Novarica Publishes Benchmark Reports

Research and advisory firm Novarica has published a new series of Quick IT Benchmark reports for 12 different categories of U.S. insurers, based on more than 80 responses from our CIO Research Council members. The reports include information on total budgets/breakdowns, maintenance and new projects, IT staffing, breakfix and programming requests, enterprise applications, and a summary of key questions that were answered by respondents.

Report categories include:

* Large Life/Annuity Insurers: This report presents data from six large life/annuity insurers (US companies with over $1 billion in premium) based on responses provided during a period from August 2010 through January 2011.

* Midsize Life/Annuity/Health Insurers: This report presents data from 10 Midsize Life/Annuity/Health insurers (US companies with between $100 million and $1 billion in GWP and/or over 100 employees) based on responses provided during a period from August 2010 through January 2011.

* Large Regional Property/Casualty Insurers: This report presents data from seven large regional property/casualty insurers (US companies with $100 million or more in premium) based on responses provided during a period from August 2010 through January 2011.

* Midsize Regional Property/Casualty Insurers: This report presents data from six midsize regional property/casualty insurers (US companies with between $100 million and $1 billion in premium) based on responses provided during a period from August 2010 through January 2011.

* Small Regional Property/Casualty Insurers: This report presents data from six small/midsize regional property/casualty insurers (US companies with under $1 billion in premium) based on responses provided during a period from August 2010 through January 2011.

* Regional Multiline Insurers: This report presents data from six multiline regional insurers based on responses provided during a period from August 2010 through January 2011.

* Large Specialty Lines Insurers: This report presents data from eight specialty insurers (US companies mostly over $1B in premium) based on responses provided during a period from August 2010 through January 2011.

* Midsize Specialty Lines Insurers: This report presents data from seven specialty insurers under $1B based on responses provided during a period from August 2010 through January 2011.

* Small Specialty Lines Insurers: This report presents data from five small specialty insurers (US insurers mostly under $1 billion in premium) based on responses provided during a period from August 2010 through January 2011.

* Small Personal Lines Insurers: This report presents data from five small personal lines insurers (US companies with under $100 million in premium) based on responses provided during a period from August 2010 through January 2011.

* Midsize Workers' Comp Insurers: This report presents data from eight monoline workers’ comp insurers based on responses provided during a period from August 2010 through January 2011.

* Very Small Insurers (under 100 people): This report presents data from nine very small insurers (U.S. companies with fewer than 100 employees) based on responses provided during a period from August 2010 through January 2011.

Novarica subscription clients can access these reports here. Summaries of all reports and links to the individual publications are online here.

“While these survey results are certainly not intended to replace custom benchmarking initiatives, they provide a strong initial context for insurers to consider their IT budgets and staffing strategies against similar peers without the vagueness of broad industry averages,” notes Matthew Josefowicz, partner and managing director at Novarica.