A big, established insurtech provider says life insurers now seem to be going beyond using its systems to knock paper out of the sales process.
The company, Internet Pipeline Inc. (iPipeline), reports that life insurance and financial services companies increased use of its SSG Digital electronic application system 20% for the 12-month period ending in April, when compared with the 12-month period ending in 2019.
Use of iPipeline’s SSG Digital electronic policy delivery system increased even faster.
E-delivery system usage climbed 52% for the 12-month period ending in April, according to iPipeline.
For the month of April, when fear of COVID-19, and pandemic-related lockdown orders, blocked most face-to-face meetings, e-delivery system usage soared 217%, iPipeline says.
IPipeline is based in Exton, Pennsylvania. It’s not disclosing the raw usage numbers.
The company helped create the modern life insurance and annuity distribution infrastructure.