LifeDX platform, developed by IXN Tech, has entered into the life insurance space with Pacific Life as the first life insurance carrier onboard.
This multi-carrier platform provides an application programming interface (API) solution for quotes and application submissions for the life insurance sector.
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It is said to utilise APIs for quotes and application submissions and streamlines integration amongst distributors, vendors, and carriers via a one-time build. This can be re-used as connections are required with other organisations.
Additionally, LifeDX platform is said to cut down the effort for distributors to onboard additional carriers.
Pacific Life New Business & Underwriting director of system integration Boyd Ervin said: We view this API platform as a highway.
“As other carriers join us on the platform, and as we and the other carriers invest in and enhance the platform, everyone using this highway benefits.
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By GlobalData“This is an opportunity for Pacific Life to be a part of leading the industry in adopting new technology and empowering distributors to create a unique agent experience while we manage the content and data for them, with LifeDX.
“The market analytics available through this platform enable us to provide more targeted and timely product iterations for our customers.”
IXN CEO Kevin Pohmer added: “The LifeDX API framework is what our industry has needed for a long time—a standardized and secure central API-centric solution that makes it easier and faster to securely ingest data from multiple carriers to deliver real-time to our customers and in turn to deliver back to carriers.
“We’re excited to see the innovation this platform encourages in this industry, because until now, sharing data between organizations has been a time-consuming manual process making it difficult for new solutions to enter the marketplace.”
Meanwhile, in January this year, Pacific Life Re assumed £10bn of longevity risk from pension schemes of Lloyds Banking Group.
