(Image source: BetterLife homepage.)
BetterLife, a Madison, Wisc. Based life insurance company with roots in the 19th century, has selected iPipeline (Exton, Pa.) as part of a digital transformation effort. The insurer will use the iPipeline technology ecosystem to digitize its business operations to meet its aggressive growth goals, according to a vendor statement.
BetterLife was created in January 2021 following the merger of two member-owned fraternal benefit societies with a combined 200+ years of providing life insurance to American families. The company’s insurance product suite includes term life, universal life, whole life, final expense, and annuities.
BetterLife, licensed in 17 states, aims to increase its life insurance business in the next three to five years, according to the iPipeline statement. The life insurance company has subscribed to iPipeline’s end-to-end new business ecosystem for both agent-led and consumer-led transactions, which the vendor asserts will help families not only acquire the right coverage but also do so more quickly and easily.
“To survive in today’s marketplace, life insurance companies must embrace digitization and better position themselves to help those who want to protect their financial futures going forward,” comments Bill Hunter, SVP, Sales at iPipeline. “We’re excited to extend our market-leading technology to the fraternal channel at a price point that is affordable and provides members with an improved process. With our end-to-end technology ecosystem and distribution network, BetterLife will be able to simplify its new business process and workflows across the organization, while providing an efficient and effortless digital experience that will help them open doors and grow efficiently.”
A vendor team assembled a fully configurable technology package for BetterLife streamlining the new business workflow, using the proven best practices screen, forms, and processing, according to the iPipeline statement. The pre-configured solution comes with workflows optimized for the agent and distribution partners, resulting in a cost-effective, fast, and efficient implementation, the vendor says.
Faster, Easier to Use, and Error-Proof Processes
“Today’s members and agents want a quick, easy, and customer-friendly process, just like they experience everywhere else in their lives,” says Dan Shinnick, CEO and Chairman of the Board, BetterLife. “To do this, we need to embark on a strategic digital transformation, which will digitize our processes, making them much faster, easier to use, and error-proof.”
Following an extensive selection process, BetterLife chose iPipeline to be its partner in our digital transformation journey, Shinnick adds. “iPipeline is recognized as an industry leader, and offered us the important ability to work with one vendor for the entire process—from quoting and illustrations to e-App, direct-to-consumer, automated underwriting, e-Delivery, and e-Signature,” he says.