Configurable out-of-the-box solution helps carriers get to market 3x faster, enabling accelerated and automatic underwriting
Uncork, the leading enterprise no-code platform, today announced its Life Origination solution to help life insurance carriers build and maintain a fully digital, end-to-end application for the life insurance new business origination process: from first customer contact, through the application process, rapid development of accelerated underwriting programs all the way to policy delivery. Unqork’s Life Origination solution supports all life insurance and annuity products–including term, final expense, universal life, variable universal life and more–across multiple distribution channels such as agent led, direct-to-consumer, brokerage and direct marketers.
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Life Origination processes are standard practice for all life insurance carriers, yet many rely on legacy vendors or solutions built via traditional coding, a resource-intensive approach that takes many months to years to bring a product to market. Code makes table-stakes updates and maintenance an expensive, time-consuming undertaking that creates an ongoing resource strain as carriers keep pace with evolving marketplace demands and changing requirements. Leveraging Unqork’s pure no-code platform, users can bring solutions to market at least three times faster and three times more cost effectively when compared to traditional methods, launching new products in three months without generating a single line of code. Unqork’s no-code approach also results in 600x fewer bugs than code-based solutions, providing a higher quality application that requires significantly less future maintenance.
Unqork’s Life Origination solution allows carriers and distributors to break away from the inefficiencies of code and paper-based tasks. With Unqork’s solution, carriers and distributors can:
- Collect application, medical, and lifestyle information about a customer in less than 15 minutes
- Generate a quote instantaneously
- Incorporate data from a variety of internal and leading third party data sources to enable pre-fill and reduce manual data entry by more than 50 percent
- Enable NIGO resolution to eliminate 100 percent of all basic errors and reduce unnecessary follow-ups with customer and advisors by more than 75 percent
- Easily solve for state-by-state variations via reflexive questionnaires and dynamic APIs
- Process 2x the application volume through auto-underwriting and enable underwriting decisions on the rest of the applications in days and not weeks or months
- Maintain and easily update a rich set of filed forms, underwriting and product eligibility rules
- Issue a new policy digitally and deliver policy documents to an applicant for their e-signature
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Unqork’s Life Origination solution also includes a unified hub for customers and agents. Through the hub, customers can track the status of an application and access key policy documents, while agents can track individual applicants and recognize when an applicant is delayed or off-course.
Unqork’s no-code platform allows carriers and distributors to easily customize the application to fit their specific needs and preferences. Unqork seamlessly integrates with internal systems (e.g., policy admin system, illustration engine), external databases (e.g., LexisNexis), and third-party providers (e.g., DocuSign, Human API, Plaid) allowing carriers and distributors to provide a tailored, best-in-class experience for their customers.
By implementing fully-digital, front- and back-end process for new business origination, carriers and distributors can:
- Enhance the customer journey, with an intuitive user interface and 24/7 access to information and services
- Accelerate the quote-to-bind process and increase closing rates
- Improve data collection and leverage high-quality analytics for decision making
“The eApp and eDelivery process is one of the most standard in the life insurance industry, yet carriers are still investing significant resources to build and maintain laborious custom processes,” said Chandresh Kothari, Insurance Lead, Unqork. “Unqork was designed to digitize complex processes like this, and our Life Origination solution has already been leveraged by multiple top-10 life insurers and leading distributors to build an entirely digital, easy-to-use interface for their advisors, customers and operations. Their new business origination process had historically taken at least two months, but with Unqork is increasingly just a single day on average.”
Unqork’s Life Origination solution adds to an existing suite of capabilities for Unqork’s customers in insurance. The Unqork platform supports customers across life, annuities, retirement, accident, group benefits, P&C consumer, commercial and specialty insurance, with carriers, distributors and brokers using the platform for everything from policy and claims administration to underwriting to servicing, operations and customer service.
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