XRAE Enables Users to Instantly Determine Correct Underwriting Classes to Accelerate the Selling of Insurance
iPipeline®, the leader in on-demand marketing, selling and processing solutions for the nation's top insurance carriers, distributors and producers, today announced the acquisition of XRAE®, the industry leading automated underwriting solution developed by Rolling Solutions LLC. The acquisition extends the value of iPipeline's widely used platform by adding the XRAE product line. XRAE enables distributors and independent/captive producers to determine underwriting classes during quoting by running the potentially insured's health class information against the underwriting rules of participating carriers.
"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, 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."
"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, 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, and iPipeline has the network and platform to optimize its value to the industry."
XRAE’s benefits include:
- Increasing the number of quick-quotes a carrier evaluates while reducing the resources allocated per quote
- Automating the evaluation of quick-quotes so carriers need not allocate valuable underwriting resources
- Ensuring that each carrier’s unique rules are accurately evaluated for distribution to every client, every time
- Providing industry-wide metric reporting for every “I’ve got a guy” scenario evaluated by XRAE
- Enabling carriers to “publish” additional underwriting rules while keeping the rules confidential
- Reducing the overall costs associated with dead-end applications resulting from inaccurate health classes