We recently published our seventh annual case study compendium which includes over 30 detailed examples of IT initiatives that delivered positive and tangible impact for insurers. Eight cases were selected as the winners of our 7th Annual Novarica Research Council Impact Awards by a committee of over 50 insurer CIOs.
Case studies were divided into four categories: digital, data and analytics, core systems, and IT practice and infrastructure.
Digital projects incorporated new architectural approaches like cloud and microservices. Data and analytics initiatives focused on improving workflow and decision-making, as well as leveraging new capabilities like AI and big data technologies.
Core application projects centered around enabling insurers to keep up with changes they want to make across service levels, speed to market, and development. IT practices and infrastructure cases led to the adoption of new initiatives or practices that change the way a company creates value using technology.
The digital and data winners included: Chubb, which launched an agent portal for its small commercial business leveraging third-party data and microservices; Penn Mutual, which deployed a digital purchasing and servicing platform using Agile methodology, third-party data, and automated underwriting; Allstate, which partnered with a drone image and data capture provider to streamline property cat claims; and MetLife Home & Auto, which optimized personal auto underwriting through machine learning.
Core systems and IT practices winners included: AXIS Insurance, which underwent a technology re-platforming and process redesign that supported financial returns that were 250% of initial estimates; Pekin Insurance, which launched a transformation program spanning core, digital engagement, data management, and enterprise integration; Ameritas, which built a cloud-based API integration layer to interface with external web and mobile applications; and XL Catlin, which developed a digital innovation practice to run proofs of concept with emerging technologies.
All eight winners share the common characteristics of impactful projects: clear articulation of target value and benefits, consistent executive support, effective multi-stakeholder communications, and swift resolution of inevitable challenges.
To learn more about the Impact Awards and case studies, see our Insurance Technology Case Study Compendium 2018.
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