Cloud-based software solutions provider iPipeline announced that Navy Mutual Aid Association introduced the company’s Resonant multi-functional solution to automate, optimise and improve underwriting and new business processes.
Resonant is expected to speed up the processes for the insurer’s life insurance and annuity products.
Navy Mutual Aid Association is a federally recognised veterans service organisation in the US.
The new solution will enable it to significantly reduce the time taken to underwrite an application by utilising the latest technology in workflow automation.
It will also help to develop a faster, more efficient and modernised digital customer experience for service members and their families.
The Resonant multi-functional solution has been designed to digitise and seamlessly automate underwriting and case management.
Its no code, self-service tools will streamline workflow automation by easily building workflow routing, rules, and underwriting requirements.
Navy Mutual solutions and technology vice president Peter Meyers said: “iPipeline’s Resonant solution provides us with a single system for ordering, receiving, and reviewing new business and underwriting requirements.
“Implementing this technology is the first step in the next phase of our digital high-tech, high-touch journey. Everything we do is dedicated to improving the member experience.”
According to iPipeline, its new technology integrates case management and decision support, access to thorough reporting and analytics, and the ability to monitor and offer regulatory compliance control.
iPipeline sales senior vice president Bill Hunter said: “iPipeline continues to build new and innovative solutions that empower life insurance and annuity providers to automate and accelerate their key workflows – from beginning to end – across their businesses.
“We are excited to help Navy Mutual strengthen their underwriting and new business processes as they continue on their mission to provide military servicemembers and their families the financial protection they need.”
Established in 1995, iPipeline is said to be working on streamlining all application and processing workflows from quote to commission.
The firm also consolidates workflows within one of the most expansive straight-through processing platforms to save time and increase both premiums and placements for insurance agents.