The Standard Excels in Agent and Consumer Adoption of Electronic Policy Delivery
September 18, 2012
iPipeline®, the leader in on-demand marketing, selling and processing solutions for the nation's top insurance carriers, distributors and producers, today announced that Standard Insurance Company ("The Standard") achieved strong agent adoption of PolicyEX®, iPipeline's interactive, electronic policy delivery solution, during the past 6 months. PolicyEX provides a state-of-the-art dashboard that provides visibility into all stages of the electronic delivery process and simplifies the review, e-signing, and issuance of policies.
"Speed to market is critical when policy issuance hinges on several key steps. Electronic policy delivery streamlines agent and consumer reviews and drives placement ratio lift. PolicyEX provides insight into policy status, eliminates traditional distribution costs, speeds delivery, and gets policies in force sooner," said Tim Wallace, CEO, iPipeline.
"The Standard's launch of e-Policy is a great example of what can be accomplished in a brief period of time by promoting its use among agents. In six months, The Standard has electronically issued thousands of policies and experienced a 97% consumer approval rating for e-Policy delivery." "The Standard saw a big increase in adoption when we launched our PolicyEX Incentive Program. We made it acceptable for agencies to put their 'toe in the water' by setting them up and delivering policies to specific agents. This step-by-step approach led agents to see how easy it was, and they started to prefer electronic delivery to paper. So did the consumers," said Dawn McMaster, Assistant Vice President of Individual Disability at The Standard. "We shared success stories with agents and used them to overcome concerns that consumers won’t like electronic delivery. Now it's possible to substantially accelerate policy delivery, which helps agencies exceed the expectations of their producers. The consumers love it and the numbers speak for themselves. We are experiencing 20 percent increases in policies sent electronically month over month to distributors and expect to issue 10,000 e-Policies this year."
To read the full press release at iPipeline, click here.