(Image source: WELIS.)
iPipeline (Exton, Pa.) a provider of cloud-based software solutions for the life insurance and financial services industry, has announced that it has acquired WELIS, a Norwood, Mass.-based provider of life insurance illustration systems to carriers in the U.S. The WELIS Ascent Illustration System is designed to help insurers sell and service customers in a multi-channel distribution environment. The software is constructed as a standard single life illustration system that can be transformed into a sophisticated multiple life / multiple plan system with a single button click, according to an iPipeline statement. iPipeline says the acquisition positions it as one of the largest providers of illustrations in the life insurance industry.
“Stephen Frederick, CEO of WELIS, and his team have created a benchmark illustrations system against which all other platforms are compared,” comments Larry Berran, CEO, iPipeline. “Ascent will be integrated into our low code, SSG Digital Platform and allow agents and advisors to quickly run real-time scenario-based illustrations, save them, and send them to customers for review and e-Signature through our PAS+ agent portal. Agents and advisors can also run an illustration and include it during the e-App process to collect e-Signatures, reducing cycle times and improving iGO e-App processing rates.”
As a result of the integration, carriers can also manually run or automate the distribution of in-force illustrations, re-run illustrations during underwriting, and make the necessary distributions to agents and consumers for e-Signature pre- and post-issuance, Berran notes.
“We are excited about integrating WELIS’ in-force illustration solutions with PAS+ and our ability to offer iSolve, our research and permanent quoting product, to their customers,” adds Berran. “Additional Ascent integrations with our AlphaTrust e-Sign and InsureSight business intelligence and data analytics products will give insurers great tools to accelerate sales, better leverage information, and increase compliance for in-force reporting requirements.”
Powerful, Versatile Platform
“iPipeline has done an outstanding job of developing one of the industry’s most powerful and versatile platforms,” comments Stephen Frederick, CEO, WELIS. “The current COVID-19 environment has placed a spotlight on the need to accelerate the integration and use of digital platforms. iPipeline’s clients are well-positioned to reap the benefits of their investments, and our Ascent Illustration System is a perfect next-step for carriers seeking to use a highly customizable, brandable, rapidly deployed product.”
“The integration of Ascent into the SSG Digital Platform with PAS+ will deliver immediate benefits to customers who are committed to taking the digital journey. I am pleased to see our technology being put to great use by Larry and his team,” adds Frederick.