Below is the fourth 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.
The Cincinnati Insurance Company wanted to enhance agent workflow efficiency, drive consistency in data received and reduce turnaround time to facilitate profitable revenue growth and the ease of doing business in 39 states for commercial lines and 29 states for personal lines.
Using ACORD XML standards and real time from agency systems, Cincinnati created a strategic initiative to transform how independent agents process business with the insurer,. This included personal lines rating using straight-through processing with seven agency systems/raters; Web service calls to information providers; quote data bridging for all commercial lines and FNOL submissions and inquiries.
Cincinnati aligned the initiative with its quote-and-issue systems initiative, which required a real-time bridge from the agency management system to its commercial rating system. The main challenge was understanding and anticipating the impact of multiple integration points and security configurations across two different policy administration systems for personal and commercial lines.
The success of this initiative includes 35,000 personal lines rating requests monthly, 94-percent straight-through processing, 92-percent time reduction for personal lines rating, 50-percent time savings bridging commercial lines quotes, 19,200 FNOL received annually, with no manual intervention or rekeying, immediate assignment and claim number returned.
To see coverage of the other Novarica's Impact Award nominees, click here.
Check back Thursday to find out how CAMICO initiated the Open Innovation Program to allow employees to submit, vote, and support ideas to leverage employee creativity.
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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