Reliance Standard Life Insurance Company (Reliance Standard) will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs. More than 60 CIO council members reviewed more than 60 case studies in three divisions to select the winners for the 10th annual awards.
Reliance Standard implemented a new business and policy administration platform to support expansion and improve service for their Retirement Services business. Deployed over 3 years, it supported $3B in new premium and 40,000 new applications in the first 24 months, while reducing processing times for new business by 43% and claims by 54%.
“Using modern technology to sell more is one of the fundamental ways insurers can leverage technology to create value, and Reliance Standard’s case study is a fantastic example,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“We have traditionally written our success story through a commitment to delivering superior customer service,” says Kyle Ryan, Vice President Retirement Services Operations at Reliance Standard. “Anytime a company experiences rapid growth, that service mandate can quickly become unsustainable without the necessary tools and streamlined workflows. Through collaboration with our vendor partner, FAST Technology, and our IT & Operations leadership, we have been able to deliver on our goals and build a strong foundation for continued growth.”
Reliance Standard’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 Reliance Standard Life Insurance
Reliance Standard Life Insurance Company (Reliance Standard) offers a portfolio of traditional fixed and indexed annuities to individuals seeking to preserve capital and retirement income with guaranteed returns. Rated A++ (Superior) by A.M. Best and A+ Standard & Poor’s, Reliance Standard earns clients’ trust every day by maintaining a strong balance sheet, a sound, diversified investment strategy and an unflagging commitment to service excellence.
Reliance Standard is also a leading provider of financial protection, absence management and supplemental health benefits solutions to employer groups of all sizes.
Founded in 1907, Reliance Standard is a member of the Tokio Marine Group, which operates in the property and casualty insurance, reinsurance and life insurance sectors globally. The Group’s main operating subsidiary, Tokio Marine & Nichido Fire (TMNF), was founded in 1879 and is the oldest and leading property and casualty insurer in Japan.