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Novarica Report: Notes from the 2011 CIO Insurance Summit

This report summarizes the informal discussions that occurred at the 2011 CIO Insurance Summit, an annual meeting of more than 40 insurer CIOs from across the industry. Throughout the report, we've included illustrative quotes by the delegates. Sample quotes include:

• There is a gap between what consumers expect and what they receive from insurers.
• The CIO discussion with CEO used to be, “What's wrong, what's broken now?” And now it's moved to, “How can you help? What can the technology do for me?”
• If IT organization needs to sell a core systems strategy based on fear, you've already lost.
• The days of we're going to issue you your PC, we're going to issue your BlackBerry, are over.
• We need to take a balanced approach to security, one that looks at risk and recovery and business value. We can't just lock everything down anymore.
• Technologists tend to be more optimistic, and the CIO is very well positioned to be a change agent if you're willing to be one.

With technology taking a central role in every function in the insurance enterprise, the role of the CIO has never been more critical, and learning from peer experience has never been more important for insurer CIOs.

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About Novarica

Novarica provides information, insights, and perspective on markets, operations, and technology to financial services and insurance executives. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica's research includes market and trend analyses, best practices research, case studies, and independent analyses of insurance software vendors. Novarica draws its knowledge from the personal experience of its principals, the ongoing information gathering initiatives of dedicated research staff, and regular communication with insurer executives through informal networks and through the Novarica Insurance Technology Research Council, a moderated knowledge-sharing community of more than 300 senior IT executives representing more than 260 North American insurers. More information at www.novarica.com.