Insurance Technology Case Study Compendium 2019

Report Summary

Insurance Technology Case Study Compendium 2019

Matthew Josefowicz
Advisor to the CEO

June 2019 - Novarica’s eighth annual case study compendium includes more than 30 detailed examples of IT initiatives that delivered real business impact.

Each case details business goals, project sponsors, team structure, project timeline, tools and technology used, challenges faced, success factors, and business results delivered.

Novarica Impact Awards, voted on by 50 CIOs, recognized winners in four categories: digital, data/analytics, core, and IT practice or infrastructure.

2019 Winners

  • Amerisure for its Digital Innovation practices (IT practice or infrastructure)
  • AXA XL for its use of NLP in property risk engineering surveys (data and analytics)
  • Bankers for its IM platform and chatbot for claims/underwriting inspections (digital)
  • CapSpecialty for its cloud-based straight-through processing platform (digital)
  • Farm Bureau Financial for its stand-alone IT intern team (IT practice or infrastructure)
  • Gerber Life for its digital sales and underwriting system (core)
  • Northbridge Financial for its core platform supporting commercial business (core)
  • StarStone for its use of machine learning to classify risks (data and analytics)

Key Points and Findings

  • Artificial intelligence, big data, and analytics adoption is growing and has produced tangible, quantifiable benefits in underwriting and risk selection.
  • Core is moving to the cloud, especially for de novo systems for new lines of business.
  • Digital capabilities like self-service and mobile access have made their way into more complex lines like workers’ compensation and commercial auto.
  • Innovation remains an area of proactive investment, and insurers are investing in formal practices that have led to measurable results.

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