In an era marked by rapid technological advancements, the insurance industry is at the forefront of change with iPipeline’s latest innovation. The company has introduced Advanced Underwriting, a major enhancement to its SolutionBuilder platform, crafted in collaboration with The Openwork Partnership. This cutting-edge digital tool is designed to revolutionize the traditional process of life insurance quoting and underwriting by ensuring swifter and more accurate decision-making. iPipeline’s efforts over the past two years were driven by the need to address significant challenges in the protection market, particularly the demand for precise upfront quotes and underwriting decisions. By seamlessly translating quotes into finalized terms, the tool promises to dramatically cut down the time advisers invest in the quoting process, thereby enabling them to offer more suitable products to clients promptly and with greater efficiency.
Initially, the Advanced Underwriting feature is supported by prominent insurers such as The Exeter, Vitality, and Zurich. The Openwork Partnership advisers have had exclusive access to this tool since mid-year, with plans for a full market rollout by the end of this year. Aiming to simplify and accelerate the quotation process, iPipeline’s digital solution leverages automation to handle complex underwriting tasks. Consequently, processing time is significantly reduced, and the margin for error is minimized. Advanced Underwriting efficiently captures vital upfront information, especially concerning the 20 most common medical disclosures, which often constitute the majority of medical loadings and required adjustments during the underwriting process. Empowered by the SSG Digital® platform, this approach ensures more accurate premium estimations and improved underwriting decisions, reducing the occurrence of repeated and stagnant applications.
Enhancing Transparency and Trust in Insurance
The recent launch of this innovative solution also seeks to address the longstanding issue of transparency in the quote-to-application journey, which had been laden with unpredictability and opacity until now. The initiative is aimed at providing both advisers and their clients with a clearer understanding of potential coverage, associated premiums, and any additional medical information that may be required. By fostering a transparent process, the solution aims to build increased trust between clients and advisers. Rachel Edwards, Senior Vice President & UK Managing Director at iPipeline, has notably emphasized the unpredictable nature of the existing quote-to-application procedures, which often led to advisor and client frustration, as well as missed opportunities. Advanced Underwriting is set to streamline this process, providing a significant benefit to all parties involved.
Paul Shearman, Mortgage & Protection Proposition Director at The Openwork Partnership, also highlights the importance of improved quote accuracy and transparency right from the beginning. This advancement is poised to play a crucial role in assisting clients in acquiring necessary coverage more swiftly and with greater confidence. In this way, the Advanced Underwriting tool not only simplifies the work of advisers but also empowers clients by allowing them to better understand their coverage options and associated costs upfront. Clients can now receive a more comprehensive view of potential changes, which could arise during the underwriting process, thereby mitigating any unexpected surprises.
Streamlining Protection Disclosures and Illustrations
Moreover, the revolutionary tool has garnered praise for its ability to streamline the options available for researching common protection disclosures. Scott Taylor Barr, the Principal Adviser at Barnsdale Financial Management, acknowledges the tool’s potential in providing advisers with the ability to offer clients accurate illustrations that truly reflect potential costs. This ultimately helps in setting realistic expectations for clients, thereby reducing dissatisfaction when final terms are presented. Advanced Underwriting aims to eliminate the common issue of discrepancies between initial quotes and final terms, which often leads to client frustration and a lack of trust in the insurance process.
By reducing these discrepancies, advisers can now focus on building stronger relationships with clients and emphasizing the value of transparency within the insurance sector. The tool is predicated on iPipeline’s commitment to driving efficiency and improving client outcomes by facilitating seamless and informed interactions between advisers and clients. As the consensus in the industry indicates, Advanced Underwriting signifies a profound step forward, urging major providers to adapt this solution to avoid falling behind in a rapidly advancing market.
Future Considerations and Industry Implications
In an era of swift technological progress, iPipeline leads the insurance industry with its latest breakthrough: Advanced Underwriting. Developed in cooperation with The Openwork Partnership, this significant upgrade to the SolutionBuilder platform is set to transform life insurance quoting and underwriting, making the process faster and more accurate. Over the past two years, iPipeline aimed to tackle challenges in the protection market, particularly the need for accurate upfront quotes. This digital tool streamlines the conversion of quotes into finalized terms, dramatically cutting down the time advisers spend on quoting, allowing them to offer more suitable products to clients quickly and efficiently.
Prominent insurers supporting this feature include The Exeter, Vitality, and Zurich. The Openwork Partnership advisers have had exclusive access since mid-year, with plans for broader availability soon. iPipeline’s solution uses automation to manage complex underwriting tasks, speeding up processing and minimizing errors. Advanced Underwriting captures critical upfront information, focusing on the 20 most common medical disclosures to enhance premium accuracy and reduce stagnant applications.