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iPipeline (Exton, Pa.), a provider of software solutions to the life insurance industry, has launched a new Data Service offering to North American insurers. The touts the new Data Service as providing carriers with access to one of the most comprehensive repositories of anonymized quoting, apply, and in-force data elements for analysis within the industry.
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, according to iPipeine. 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 other data to signal purchasing trends and buyer dynamics by population segments.
“iPipeline was approached by several carriers about providing this unique industry service for years,” comments Tim Wallace, CEO, iPipeline. “We finally decided to take this offering to the market place after conducting a survey with key industry carriers.”
Through the new Data Service initiative, iPipeline is 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, according to Wallace.
“The life insurance industry is a maturing market, so growth hinges on better understanding the buyer demographics and purchasing patterns,” Wallace adds. “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.”
Key to Understanding Risks
“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,” comments 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 such as iPipeline, who offer access to rich industry data, are fueling this necessary science.”