50+ Insurer CIOs Honor 8 Peers with Novarica Research Council Impact Awards
Jury of Insurer CIOs selected winners from more than 30 cases included in Novarica’s 7th annual Insurance Technology Case Study Compendium
Boston, MA (June 26, 2018) – Members of the Novarica Insurance Technology Research Council, a knowledge-sharing group of hundreds of insurer CIOs, have selected 8 winners for the Council’s 7th annual Impact Awards based on a review of more than 30 case studies.*
“Insurers are driving real business results from new technologies like drones and machine learning, and architectural approaches like cloud and API,” said Matthew Josefowicz, President/CEO of Novarica and moderator of the Council. “But no matter what technology they use, all impactful technology projects share common characteristics: clear articulation of target value and benefits, consistent executive support, effective multi-stakeholder communications during the project, and swift resolution of inevitable challenges.”
The Novarica Research Council Impact Awards are the largest purely peer-juried awards in insurance technology. Council members vote annually to recognize the efforts of their peers to use technology to drive business value in digital, data/analytics, core systems, and IT operations. No vendors, consultants, journalists, or members of the Novarica team participate in the selection committee, making the Novarica Impact Awards distinctive in being a purely peer-juried award.
Two winners were honored in each category: digital, data and analytics, core, and IT infrastructure and practices. The winners are:
- Chubb deployed an agent portal for its small commercial business that enabled straight-through processing and leveraged third-party data and microservices
- Penn Mutual launched a fully digital purchasing and servicing platform, leveraging third-party data, automated underwriting, e-delivery, and e-payments to take sales from weeks to a single day
Data and Analytics:
- Allstate partnered with a drone image and data capture provider to improve and streamline catastrophe property claims
- MetLife Home & Auto built and deployed an algorithm-driven process to optimize personal auto underwriting
- AXIS Insurance launched a multi-year enterprise transformation program including technology re-platforming and product/process redesign
- Pekin Insurance embarked on a transformation program, including core, digital engagement, data management, and enterprise integration
IT Infrastructure and Practices:
- Ameritas built a cloud-based API integration layer to interface with external Web and mobile apps
- XL Catlin developed a digital innovation practice to run proofs of concept with emerging technology
* Case studies published today at https://novarica.com/compendium2018/.
About the Novarica Research Council
Novarica Insurance Technology Research Council is a free, moderated, knowledge-sharing community of more than 300 insurer CIOs and senior executives. In addition to recognizing successful initiatives through the Impact Awards, members participate in anonymized studies and private, vendor-free events. More information at novarica.com/council/.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: NovaricaTags: Case Study, Innovation, Novarica