July 2021 – Novarica’s tenth annual Impact Awards program reviewed 66 examples of insurer IT initiatives that delivered real business impact. This volume includes 16 case studies of data and analytics initiatives. Companion volumes include core, digital, 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 insurer CIO members of the Novarica Research Council voted to select the winners of the 2021 Novarica Impact Awards.
2021 Data Winners
- Gerber Life for creating a data lake with 360° customer view capabilities
- State Auto for implementing machine learning for fraud detection
- Amerisure for creating claim severity predictive analytics
Key Points and Findings
Cloud technologies and artificial intelligence are major areas of focus. Insurers with massive data volumes are using massive computing power to address their needs.
Data initiatives are about productivity more often than risk management. A larger proportion of case studies create cost-saving value, often via easier reporting or more available data.
Bottom-line impact is generally not formally measured. Only a small proportion of insurers correlate their project outcomes in terms of real-dollar or person-hour value.
About the Author
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.
Other Authors
Harry Huberty
Harry Huberty is the Research Director for the Insurance Practice at Datos Insights, where he manages the Research Council, a moderated knowledge-sharing community of over 400 insurer senior executives. He also leads Datos Insights’s research on automotive telematics in personal and commercial lines. He holds an MTS in Religious Studies from Harvard Divinity School and a B.A. in Religion from...