Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

iPipeline Partners with iCover, Harnessing AI Underwriting to Optimize the Insurance Buying Experience

iCover’s Algorithmic Underwriting Enables Fast and Accurate Risk Assessment at the Point of Sale, and Significantly Higher Rates of I****** Decisions

iPipeline announced that it has entered into a strategic partnership with iCover, an InsurTech provider of algorithmic underwriting for streamlining the assessment, pricing, and delivery of life insurance. This strategic alliance harnesses the power of both platforms—with iCover helping to strengthen iPipeline’s existing automated capabilities within its Resonant solution—to create a faster life insurance sales cycle.

Recommended AI News: Splunk and JupiterOne Partner to Provide Deeper Visibility into Cloud Asset Data and Increase the Accuracy of Threat Detection and Response

iCover, which will become available via iPipeline’s iGO e-App, uses artificial intelligence (AI) predictive modeling to assess mortality risk, reducing the digital consumer application process to five minutes—and producing fully underwritten offers without labs, exams, or attending physician statements.

“As the demand for AI-driven automated medical underwriting grows, we have partnered with an innovative and progressive AI provider to create an even faster end-to-end selling process,” said Deane Price, Chief Executive Officer of iPipeline. “The combination of iPipeline and iCover will automate and simplify a process which can normally take weeks, while increasing sales and lowering overhead. This is a game-changing enhancement for the life insurance industry, and we are proud to offer it in our ecosystem.”

Related Posts
1 of 40,555

Recommended AI News: Nielsen’s Gracenote Quantifies Program Bingeability, Tracks Streaming Availability Through New Content Analytics Datasets

The strategic initiative with Chesterfield, MO-based iCover will offer iPipeline users:

  • Simplified and accelerated application interview and experience, where medical questions and responses are channeled into iCover’s algorithm model for accurately rating applicant risk.
    • This streamlined process can be applied to multiple types of products—including term and permanent life insurance, and fixed and variable annuities.
  • Lower cost per application, due to the elimination of underwriting risk assessment time from the process.
  • More i****** offers because risk is priced using iCover data and proprietary analytics.
  • 75% straight-through processing rate, enabling more point-of-sale conversions, reducing sales cycle time, and allowing insurance agents to receive payment faster.

“We built a powerful decision framework that has revolutionized underwriting,” said Hari Srinivasan, Founder and CEO of iCover. “Working together with iPipeline, we can help insurers expand their reach and sell to a greater number of customers through a seamless, digital experience that just takes a few minutes.”

Recommended AI News: Mapp Updates its Insight-led Customer Experience Platform

[To share your insights with us, please write to sghosh@martechseries.com]

Comments are closed.