Below is the 4th 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.
A specialty lines insurer, which requested to remain anonymous, wanted to alleviate excess IT involvement and reduce time related to its onboarding process. The company built an application called Data Transaction Manager (DTM) that gives it the ability to define data look-ups, create business rules, perform self-reporting for internal business and generate data feeds for internal applications.
Managed by a senior IT director, the project took five months, which included end-to-end QA testing, UAT and implementation in production. The team consisted of 11 IT and two business employees from the insurer and six developers, two QA, and one business analyst from NIIT Technologies, the primary vendor for development and system testing. A scrum master and project manager from the company looked after day-to-day activities/progress and infrastructure setup, and addressed impediments. Business users/sponsors reviewed and signed off on all requirements.
The insurer has reduced client on-boarding time from an average of 4-6 months per client to less than half of that time, enabling the company to bid more competitively for new business, and freeing up IT capacity.
Novarica’s Take: “DTM is an elegant solution to the quandary of streamlining dataflow through a heterogeneous platform infrastructure,” said Martina Conlon, Principal at Novarica.
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