iPipeline acquisition increases ‘digital experience’ for consumers
7 January 2018
iPipeline has announced its acquisition of TCP LifeSystems, a software solutions provider to life and pensions insurance companies.
TCP LifeSystems provides an end-to-end software solution, underpinning insurance policy administration, underwriting, and acting as a central communication exchange point between customers, advisers, providers and reinsurers.
It allows customers and intermediaries to manage policies and iPipeline says the company’s New Business Underwriting solution “has reduced processing time from an average of 34 days to as little as 15 minutes with 95% cases written online and 80% executed via straight-through processing – with no human intervention”.
Commenting on the acquisition, Tim Wallace, chief executive of iPipeline, said: “Consumer expectations have changed, and they want a faster, self-service, and digital experience.
“Investments in transformative technology are key to meeting the industry’s evolving needs and to ensuring consumer expectations are met by offering financial solutions when they need them. We are pleased about the acquisition and the potential to grow the protection market and create further value for the life and pensions industry.”
Ian Teague, managing director, iPipeline UK, added: “Advisers, intermediaries, providers and consumers have high expectations for a streamlined, digital experience. Long gone is the need for time-consuming processes. TCP LifeSystems’ expertise in the new business underwriting and policy administration space complements iPipeline’s efficient, straight-through processing solutions, extending the value of our digital platform for the UK marketplace.”
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