- Where Insurance & Technology Meet

Innovation, Impact & ICTA – Part One: An Inside Job

Since the announcement of the finalists for the Insurance-Canada Technology Awards (ICTAs), we have had a number of questions along the lines of:  “What makes these nine organizations different from the forty-one other, highly qualified candidates that were nominated?”

There’s a short answer and a long answer.

In this post, we’ll give the short answer and the long answer for one group of the finalists.  Over the next few posts, we’ll put out our take on the remainder.  And remember, the winners will be announced (and awards given) at the ICTA Luncheon and Awards Ceremony on March 5, 2012.

So here’s the short answer:  Why these nine?  Because the ICTA jury – consisting of 7 recognized insurance technology experts – said so.  The jury was charged with using two criteria for guidance:  Innovation and Impact on Business.  We posted on the process the jurors chose to take after their first meeting late last year.

Looking at the results, however, we’d like to offer our opinions of what differentiated these 9.  One group of nominees focused on internal applications.  In this group, we would put:

  • RMS with its iClarify product, which provides it clients portal or web services access to RMS risk management, underwriting support services.  This improves field underwriting by brokers and streamlines internal underwriting time, while improving accuracy.
  • The Economical for its implementation of Pitney Bowes Software’s location intelligence platform for underwriters to confirm & map location, map in force policies, recognize key exposures, evaluate aggregate risk.  This improves effectiveness and efficiency in underwriting, claims, and marketing.
  • Donovan Insurance Brokers for its implementation of an integration strategy involving it Keal BMS, Brovada’s NexCentre, voice recording, and a number of office productivity tools to support increase in effectiveness and efficiency.  The result has been improved staff satisfaction, better customer service, increased retention, and growth (organic and by acquisition).

The thread with this group seems to be careful implementation of technology, focusing on improved effectiveness and efficiency, resulting in carefully measured/monitored business innovation.

But that’s our interpretation.  We’ll make conjectures on other threads over the next week or so.  You can ask the judges themselves at the ICTA Awards Lunch.

Note:  All of the finalists will be profiled in more detail in the February 2012 issue of Canadian Insurance Top Broker Magazine, which will be distributed at the Insurance-Canada Technology Conference.