Amica CEO and PCI Chairman Robert DiMuccio Keynote Speaker
March 9, 2011 (Boston, MA) To the 30+ insurer CIO members of the Novarica Insurance Technology Research Council that gathered in Providence, RI last Wednesday, there was one overriding issue that they all face: the challenge of managing insurance IT in an era of accelerated change.
�The capabilities of information technology in society at large are changing at an unprecedented rate,� commented Matthew Josefowicz, partner and managing director of Novarica, who hosted the event. �This is having tremendous impact on customer expectations, distribution models, underwriting and claims capabilities as well as the IT operating model itself. Against all of this change, insurer IT leaders generally can deploy only modestly increased budgets, which means that the necessity for intelligent strategic planning, careful execution, and innovative approaches to solving business problems have never been more important.�
The meeting started with a keynote presentation by Robert DiMuccio, CEO of Amica Mutual Insurance Company and Chairman of the Property Casualty Insurers Association of America, on �Current Industry Climate, Trends, and Risks.� Mr. DiMuccio�s presentation emphasized the rapid pace of change in the industry due to regulatory, economic, and demographic shifts, as well as changing customer expectations and perceptions of the insurance industry and its products.
�It was very interesting to have the opportunity to get an outside perspective of technology from a senior business leader,� commented council member Stuart Tainsky, CIO of PURE.
Mr. Josefowicz also presented recent Novarica research on IT trends and priorities in the industry. But the bulk of the event consisted of open interactive discussions among the council members and the Novarica team, both in a general session and in breakout discussions by industry group.
�It was an excellent session with creative discussions and idea generation for the complex environment we all face,� commented council member Dave McMahon, VP at Unum.
�It became clear quickly that we are all facing the same challenges. The Novarica team is very knowledgeable and provided some great insight into our challenges,� noted another member.
Attendees represented a cross-section of the industry, including personal lines, commercial lines, specialty, workers compensation, life/annuity and benefits, and health insurers. Company sizes ranged from start-up insurers to multi-billion dollar global firms. The meeting is closed to vendors, service providers, and media, providing a unique opportunity for open discussions among the members.
A report summarizing the presentations and discussions at the meeting was published today for the benefit of the more than 200 other council members who were unable attend the meeting. The report is available online at http://www.novarica.com/accelerated_change_nitrc_2011 for non-council members.
The Novarica Insurance Technology Research Council is a free knowledge-sharing and peer-networking community made up of insurer technology executives. As of early 2011, the council had over 250 members from more than 200 different insurers ranging from the largest to the smallest, across life/annuity/health and property/casualty. Members are invited to participate in Novarica’s research projects as well as exclusive events and online communities. As a moderated (rather than self-organizing) group, the council offers an opportunity to participate in knowledge sharing without disclosing company-specific information.
In addition to the annual March meeting, council members meet informally at major industry events including the ACORD/LOMA Systems Forum and the CIO Insurance Summit, as well as at private dinners held across the country. The council is open only to senior IT leaders from insurance companies. Interested executives may inquire about membership at www.novarica.com/council. This page also contains information about a similar Novarica research council for bank IT executives.
The council is administered by Novarica, an advisory firm that 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. More information about Novarica is available online at www.novarica.com