New InsureSight In-Force Service Enables Insurers to Predict Customer Needs, Lapse Patterns and Profitability
EXTON, Pa.–(BUSINESS WIRE)–#atidot–iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced an exclusive partnership with Atidot, a Gartner “Cool Vendor” insurtech company empowering the life insurance industry with big data and predictive analytics. The InsureSight® In-Force Service powered by Atidot® will enable Insurers in North America to predict customer insurance and financial needs, lapse patterns and profitability. As part of the service, customer behavior, based on machine learning, AI and actuarial models, is used to build target-qualified opportunities for proactive customer retention and upsell and cross-sell efforts for life and annuity products. The in-force service is available as a module for InsureSight, iPipeline’s data analytics and benchmarking product.
“Data is a power-selling tool, but in the absence of technology to optimize the value of the data that defines client behavior and predicts purchasing needs, it might as well not exist. Our new InsureSight In-Force Service enables Insurers to surface highly qualified revenue opportunities for agents and advisors, which might otherwise not surface,” said Tim Wallace, CEO, iPipeline. “Understanding what life events will drive clients’ future purchasing decisions enables agents and advisors to proactively match the optimal life insurance and financial products to their clients’ needs. We expect carriers and financial institutions to experience a 25% improvement in revenue from the upsell and cross-sell activity. This is transformative for any organization looking to optimize in-force data, and we are excited to offer this new service to the iPipeline customer ecosystem.”
“The InsureSight In-Force Service has been designed to reduce business volatility, monetize current data, and increase overall profitability for life insurers and financial institutions. By enriching the insurers data with iPipeline and 3rd party external data sources, this new service creates more accurate projections for an in-force book of business. It can also predict premium persistency, lapse rates, up-sell, conversion rates, the probability to be under-insured, and more,” said Dror Katzav, CEO, Atidot. “But prediction is just the tip of the iceberg. If you know your data, you can simulate buying scenarios, you can use the projections to manage your capital better, you can get better re-insurance prices, you can focus on desirable customer segments with specific behavior, and you can better navigate your business decisions. We’re excited to be teaming with iPipeline on delivering this new enhancement to the SSG Digital Platform for the North American marketplace.”
iPipeline’s SSG Digital core platform is designed to enable the life insurance and financial services industry to automate and simplify all new business, administration, and in-force management tasks to achieve desirable business outcomes. For assistance in acquiring this new in-force module for InsureSight, contact your assigned sales representative, [email protected], or call 1-800-758-0824, option 2.
Atidot is an insurance technology company empowering the life insurance industry to become data-driven and optimize their book of business with big data solutions and predictive analytics. Founded by a team of data scientists and veteran actuaries, Atidot offers a cloud-based platform that provides data-driven insights to inform decision making, drive new business strategies, and create new revenue streams. Atidot works with leading life insurance and annuities providers to take control of their existing data to upgrade their risk modeling and to improve policyholder behavior prediction to improve sales, retention and in-force management. For more information, visit https://www.atidot.com/.
iPipeline is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital, end-to-end platform, we accelerate and simplify sales, compliance, operations and support. We provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management.
iPipeline’s platform is used by more than 135 carriers, 1,350 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com.
For iPipeline:Lisa SheaMarketing[email protected]484 870 6234