The Penn Mutual Life Insurance Company Receives National Award for New Digital Client Experience
The 171-year-old life insurance company recognized as an industry leader in innovation benefiting advisers and their clients.
HORSHAM, Pa. – October 1, 2018 –The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce its recognition as an Impact Award winner from the Novarica Insurance Technology Research Council (Novarica). The Impact Awards represent the largest peer-juried awards program in the insurance technology industry and reviews hundreds of case studies before selecting winners. While Penn Mutual was announced as a winner in June, Chris Eberly, VP of research and consulting at Novarica, was on site at Penn Mutual’s headquarters on September 18 to formally present the award to the company.
Penn Mutual’s digital client experience is an innovative tool that condenses the life insurance policy application process and decision-making time from an industry average of 30 days or more to as little as 24 hours.
The cutting-edge digital experience delivers on two fronts by providing solid business support for advisers while meeting evolving client expectations. “Technology has revolutionized the buying process of just about every financial services product from mortgages to tax filing,” says Novarica’s Eberly. “This new digital experience from Penn Mutual now brings that brand of convenience, speed and security to life insurance.”
Greg Driscoll, senior vice president, service operations and chief information officer at Penn Mutual, explains that while the company was founded in 1847, a commitment to being inventive and forward thinking has helped it emerge as a leader in the insurance industry. “Innovation is not something new at Penn Mutual. In fact, the company has continued to be a pioneer in the industry for 171 years. We have the aptitude, agility and attitude to pull off what others either cannot or will not, and this new digital client experience is a prime example of just that. This industry peer recognition is an honor that the entire Penn Mutual team is proud to receive.”
Just as important, says Driscoll, the digital experience supports Penn Mutual’s advisers by simplifying the purchasing process for their clients, providing more time for advisers to focus on the unique needs of their clients, and helping expand the scale and reach of their businesses.
“Our digital client experience offering eliminates many administrative burdens for advisers so they can better focus on providing solutions for their clients,their families and businesses. Penn Mutual is proud to help modernize the life insurance process and have a positive impact on our marketplace and industry,” concluded Driscoll.
About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been committed to helping people live life with confidence. At the heart of this purpose is the belief that life insurance is central to a sound financial plan. Through our network of trusted advisers, we are dedicated to helping individuals, families and businesses achieve their dreams. Penn Mutual supports its advisers with retirement and investment services through Hornor, Townsend & Kent, Inc. Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. We are proud to work together in a values-driven and relationship-based culture. Visit Penn Mutual at www.pennmutual.com.
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/.