2016 Council Meeting Report

Report Summary

2016 Council Meeting Report

Robert McIsaac
Head of Life Insurance, Annuities, & Benefits

May 2016 - Novarica called 2015 “the year the future arrived” for the insurance industry, and for insurers, this means 2016 is the first year of deciding how to compete in the actual, not potential, future. Insurer IT leaders need to understand the new environment, optimize their technology capabilities to thrive in it, and build IT organizations that can deliver.

More than 60 CIOs and senior IT leaders gathered at the 9th annual meeting of the Novarica Insurance Technology Research Council to discuss these challenges with peers and learn from outside experts.

Topics Covered

  • Data, digital, and core systems and managing strategic and tactical investments
  • Operational Transparency for both external and internal customers, and the effects on quality and satisfaction
  • Evolving cyber-security threats
  • Generational evolution of customers and staff: planning for millennials as clients and employees

Key Points and Findings

Business/IT alignment is improving, IT is more widely recognized as a strategic imperative, and agile development strengthens relationships and enhances mutual perspective. Metrics and KPIs remain challenging.

Disruption comes in many forms. Whether it’s new entrants, newly empowered competitors, new customer perspectives, or new regulation (for example the recent DOL fiduciary ruling), insurer IT leaders need to help prepare their companies to face a wide variety of challenges.

Doing a lot more with a little more. Insurer IT leaders are still resource constrained, and top-down (rather than needs-based) budgeting is still the norm.

 

Table of Contents

  • Introduction.....................................................................................................3
  • Novarica Nine for 2016 and Beyond................................................4
  • The Year the Future Arrived..................................................................4
  • CIO Panel: Innovation, Talent, Cloud...............................................10
  • Operational Transparency and Customer Service..................11
  • The Evolving Cyber-Security Threat...............................................13
  • Individual Life Special Interest Group............................................14
  • Individual Annuities Special Interest Group................................16
  • Group Benefits Special Interest Group...........................................18
  • Personal Lines Special Interest Group............................................20
  • Commercial Lines Special Interest Group....................................22
  • Specialty/Large Commercial Special Interest Group..........24
  • Workers’ Compensation Special Interest Group......................26
  • Concluding Thoughts................................................................................27
  • Next Steps and Related Research.....................................................27
  • About Novarica..............................................................................................28
  • Authors................................................................................................................28

 

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