Insurance Technology Case Study Compendium 2021: Data Initiatives

Report Summary

Insurance Technology Case Study Compendium 2021: Data Initiatives

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

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.

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