Novarica case studies highlight concrete success metrics for quantifying digital value
Boston, MA (Apr. 16, 2019) – Insurers across the industry are prioritizing investment in digital initiatives, but determining ROI on digital projects can prove challenging. In a new report, Quantifying Digital Value in Insurance, research and advisory firm Novarica uses more than a dozen real-world case studies to show insurers realizing value in growth, direct savings, efficiency, and customer satisfaction.
The brief includes summaries of selected case studies from insurers like Acuity, American Equity, Chubb, Homesite, Penn Mutual, Unum, and others.
“Growth in business and clients via digital efforts is one of the clearest benchmarks for project success,” said Jeff Goldberg, Executive Vice President of Research and Consulting and co-author of Novarica’s new report. “Unlike core system and data projects, digital projects often have a clearer line to sales, especially when launching a portal intended for agents or policyholders to perform direct transactions. Insurers should leverage these measurements when possible but should also have realistic expectations about growth potential through a digital channel. Communicating success to a broad set of business owners will be easiest when these measurements are available.”
A preview of the brief is available online.
Because of the broad range of meanings for “digital” and because insurers often struggle to track success metrics for technology investments, it can be difficult to turn high-level organizational priorities into concrete project approvals. But as more case studies of digital projects are made public, there are opportunities for insurers to compare their projects to peers, and to generate informed assessments on expected benefits of digital projects.
This report highlights successful digital initiatives selected from over 100 case studies and provides examples of concrete success metrics. The report also reviews best practices for measuring digital project results.
Click here for the table of contents or to access the report.
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: Chubb, Homesite Insurance, Novarica, technology investment