(Image credit: Karolina Grabowska/Kaboompics.)
Pekin Life Insurance Company (Pekin, Ill.) has integrated iPipeline’s (Exton, Pa.) Resonant New Business and Underwriting into its new business platform to provide point-of-sale (POS) instant decisioning within iGO e-App, according to an iPipeline statement.
“iPipeline is transforming how we think about the new business workflow and how we help our agents sell life insurance products to their clients,” comments Jocelyn Duncan, VP, Life Administration, Pekin Life. “Our next-gen straight-through processing platform has advanced to the point with Resonant where we are now able to provide the agent with an instant underwriting decision with no human interaction.”
“POS instant decisioning is something that we have long been advocating at iPipeline,” comments Larry Berran, CEO, iPipeline. “With the current COVID-19 pandemic and the obstacles being faced by both agents and their clients, POS automation can be of enormous benefit.”
In Pekin Life’s new workflow, the life insurance case is submitted through iGO e-App to Resonant and the necessary automated underwriting actions take place, based on predefined rules, according to Berran. “This accelerated approach to instant decisioning for life insurance ultimately leads to better outcomes for both the insurer and the customer, particularly at a time when contactless selling has become the new norm,” he says.
Building Market Momentum During COVID-19
Pekin Life plans to further enhance the platform functionality and increase straight-through processing speed by reducing human interaction on a wider array of products and including DocFast e-Delivery to fully automate policy issuance, according to Pekin Life’s Duncan. “iPipeline has continued to innovate with us on many fronts this year,” she comments. “The results of this partnership are helping us to maintain and build upon our market momentum during the COVID-19 pandemic and offer the valuable protections so many families need at this time.”