Below is the third of 13 Novarica Research Council Impact Award nominee case studies that INN is presenting, in no particular order. The awards, which will be presented at the research and advisory firm’s October 30th event in New York, honor best practices in insurance industry IT initiatives and strategy.
American Safety Insurance (ASI) wanted to eliminate unnecessary manual tasks that were required to unify several stand-along legacy systems. Therefore, the insurer began an initiative in 2010 to consolidate all underwriting units across the company onto a single policy administration system, which included five components: a policy admin and rating system, agency and broker master file management technology, reporting software, document management software and forms generation technology, all from different vendors.
ASI expected the biggest challenge to be maintaining business and SME participation while still hitting its production goals; it wasn’t without due diligence in terms of communication and coordination that the company avoided the pitfalls of a more disparate implementation. The business and IT teams consolidated more than 2,700 requirements, eliminated redundant and manual steps, ending with 360 enterprise requirements with common workflows for 60 percent of the company’s processes.
Reducing manual process steps and increasing integration to downstream systems providing the most notable improvements, enabling efficiency gains including marked automation increases in clearance (up 72 percent), quoting (up 55 percent), policy issuance (up 63 percent) and renewal processing (up 76 percent).
To see coverage of the other Novarica's Impact Award nominees, click here.
Check back Wednesday to find out how Cincinnati Financial transformed how independent agents process business using ACORD XML standards and real time from agency systems.
About the awards: Novarica’s first annual Research Council Impact Awards honor best practices in insurance industry IT initiatives and strategy. Nominees were selected across four categories—Practice, Quick Hit, Transformation and Expansion—with three nominees chosen for each (a tie in the Expansion category meant four nominees were selected). The nominees were selected by a committee from a collection of case studies drafted by Novarica from submissions by insurers.
The nominating committee included CIOs Andy Wood (Wilton Re), Dan Simpson (Trustmark), Eric Bulis (SBLI USA), Larry Fortin (Millers Mutual Group), Mark Berthiaume (Chubb), Pete Moreau (Amica), Piyush Singh (Great American Insurance Company), Reuben Broadfoot (LifeMap), Sal Abano (Tower Insurance), Stuart Tainsky (PURE) and Tim Billow (ING).
Winners will be determined by votes from the more-than-300 members of the Novarica Research Council, a moderated knowledge-sharing community of insurer CIOs and senior IT executives.
The nominees and winners will be recognized at the Novarica Research Council Impact Awards Event in New York City now on November 14th.
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