BLOGS

INSIGHTS

BLOGS

Author

March 8, 2021

Aspects of a Successful Core System Transformation

Property/casualty carriers continue to actively invest in core system transformations as they search for ways to accelerate speed to market, leverage advanced digital capabilities, and improve workflows. According to Novarica’s study of 55 midsize property/casualty insurer CIOs, 27% are continuing investment in core policy administration systems in 2021, 7% are starting a new replacement, and...

Read Full Post

Martina Conlon

December 9, 2020

P/C Billing Systems: An Ease-of-Use Renaissance

Novarica’s recent Property/Casualty Billing Market Navigator highlighted several emerging trends, including the growing importance of providing policyholders with a flexible, “retail-like” payment experience. More and more, insurers are prioritizing the improvement of customer service; however, the pandemic has increased the speed at which ease-of-use capabilities are being...

Read Full Post

Martina Conlon

November 4, 2020

Workers’ Compensation: One Foot in Both Worlds

As a highly regulated line of business, workers’ compensation is split between two types of initiatives. The first type involves core system and portal enhancement/replacement as well as digital initiatives to improve efficiency and service quality. The second type is data and analytics investments to mitigate or prevent losses. Examples of the latter include investments in AI and predictive...

Read Full Post

Martina Conlon

October 23, 2020

System Concerns for Personal Lines Insurers

During Novarica’s recent personal lines Special Interest Group meeting, insurer clients and Research Council members had the chance to network, exchange knowledge, and share their personal experiences with rating providers, cloud migrations, and low-code/no-code solutions. P/C Rating Systems Personal lines insurers looking to improve current speed to market and to become nimbler in...

Read Full Post

Martina Conlon

October 8, 2020

Personal Lines: The Only Constant Is Change

The frequency of customer interactions in personal lines has made these insurers fast adopters of technology, both to drive customer experience and to improve their own efficiency and profitability. While it is ahead of other sectors, COVID-19 has led to dramatic changes in personal lines, necessitating a revisit of current practices. Distribution Trends Integrating point-of-sale...

Read Full Post

Martina Conlon

August 21, 2020

Communicating the Value of IT

Communicating the value that IT brings to an organization can be a difficult task. Between IT and business team miscommunications, mismatches in value metrics, shadow IT organizations, and general bureaucracy, IT leads have long faced an uphill battle when pitching and implementing complex IT initiatives. However, recent events have shredded preexisting red tape, catapulted IT teams into...

Read Full Post

Martina Conlon

August 18, 2020

COVID-19 Sparks Continuity in Investment Priorities—Novarica’s Special Interest Group Meeting on Commercial Lines

Status quo ante COVID? The topics insurers discussed at last week’s Novarica Special Interest Group meeting for commercial lines were mostly the topics that were relevant before the pandemic: Improved digital experiences in agent and customer portals, expanded use of straight-through processing, implementing flexible core systems, and strategies for going direct. Most of those present had...

Read Full Post

Martina Conlon

August 4, 2020

Commercial Lines: Despite COVID-19, More of the Same

Traditional perception is that the commercial lines business is complex, relationship-based, and slow-moving. It has lagged personal lines in embracing technology, but as more business processes become digitized, commercial lines insurers have access to more data they can analyze with more powerful tools. Technology then augments and supports relationships rather than replacing them. As this...

Read Full Post

Martina Conlon

July 29, 2020

Shifting Personal Lines Priorities During COVID-19

Last week, Novarica hosted its first 2020 virtual Personal Lines Special Interest Group. During this session, our insurer clients and Research Council members had the opportunity to network and share their knowledge on the impact of COVID-19 on personal lines products, industry trends, and current IT priorities. COVID-19 Impact on Personal Lines Participants kicked off the discussion...

Read Full Post

Martina Conlon

April 30, 2020

What Comes Next? The Future of WFH in Insurance Is Being Decided Now

The senior team at Novarica has spent a great deal of time with our clients and Council members discussing their COVID-19 response and the associated successes and challenges. Overall, we are impressed with insurers’ ability to migrate to work from home so quickly and smoothly. Most clients were able to accomplish this in days, and all were able to complete the transition within two weeks....

Read Full Post

Martina Conlon