Company recognized by peers as an industry leader for innovation in technology
HORSHAM, Pa., June 30, 2022 /PRNewswire/ -- The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce its recognition as a 2022 Insurance Technology Impact Award Winner from the Aite-Novarica Group Insurance Technology Research Council (Aite-Novarica). The Impact Awards represent the largest purely peer-juried awards in the industry. Winners are selected for their real-world business impact and their demonstration of the effective use of technology to meet business goals. Penn Mutual was recognized for the use of data and analytics in its accelerated life insurance underwriting.
"Streamlining underwriting and providing efficient, effective digital environments to support the sales process have been an ongoing priority area for life insurers, and the pandemic only heightened the importance of these capabilities," said Harry Huberty, Head of CIO Research at Aite-Novarica Group. "Penn Mutual's success in leveraging automation to support these needs is an excellent example of the ways in which insurers can utilize technology to enable greater sales volumes and create better customer experiences."
"We're honored to be recognized for modernizing and simplifying the life insurance buying experience," said Tom Harris, president of life insurance and annuities for Penn Mutual. "This award is a testament to our team's innovation and commitment to supporting our financial professionals with tools and technologies that allow them to better focus on providing solutions for their clients."
Penn Mutual's accelerated life insurance underwriting capability was introduced in 2017 as part of an industry-leading, end-to-end digital client experience. The initiative has seen the company develop machine learning-enabled predictive models to improve automation, simplifying and accelerating the life insurance application experience. These models have helped reduce average policy issue time by 50%, to as little as a few hours, and supported a 28% sales growth without increasing underwriting staff levels.
For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com.
Aite-Novarica Group's Insurance Technology Impact Awards are the largest purely peer-juried awards in the industry recognizing IT initiatives that have created real impact on insurers' business, premium, and profitability. Submitted projects are reviewed and voted on by members of the Aite-Novarica Group Insurance Technology Research Council, a moderated knowledge-sharing community of more than 350 insurer technology leaders.
The Aite-Novarica Group Insurance Technology Research Council is a free, moderated, knowledge-sharing community of more than 350 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 can be found at https://aite-novarica.com/research-council.
The Council is managed by Aite-Novarica Group, an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them.
©2022 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
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