A committee of 11 insurer CIOs has selected nominees for the second-annual Novarica Research Council Impact Awards. Nominees include: AIG, Aegis, Erie Family Life, Great American, Nevada General, PURE, RLI and XL.
The council selected nominees across four categories: practice, quick hit, transformation and expansion. Two companies were nominated in the practice category, and three in each of the others. The council selected nominees from more than 30 case studies of insurance IT practices and projects, which were published in the “Novarica Insurance IT Case Studies Compendium 2013.”
The Impact Awards honor best practices in insurance industry IT projects and practices, Novarica said, and is the largest peer-jury awarded recognition in the industry. The voting body consists of more than 300 CIO and senior IT executive members of the council, who have until the end of July to vote.
Categories and nominees:
Expansion
• XL Group: Developed an underwriting platform for underwriters to collaborate, access external data, and integrate with policy processing systems.
• AIG: Initiated, built, and implemented global commercial claims capabilities for their UK operations in ten months.
• AEGIS Insurance: Transformed their underwriting function to an automated system with an all-inclusive platform for underwriting, rating and policy administration.
Practice
• Great American Insurance: Enhanced the IT organization’s innovation capability, creating a collaborative workplace, cross-team and paradigm-shifting thought process and a progressive management process.
• RLI Insurance Company: Mined business solutions data to improve operational insight, problem and performance management for future business solutions.
Quick Hit
• PURE: Created a pre-fill capability for auto insurance quoting, leveraging third-party data to streamline the application process and improve cross-sell with homeowners.
• An Anonymous Insurer’s Data Transaction Manager: Allows the business team to transform partner data files to target databases without IT intervention.
• RLI Insurance Co.: Added the ability to analyze consolidated books of business and risk separation using geophysical parameters combined with other policy attributes.
Transformation
• Erie Family Life: Added point-of-sale underwriting to their integrated online quoting, e-application and e-submission platform.
• RLI Insurance Co.: Created a cloud-based portal to enable producers to submit insurance applications, review policy documents, create reports and rate/quote/bind business where authorized.
• Nevada General Insurance Co.: Developed a Web-based portal for policy quoting, issuance and endorsements.
The winners will be announced August 21, at an event in New York City, which will include panel discussions of insurer CIO members of the committee and the nominees.
“We congratulate all the nominees on being selected by the committee members, and we look forward to tallying the votes of the council members and recognizing the winners,” said Matthew Josefowicz, a managing director at Novarica.
To see last year's finalists and their stories, click here.
