(Image credit: Adobe Stock.)
Prudential (Newark, N.J.) one of the nation’s largest financial services companies, with over $1 trillion in assets, has selected iPipeline’s (Exton, Pa.) DocFast e-Delivery solution to improve speed, customer and producer experience, scalability and flexibility, according to an iPipeline statement. DocFast and other iPipeline selling and processing solutions are currently in use at Prudential, serving as key components in their digital transformation strategy.
Unlike some carriers implementing e-Delivery, Prudential’s business case for implementing DocFast revolved around speed, experience, scalability and flexibility, according to Dan Jennings, VP, Operations, Prudential. “Today’s customers view technology as a necessity and not as a convenience, and we want to meet their expectations including where, when and how they would like to take delivery of their product. Similarly, our producers are demanding e-Delivery to simplify the activity, track status in real-time, and get away from paper, postage and time in the mail.”
Since DocFast went live, Prudential has seen issued-to-placement cycle times reduced by half, from 14 to 7 days, according to Jennings. “We see an opportunity to improve more on these times,” he says. “iPipeline’s e-Delivery solution with two-way communications and tight security is accelerating our new business process and enabling us to expand our digital transformation strategy to enhance both the customer and producer experience.”
Focus of Innovation
“During the past decade, I have seen Prudential implement iPipeline’s transformative solutions to improve the new business process,” comments Tim Wallace, CEO, iPipeline. “Our solutions are designed to eliminate errors in applications and increase business velocity, and that results in higher placement rates by reducing cycle times.”
“Both customers and producers have high expectations for a quick and simple digital experience. DocFast supports two-way communications, 2Factor authentication, and accelerated document delivery,” adds Wallace. “When everything happens rapidly, you have happier customers and faster commission payments for producers. Our goal is to enable near real-time processing for an industry in which speed and flexibility equate to success and result in immediate protection for individuals and families who need it. This is the focus of innovation at iPipeline.”