Below is the 10th 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.
At Zurich North America, quoting and placing commercial and specialty auto business was too much of a burden for program administrators (PAs), so in 2010, the P&C insurer initiated a project to allow PAs to upload commercial specialty business in real time from their agency systems using ACORD Standards to clear and register the risk and submit a new business or renewal quote transaction.
The project wasn’t without its hurdles: for instance, there was a severe lack of familiarity with ACORD XML among IT staffers, requiring mentoring and training. However, in the end, the benefits have far outweighed the costs.
The upgrade eliminated much of the labor-intensive nature of the process, including rekeying data into Zurich’s policy system, thereby enabling PAs to quote 10 more risks a week, based on average hit ratios and policy size that can increase GWP by $850,000.
Additional metrics display the specific efficiencies gained. With the new process of uploading data from the PAs system to Zurich Z-Spire, 62,500 keystrokes were saved on a 621-vehicle fleet. Quoting a 110-vehicle fleet dropped from 8 hours with manual intervention to 15 minutes.
Ultimately, this means more of a focus on underwriting instead of rekeying data, quotes get to the market faster, accuracy is increased and risks are cleared and registered by the PA immediately.
To see coverage of the other Novarica's Impact Award nominees, click here.
Check back Friday to see how Capitol replaced multiple legacy surety systems with a single modern platform and enabled self-service for agents.
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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