(Image source: Erie Family Life homepage.)
Erie Family Life (Erie, Pa.) has extended the capabilities of its digital life insurance platform by adding auto-policy generation and e-Delivery, according to vendor iPipeline (Exton, Pa.). The solution now allows agents to dynamically adjust values on policies, based on the carrier’s rules, to increase or decrease insurance face amounts and adjust payment frequencies upon receipt. When this occurs, DocFast, iPipeline’s e-delivery solution, requests modifications from the Illustration platform and dynamically reissues the policy, with a new illustration, to reflect agent changes, iPipeline reports.
“Our legacy with iPipeline spans many years of process refinement and technology integrations. During that time, we have made substantial strides in creating a digital life insurance platform to enhance the customer and agent experience,” comments Louis Colaizzo, SVP, Life Insurance, Erie Family Life. “Our ability to auto-generate policies and e-Deliver them is a tremendous advantage for ERIE, our agents and our customers. We have also enabled agents to adjust face amounts, within approved underwriting parameters, to reissue policies with an illustration. This is reducing cycling and processing costs, making it easier for our agents to do business with us, and improving customer satisfaction.”
Digital Experience for Competitive Advantage
Given consumers high expectations for a digital experience in all facets of life, Erie Insurance’s ability to automate and simplify the entire new business process demonstrates how innovation can produce a competitive advantage, according to Tim Wallace, CEO, iPipeline. “Digital transformation is the reimagining of our organizations to optimize how we work and service our clients,” comments Wallace. “Erie Family Life has laid out an executable strategy and consistently delivered on it to achieve a position of leadership within the insurance industry.”