BOSTON--(BUSINESS WIRE)--Members of the Novarica Insurance Technology Research Council, a knowledge-sharing group of hundreds of insurer CIOs, have selected COUNTRY Financial as one of two winners for Core Systems initiatives, based on a review of case studies published today at https://novarica.com/compendium2017/.
COUNTRY Financial completed an 18-month project to automate its underwriting process for term and whole life applications. The new process has enabled the approval of 85% of applications received, with an average response time of 2.5 minutes from application submission.
“We are honored to be recognized by Novarica for our Simplified Underwriting project. The new underwriting process has reduced approval time from days to minutes for eligible applications,” said Deana Lauria, Vice President of Application Development for COUNTRY Financial. “Our customers and representatives benefit greatly from the immediate response. The project is a great example how teamwork at COUNTRY Financial produces impactful results.”
“COUNTRY Financial’s initiative was selected by the committee for its effective use of technology and real-world business impact,” said Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
The 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 6th Annual Best Practices Case Study Compendium, online at https://novarica.com/compendium2017/. Novarica has published more than 175 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. Over a dozen CIO members of the Novarica Insurance Technology Research Council 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 90 insurers make better decisions about technology projects and strategy through published research, advisory services, and consulting on vendor selection, benchmarking, project assurance, capability and organizational assessments, and IT strategy. https://novarica.com/