National Life Group will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs (Chief Information Officers). More than 60 CIO council members reviewed more than 60 case studies in three divisions to select the winners for the 10th annual awards.
National Life deployed an eDelivery solution in response to COVID-19 lockdowns, with initial MVP (Minimum Viable Product) in 23 days and full rollout over 3 months. The solution grew e-delivery adoption to 60%, dropped cycle times from 4-6 weeks to 9 days, and is expected to create $10M in savings by 2025.
“COVID-19 was obviously the story of 2020, and lockdowns highlighted every manual handoff in the sales cycle. National Life’s case study also highlights the value of an Agile approach, delivering basic functionality quickly and improving on the initial product,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“The vision of National Life is to bring peace of mind to everyone we touch,” says Muthu Arumugham, Chief Technology Officer of National Life Group. “The crisis created a challenge but also gave us the rocket fuel to evolve the business model to a future state in record time. It wasn’t about perfection, but agile development with an architecture and an amazing cross-functional team that got us there.”
National Life’s case study, along with case studies of eleven other winners and more than 50 additional cases considered for Impact Awards, was published this week in Novarica’s 10th Annual Impact Case Study Compendium, online at https://novarica.com/impact/. Novarica has published nearly 300 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. CIO 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 400 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://novarica.com/council/.
The Council is managed by Novarica, a research and advisory firm that helps more than 150 insurers make better decisions about technology projects and strategy through published research, advisory services, strategic consulting, and special programs. https://novarica.com/
About National Life Group
National Life is here to bring you peace of mind. We’ve been keeping our promises since 1848. Believe in tomorrow. Do good today. Learn more at NationalLife.com
National Life Group® is a trade name of National Life Insurance Company, founded in Montpelier, Vt., in 1848, Life Insurance Company of the Southwest, Addison, Texas, chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.