SALT LAKE CITY, Nov. 3, 2020 /PRNewswire/ -- It was announced today the LifeDX platform from IXN launched with Pacific Life as the first life insurance carrier onboard. LifeDX is a multi-carrier platform that provides an application programming interface (API) solution for quotes and application submissions for the life insurance industry.
Leveraging APIs for quotes and application submissions streamlines integration between distributors, vendors, and carriers through a one-time build that can be re-used as connections are needed with other organizations. Going forward, as carriers make changes, distributors and vendors can avoid ongoing updates saving valuable development time. This can naturally reduce the effort for distributors or vendors to onboard additional carriers. It can also provide an opportunity for significant operational efficiency because there is only one source for securely accessing and transmitting information to and from these organizations. "We view this API platform as a highway," said Boyd Ervin, director of system integration, New Business & Underwriting, Pacific Life. "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."
Ervin went on to say, "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."
Kevin Pohmer, CEO, IXN, had this to add, "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."
About LifeDX from IXN
LifeDX, from IXN, is the life insurance industry's API-centric data exchange platform that is helping make the process of distributing and processing life insurance simple and easy. The LifeDX platform provides the industry a standardized, API-driven platform for disseminating data, enabling carriers, agents, BGAs, Advisors, and financial institutions to better serve their consumers. LifeDX is headquartered in Salt Lake City, Utah. Visit www.thelifedx.com or contact [email protected].
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2020 World's Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2020 is compiled by Pacific Life using the 2020 FORTUNE 500® list.
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SOURCE IXN Tech