Penn Mutual Grows Annuity Business 20 Percent Using Work Management Software and CSC’s nbAccelerator

Penn Mutual recognized in 2003 that it needed to improve services to its producers to fuel growth, so the carrier made a commitment to move toward a paperless back office that takes advantage of new business process management technology from CSC. In just 18 months, the company transformed its processes and experienced 20 percent growth in new annuity business — without adding new staff.

Automatic Determination of Requirements

Prior to Penn Mutual’s technology initiative, the annuity staff relied almost entirely on manual, paper-based processes. When annuity applications arrived in the mail, new business personnel verified the information and attendant forms before typing the information into the company’s administration system, CSC’s VANTAGE-ONE. Applications were then placed in file folders with an underwriter worksheet/requirement sheet attached. In early 2003, Penn Mutual introduced the industry-leading work management system, DST Systems’ Automated WorkDistributor (AWD), which serves as the backbone for new business workflow, routing, reporting and document imaging. Soon after the AWD workflow system was in production, Penn Mutual’s next step was implementing CSC’s nbAccelerator™, which complements AWD with business process management, further automating the new business process, including the application submission, underwriting workflow, policy processing and productivity reporting.

Prioritizing Work with Business Rules

The business rules in the system, which were developed by Penn Mutual’s annuity staff, now prioritize the work, ensuring that large-dollar variable annuities are placed at the top of the work queue, while smaller fixed annuities are placed at the bottom. “When the case goes to the case manager, all of the requirements are included,” Rackovan said. “In the past, they had to look at a list of requirements that were posted on the wall. Now you automatically know which forms you need. There’s no chance for error.”

Building on Long-Term Relationships

Penn Mutual is growing its business through its commitment to face-to-face selling by its producers, so the company’s top priority is responding to its producers’ needs. Implementing nbAccelerator was a natural step in Penn Mutual’s long-term relationship with CSC. As Rackovan put it, “We’ve been partners for a long time and there’s a lot of respect between the two companies. It’s a professional relationship, but we can also talk very straight with one another. We can sit down across the table from one another and hash out any issues that we have.”

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