Larger Insurers Pulling Ahead In Analytics, Piloting Artificial Intelligence

3rd Annual Novarica New Normal 100 Benchmark: Study of digital, data, and core capabilities leverages data from more than 50 insurers

Boston, MA (July 31, 2018) – Predictive analytics capabilities are widespread (if not uniformly mature) at large insurers, while midsize insurers are far less likely to have these capabilities at all. Larger insurers are also much more likely to be piloting the use of artificial intelligence, according to the 3rd annual Novarica New Normal 100, newly published by research and advisory firm Novarica.

“While the digital divide between large and midsize insurers seems to be closing, the analytics gap remains wide open, and is poised to grow as larger insurer accelerate their exploration of machine learning and artificial intelligence,” said Matthew Josefowicz, president/CEO of Novarica.

These findings are based on analysis of data collected from more than 50 insurer CIO members of the Novarica Research Council using the Novarica New Normal 100 Framework, which describes 100 digital, data, and core technology capabilities that represent the “new normal” for insurers.

CIO participants in the study have praised the utility of the Framework for internal planning and communications purposes as well as benchmarking, commenting that “Given all the changes in our industry, I really like the New Normal update. It informs me and helps me inform my peers,” “This framework helps me reassess and ask questions with my business partners,” and “It made me think quite a bit especially with our upcoming replacement of our core systems.”

These findings are based on analysis of data collected from more than 50 insurer CIO members of the Novarica Research Council using the Novarica New Normal 100 Framework, which describes 100 digital, data, and core technology capabilities that represent the “new normal” for insurers.

Analysis of the Novarica New Normal 100 benchmark data is available in property/casualty and life/annuity volumes at https://novarica.com/research/.

The benchmarking tool is also available on request to CIO members of the Novarica Research Council. Membership is free; contact inquiry@novarica.com for more information.

About Novarica

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: Novarica

Tags: