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.
One reason for the SSG Digital e-tools usage increase is an SSG Digital system trial offer period: iPipeline has been letting insurers and other customers try the system for free, to help them cope with the sudden need to shift to a work-from-home strategy.
Larry Berran, iPipeline’s chief executive officer, said in a comment on the system usage numbers that iPipeline will be continuing the free trial period offer while the pandemic emergency continues.
The company recently made another announcement: It’s offering access to a fraud detection and business analysis system from ForMotiv to users of its iGO e-App life insurance electronic application system.
In addition to detecting possible signs of fraud, the system can also detect life insurance agents who are doing a great job selling coverage, iPipeline says.
ForMotiv says it can detect signs of fraud, and excellence, by analyzing information about how users interact with online forms and applications.
— Read COVID-19 Promotes Acceleration of Everything Digital: Sun Life Exec, on ThinkAdvisor.