(Image credit: Lukas Bieri.)
National Life Group (Montpelier, Vt.), a provider of life insurance and diversified financial products, will implement iPipeline’s (Exton, Pa.) iSolve, an advanced research and quoting product, to automate the selling of permanent insurance for their life insurance agencies in the U.S.
“iPipeline’s approach to providing carriers with one unified experience via their SSG Digital platform is aligned with our vision to provide digital experiences that make it easier to do business,” comments Nimish Mehta, SVP, CIO, National Life Group. “Rather than burdening a case designer with multiple requests under time restraints, the agents will have the ability to seamlessly and rapidly run quotes, what-if analyses, create illustrations, and then apply using iGO e-App—all in one platform—improving the customer experience.”
Designed to simplify and streamline the process of identifying and quoting life insurance options for customers, iSolve enables agents to conduct one simple and secure search, which returns multiple life insurance options in the form of financial illustrations, according to an iPipeline statement. iPipeline reports that 15 national insurance companies are using iSolve to accelerate sales activity, but National Life Group is the first U.S. carrier to enable clients and agents to electronically sign a compliant illustration in real-time on their phone or tablet, eliminating the need for additional meetings in today’s contactless selling environment.
“Given the obstacles to selling in the COVID-19 pandemic, agents are quick to adopt advanced technologies that simplify and accelerate the selling of permanent insurance products,” comments Bill Atlee, Chief Strategy Officer, iPipeline.
When customers are considering choosing an insurance policy, they want to explore multiple options, but running financial illustrations for each product is time-consuming and a complex undertaking, according to Atlee. iSolve simplifies the process by giving agents access to a database which contains housing values for almost every possible illustration solve scenario, which includes premiums, target premiums, cash surrender values, distribution amounts, internal rates of return and guarantee years, placing millions of data combinations at the agent’s fingertips, he explains.
“This delivers a significant advantage and enables customers to make highly informed buying decisions in a short time. We are pleased to be able to make R&D investments in the current COVID-19 environment that move the needle in the right direction for our carriers and their agents,” Atlee adds.
Cloud Elasticity Enabling the Creation of Hundreds of Scenarios
National Life CIO Mehta says that, using iSolve, agents will be able to make instant changes to the face amount, health class, pay period, and other variables to create an optimal solution for their clients, because iPipeline uses cloud elasticity to create hundreds of scenarios and does not rely on static PDFs like other illustration software products. “iSolve’s ease of use, speed, flexibility, and ability to allow agents and clients to electronically sign compliant illustrations in real-time on a phone and tablet will make it an invaluable solution for National Life Group and our distribution partners especially during the pandemic,” Mehta says.