(Image source: Catholic Life homepage.)
Catholic Life Insurance (San Antonio), a top-ten U.S. fraternal benefit society, has successfully expanded its Sapiens (Holon, Israel) environment for life and annuity lines of business. Already a production user of the StoneRiver ID3 policy administration life system, the insurer is now live with LifeApply supporting the company’s e-application and submission processes. Catholic Life began the implementation project began in April 2017 and went live in June 2018. All of the insurer’s lines of business are now supported, including: term life, whole life, universal life, and annuities.
Following the implementation, Catholic Life says that it is enjoying early benefits, including the completion and submission of applications in a paperless environment, an improved rate of applications in good order, the ability to easily gather additional underwriting information, and the capabilities to better attract the newest generation of insurance producers.
Sapiens reports that, as part of the implementation, LifeApply was integrated with four Catholic Life systems: the agent/member portal, the illustration system, the Sapiens ID3 policy administration system, and the insurer’s content management system for electronic workflow. Sapiens’ ACORD Transaction Service (ATS) was also deployed to enable web services between the ID3 system and any system that utilizes ACORD standards.
“The implementation was quick, training was easy and well received, and we couldn’t be happier with the adoption rate of the paperless application environment by our agents,” comments J. Michael Belz, president and CEO of Catholic Life. “Our long partnership with Sapiens has been very successful, making us extremely comfortable with the Sapiens team, services, and products.”
High Adoption Rates
The insurer is now well on its way to having 50 percent of its agents using LifeApply within the first 24 months of production use, and expects that percentage to grow annually, according to Scott Brant, SVP, IT, Catholic Life. “We are looking at other Sapiens offerings to see what else might benefit us as we continue our efforts to modernize and automate our processes as much as possible,” he says.
Additional benefits Catholic Life is enjoying now that LifeApply is in production include the following, according to Sapiens:
- Significant decrease in applications submitted “not in good order”, leading to higher placement rate;
- Reduced time to issue a certificate;
- Easy-to-use e-application dashboards;
- Ability to capture additional field underwriting information with the use of reflexive questions, resulting in improved time to process and service;
- Automatic generation of all required forms for certificates; and
- Overall reduced operating expenses with new efficiencies.
“We have had a long and successful relationship with Catholic Life and appreciate their continued confidence in our solutions and our people,” comments Roni Al-Dor, Sapiens’ president and CEO. “We congratulate the Catholic Life team on this successful implementation and look forward to investigating how our other solution options can assist in meeting their automation and transformation goals.”
ID3, LifeApply and ACORD Transaction Server are components of StoneRiver’s portfolio of insurance software solutions. StoneRiver, Inc. is a fully owned subsidiary of Sapiens.