wallace notes. “Without a doubt, Sagicor has taken a major step forward to innovate how they attract individuals from the underserved market. We are pleased to play a critical role in their offensive strategy to expand market share.”