National Western Life Insurance Company (Austin, Texas) has chosen StoneRiver's LifeApply electronic application to replace an existing solution and use across all of the carrier's distribution channels.
National Western Life has been processing electronic apps for several years, according to a StoneRiver statement, but the carrier wanted a solution that responded better to business needs and had fewer functional constraints. The goal was to implement a solution that would provide greater self-sufficiency, enabling the company to better respond to market and product changes with less reliance on the technology vendor, according to StoneRiver.
“We chose StoneRiver because of their strong life insurance industry knowledge in addition to the robust ability of LifeApply to allow our IT to play a more key role in its maintenance," comments Paul Martinsen, VP, CIO, National Western Life. "We look forward to using LifeApply, which we believe will help control our eApp expenses and speed up the product maintenance cycles."
[For more on the technologies reshaping life insurance distribution, see Life Insurers Deliver Agent Ease Of Use With E-Signatures, E-Apps And Automated Underwriting .]
Benefits that National Western Life anticipates from the StoneRiver LifeApply solution include:
-Reduction in policy submission and issuance costs;
- Vastly improved speed to market;
- The ability for National Western Life to play a key role in the system’s configuration;
- Multiple connection and device options;
- Multiple language capabilities; and
- An enhanced feature and functionality set for agents.