Below is the 2nd 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.
PURE, a personal lines insurer, created a pre-fill capability for auto insurance quoting by integrating external data with its existing policy administration solution, which enabled the company to streamline the application process and improve cross-sell with homeowners.
The project started with a business case for implementing auto prefill capabilities. Then, a project team was formed with joint sponsorship from the chief operating/underwriting officer and chief information officer, and requirements and screen mock-ups were designed. This set the tone for the rest of the project as business analysts, subject matter experts and technologists worked together throughout, defining metrics for measurement until training and rollout.
Thanks in part to that tight business/IT relationship, the insurer was able to complete the project, using its OneShield Dragon policy administration system and data sourced from LexisNexis, in 65 days. The insurer also realized its goal of reducing the amount of data entry needed to quote auto by more than 70 percent and reduced the quote time to just over three minutes.
Novarica’s Take: “This is a great example of the general principle that no one should ever have to type information into a computer again. The information that insurers need is already out there in digital form, and accessing it creates a much better customer experience than asking for it.”— Matthew Josefowicz, Managing Director at Novarica
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