iPipeline, a developer of on-demand software that supports marketing, selling, and processing solutions for insurance carriers, distributors and their producers, announced it has been granted United States Patent No. 7,689,444 by the U.S. Patent and Trademark Office.
The patent covers a computerized method for preparing insurance applications. The patent, issued on March 30, 2010, was filed on February 19, 2003. A continuation application has been filed claiming additional subject matter.
"iPipeline is proud to have been granted the United States Patent," says William Atlee, chief strategy officer for iPipeline and an inventor of the patented process. "Under the method covered by patent, the completion of an insurance pre-application can be outsourced to a service provider, which reduces insurance broker or producer involvement in the application process. The benefits to the industry as a whole are enormous when you consider the speed to market advantages, gained efficiencies, and reduced underwriting time."
Atlee believes the method of preparing insurance applications is of benefit in non-traditional markets such as banks and broker-dealers.
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