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 behaviour based on machine learning, AI, and actuarial model is used to build target-qualified opportunities for proactive customer retention and upsell, plus 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 insurer’s 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 behaviour, and you can better navigate your business decisions.”