Penn Mutual’s Digital Life Insurance Experience Project Selected by 50+ Insurer CIOs for Novarica Research Council Impact Award

Business Wire

BOSTON--(BUSINESS WIRE)-- A new digital client experience from The Penn Mutual Life Insurance Company (Penn Mutual) will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurance industry CIOs. More than fifty CIOs reviewed dozens of case studies to select the winners for the 7th annual awards.

Penn Mutual’s Accelerated Client Experience (ACE) is a fully digital platform that streamlines the application processing and decision-making time from an industry average of 30 days or more to as little as 24 hours and accounts for 35% of Penn Mutual’s life business.

“Penn Mutual’s digital client experience was selected by our Council members for its effective combination of leading edge technology and off-the-shelf components to create a valuable customer experience that delivered solid business impact,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.

Launched in 14 months through a company-wide agile process, ACE represents a new normal for Penn Mutual where innovation serves as a key differentiator. “Penn Mutual is powered by our people and enabled by technology. The accelerated client experience supports Penn Mutual’s advisers by leveraging our digital platform to simplify the purchasing process for their clients, provide greater time to focus on the unique needs of their clients, and expand the scale and reach of their businesses,” says Greg Driscoll, Senior Vice President, Service Operations and Chief Information Officer at Penn Mutual. “Penn Mutual is proud to help modernize the life insurance process and have a positive impact on our marketplace and industry,” added Driscoll.

Penn Mutual’s case study, along with case studies of seven other winners, and more than 20 additional cases considered for Impact Awards, was published today in Novarica’s 7th Annual Best Practices Case Study Compendium, online at https://novarica.com/compendium2018/. Novarica has published more than 200 case studies through this program since 2012.

About the Novarica Impact Awards

The Novarica Research Council Impact Awards are the largest purely peer-juried awards in insurance technology. Council members vote annually to recognize the efforts of their peers to use technology to drive business value in digital, data/analytics, core systems, and IT operations. No vendors, consultants, journalists, or members of the Novarica team participate in the selection committee, making the Novarica Impact Awards distinctive in being a purely peer-juried award.

The Novarica Insurance Technology Research Council is a free, moderated, knowledge-sharing community of more than 300 insurer CIOs and senior executives. In addition to recognizing successful initiatives through the Impact Awards, members participate in anonymized studies and private, vendor-free events. More information at https://novarica.com/council/.

The Council is managed by Novarica, a research and advisory firm that helps more than 100 insurers make better decisions about technology projects and strategy through published research, advisory services, and consulting on IT strategy, benchmarking, project assurance, capability and organizational assessments, and vendor selection. https://novarica.com/.