iPipeline Acquires XRAE, Streamlines Underwriting Services
iPipeline, a company that provides on-demand marketing, selling and processing solutions, recently acquired XRAE, an automated underwriting service developed by Rolling Solutions LLC.
XRAE is multi-carrier field underwriting and quick-quote management software built for carriers distributing their products through brokerage general agencies (BGA). XRAE perfectly implements over 100,000 specific underwriting rules based on over 600 potential questions to determine the “best case” underwriting classification at each XRAE Partner Carrier. XRAE is able to do this because of the patent pending Risk Meta-language (RML) created and developed by Rolling Solutions LLC.
“There has long been a vital need for a rules-based health class solution that ensures insurance products are accurately quoted and ready for underwriting activities. Inaccurate health class quotes lead to major underwriting delays, higher costs, and often result in lost opportunities,” said Tim Wallace, CEO at iPipeline. “In a multi-carrier world, you need to be present during the quoting activity to win. Our quote engine generated 120 million comparative quotes in 2012. Any carrier subscribing to XRAE and our quote engine will now be presented in an exclusive product results list when multi-carrier quotes are run. We currently have 16 major carriers leveraging the solution, and I expect many more to follow as the value translates into increased placement ratio.”
With XRAE, carriers can now have a virtual underwriter in the office of every one of their BGA partners to give their BGAs immediate, accurate answers to their quick-quote queries. Carriers no longer need to be inundated with e-mails, faxes and phone calls from their distribution, as their distribution gets immediate answers through XRAE.
“iPipeline’s vision for the industry has resulted in a portfolio of solutions for brokerage and captive carriers that are truly transforming how they succeed in a highly demanding market place. iPipeline’s acquisition of XRAE adds a high-value and rapidly deployed product to their line up,” said Tom Bellig, CEO at Rolling Solutions. “Dead-end applications are a direct result of building weak sales foundations through incorrect health class assignments. It’s the little things, such as automating health class classifications for independent and captive agents in the field and alternative market channel, which have a major impact on our industry.”
“XRAE has the potential to be a transforming technology in 2013,” he said, “and iPipeline has the network and platform to optimize its value to the industry.”
Edited by Braden Becker