(Image source: LifeDX homepage.)
The LifeDX platform from IXN has launched with Pacific Life (Newport Beach, Calif.) as the first life insurance carrier onboard, the Salt Lake City-based vendor reports. LifeDX is a multi-carrier platform that provides an API solution for quotes and application submissions for the life insurance industry.
Using APIs for quotes and application submissions streamlines integration between distributors, vendors, and carriers through a one-time build that can be re-used as connections are needed with other organizations, an IXN statement asserts. Thus, as carriers make changes, distributors and vendors can avoid ongoing updates saving valuable development time. This can reduce the effort for distributors or vendors to onboard additional carriers. It can also provide an opportunity for significant operational efficiency because there is only one source for securely accessing and transmitting information to and from these organizations.
“We view this API platform as a highway,” comments Boyd Ervin, director of system integration, New Business & Underwriting, Pacific Life. “As other carriers join us on the platform, and as we and the other carriers invest in and enhance the platform, everyone using this highway benefits.”
“This is an opportunity for Pacific Life to be a part of leading the industry in adopting new technology and empowering distributors to create a unique agent experience while we manage the content and data for them, with LifeDX,” Ervin adds. “The market analytics available through this platform enable us to provide more targeted and timely product iterations for our customers.”
API-Centric Data Exchange Solution
“The LifeDX API framework is what our industry has needed for a long time—a standardized and secure central API-centric solution that makes it easier and faster to securely ingest data from multiple carriers to deliver real-time to our customers and in turn to deliver back to carriers,” comments Kevin Pohmer, CEO, IXN. “We’re excited to see the innovation this platform encourages in this industry, because until now, sharing data between organizations has been a time-consuming manual process making it difficult for new solutions to enter the marketplace.”