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Case Study
iPipeline were approached by a renowned and respected income protection specialist with a desire to rebuild their technology platform to achieve their transformational, strategic objectives.
Firstly, they wanted to enhance and build upon their core strength, their income protection proposition. Second, they wanted to expand into new protection markets, namely term assurance, a previously untouched sector. Both underpinned by a revolutionised and improved digital journey, for advisers and customers alike.
They soon appreciated that these goals could not be achieved on their legacy platform and set about finding the best-in-class software solution to allow their objectives to become reality, at pace.
The Challenges
- Legacy platform | Unreliable and inflexible. Blocking strategic expansion.
- Sub-optimal digital journey | For customers and advisers, increasing processing and policy management costs.
- System constraints | Inhibiting, not enabling product design.
The Solution
Partnering with iPipeline meant this provider could leverage our broad financial services expertise and seamlessly implement our leading end-to-end digital platform, SSG Digital®.
A year after launch, this previous income protection specialist successfully expanded their proposition into the term assurance market, a greenfield sector for them. Initially focusing on consumers with High BMI or Type 2 Diabetes, SSG Digital enabled the provider to adjust premiums post policy issue, based on management of Body Mass Index (BMI) and Diabetes - through HbA1c tests. Those who were in control of their BMI and diabetes typically saw a decrease in their premium. This was completed automatically each year via SSG Digital, incentivised their customers to proactively manage their health and further enhanced the insurer’s reputation for innovation.
With the successful launch of this first ‘impaired’ life product, an extension to the niche market was identified focusing on consumers chronic, long term or multiple long term health conditions who wouldn’t necessarily get cover from other providers. Utilising SSG Digital’s Underwriting Rules Engine, this provider could now offer more accurate quotes by asking additional underwriting questions up-front and allowing advisers to upload evidence at the quote stage, not just the traditional apply stage - adding greater certainty and transparency for advisers whilst reducing exclusion to vital cover for consumers.
The Results
As a result, our partner has:
- Launched two new term products into the term assurance market in just 6 months
- Achieved a record high in new business sales
- Launched a modern, state of the art policy administration system
- An extensive self-serve capability for adviser and customers in fulfilment and post issue updates
- A scalable, efficient, expandable and future proofed solution
SSG Digital® has provided the foundation to build, to diversify and to grow, whilst strengthening our partners customer focus.
