(Image source: Wikiwand.)
Symetra Life Insurance Company (Bellevue, Wash.) has partnered with iPipeline (Exton, Pa.) to innovate the new business acquisition process for Symetra’s new, fully automated SwiftTerm term life insurance product, according to a vendor statement.
The solution uses a drop ticket to rapidly collect client information, which is transferred to an e-Application for client collaboration. The iPipeline platform integrates with the MRAS (Munich Re Automation Solutions) underwriting engine to generate reflexive questions and queries data vendors for real-time validation to support automated decisioning. The streamlined approach is designed to result in the best underwriting path for each applicant, with most receiving either an instant decision or a light touch by an underwriter to drive policy issuance, iPipeline reports
“iPipeline and Symetra came together to create an innovative approach to accelerate the new business acquisition process for SwiftTerm,” comments Larry Berran, CEO, iPipeline. “This automated approach dramatically improves how agents collaborate with their clients to rapidly fulfill their term life insurance needs. No medical exam/instant issue life insurance with same day approval is no longer a dream. It is quickly becoming a reality for clients who meet the requirements and carriers who have implemented the necessary technologies. This is a real game changer for Symetra, and iPipeline is pleased to be a part of the groundbreaking initiative.”
“Symetra’s vision is to help empower our customers and partners and implementing next-gen technologies that make it easier to do business with us is a key part of achieving that vision,” says Mindi Work, SVP, Chief of Strategy, Symetra. “Whether an applicant qualifies for instant issue or requires a light touch from an underwriter, our goal is to make the SwiftTerm application process simple and issue term life insurance in 25 minutes or less. While there will always be instances where full underwriting is required, we are committed to optimizing our instant issue approach—from the initial drop ticket and rules-based decisioning to policy issuance—to improve the overall customer experience. Our iPipeline partnership helped us make significant advancements to achieve this vision, and we are excited to offer this to qualified applicants at competitive pricing with portal-based payment.”