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E.g., 2023-02-03
E.g., 2023-02-03
August 27, 2020
Insurance carrier CIOs routinely need to address an evolving array of regulatory compliance and governance issues as part of their “business-as-usual” operations. Changes in actuarial tables, addressing the specifics of CCPA, and a move to principle-based reserving are but three examples from the recent past. Changes in accounting rules are also reasonably routine occurrences. American...
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August 10, 2020
Data governance is foundational to many business strategies. Digital efforts expose corporate data externally; incomplete, dated, or inaccurate data can damage an organization’s reputation. Many customer initiatives depend on a 360-degree view of the customer relationship. Efforts to improve underwriting results require risk data and cause-of-loss information. Timely, complete, and high-...
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July 13, 2020
Novarica has seen tremendous interest in its research on third-party data, which has the potential to deliver significant value across the value chain. Data on vehicles, properties, commercial entities, and individuals is being applied to refining marketing efforts, used as pre-fill to improve CX, and employed to manage risks in underwriting and claims. At the same time, insurer interest...
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June 16, 2020
Last week, I had the pleasure of co-hosting Novarica’s virtual Special Interest Group on the topic of analytics with Novarica SVP Mitch Wein. Novarica previously conducted these sessions once or twice a year before the pandemic, but can now deliver them much more frequently in a video conference format. In a time of significant change and disruption, the ability to deliver these sessions on...
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May 28, 2020
As the nation begins to re-open, many insurers plan to keep a significant number of staff working from home on a permanent or part-time basis. We have heard from many that they believe WFH has improved productivity, but there is still a heightened desire to improve visibility on productivity. When everyone was in the office, and productivity metrics were not in place, there was confidence...
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May 27, 2020
Novarica held its first virtual Commercial Lines Special Interest Group on May 14, 2020, joined by over 25 insurer chief information officers. Novarica shared its perspective and created a platform for the CIOs to connect and exchange non-competitive information. We had plenty of productive interaction; the 90-minute GoToWebinar flew by. Novarica opened the session with our insights on the...
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May 12, 2020
Software audits are unavoidable and hard to budget for. IT organizations have little to no say in their timing, and the ultimate cost of an audit is challenging to predict. But action can be taken to reduce the likelihood of audits and to minimize their impact. Audits occur because a technology vendor wants to ensure that it is receiving all of the licensing compensation it is entitled to...
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April 14, 2020
The COVID-19 pandemic has lessened the efficacy of predictive models, regardless of the algorithmic approach that built them, to the point that they may now be counterproductive. COVID-19 has transformed society to an extreme extent and with remarkable speed. It has changed the economic environment, how organizations conduct their work, and has increased morbidity and mortality. Social...
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March 18, 2020
I had the good fortune recently to share a preview of Novarica’s Canadian Third-Party Data in Insurance executive brief at Insurance Canada’s Technology Conference. The feedback from the audience was incredible, and demand for copies of the presentation was overwhelming, indicating significant interest in new third-party data sources, their use cases, and best practices in...
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February 6, 2020
[Ed note: For more on advanced Agile at insurers, pre-register for Novarica’s upcoming webinar on February 20.] Most insurers have already begun their Agile journey. They have completed multiple development efforts with scrum masters leading multi-disciplinary scrum teams and reaped the benefits of closer business and technology collaboration. And now they believe they are ready...
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