Insurance Technology Case Study Compendium 2021: Core Initiatives

Report Summary

Insurance Technology Case Study Compendium 2021: Core Initiatives

Harry Huberty
Head of CIO Research
Matthew Josefowicz
Head of Research Councils and Advisor to the CEO

July 2021 - Novarica’s tenth annual Impact Awards program reviewed 66 examples of insurer IT initiatives that delivered real business impact. This volume includes 22 case studies of core initiatives. Companion volumes include digital, data/analytics, and IT practice initiatives.

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

More than 60 insurers CIO members of the Novarica Research Council voted to select the winners of the 2021 Novarica Impact Awards.

2021 Core Winners

  • Reliance Standard for implementing a new business and policy admin platform
  • Cincinnati Insurance for creating a configurator to ingest rating algorithms without code
  • Harford Mutual Insurance Group for implementing a new policy admin system and agent portal

Key Points and Findings

Core systems projects support new products and improved capabilities. Insurers undertake core replacements to enable better connectivity, straight-through processing, or self-service.

Impact on new sales or cost savings are most common. Core implementations support new products, create efficiency, or save maintenance costs by allowing legacy systems to be sunset.

Bottom-line impact is usually not formally measured. Only about half of insurers correlate their core systems project outcomes in terms of real-dollar or person-hour value.

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