Below is the 1st of 11 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 August 21st event in New York, honor best practices in insurance industry IT initiatives and strategy.
RLI Insurance Company, a midsize specialty insurer, improved operational insight and enhanced the effectiveness of IT by providing a single set of data about systems utilization and performance.
The initial project, which focused on one insurance product and was driven by members of the architecture team, was executed by IT without active business involvement or external staff and took two months to prove out. Since the system was deployed, IT mines event data from various business solutions, correlates that information and presents it to the various stakeholders using business terms and measurements where appropriate, which provides context to a range of planning and evaluation exercises with business.
RLI addressed the challenge of a lack of centralized or correlated event data by using Splunk analytics software to centralize, normalize and present information. And, as a result, it reduced the time to resolve a performance issue and uncovered previously unrecognized systems usage patterns that enabled RLI to make better architectural decisions.
Novarica’s Take: “RLI’s use of new data management technologies to drive operational benefits is impressive. This project is a great example of the way big data is poised to effect not just pricing and customer strategy, but internal operations, as well.” — Martina Conlon, principal, Novarica
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