What IBM-Apple Partnership Really Means for Businesses

What IBM-Apple Partnership Really Means for Businesses

- Tom Benton For insurers, the connection with apps and their legacy core systems and mobile strategies are areas of concern. “Many insurers are struggling with mobile strategy and the IBM/Apple partnership should be of interest to those seeking solutions in their 2015 budget planning,” says Tom Benton, a principal in the insurance practice at Novarica.
Portals and BI Crucial to Individual Annuity Industry

Portals and BI Crucial to Individual Annuity Industry

- Robert McIsaac Consolidation and fluctuating returns have complicated risk management, creating new technology priorities for insurers, according to Novarica study.
No Disruptions in Spending

No Disruptions in Spending

- Matthew Josefowicz Despite the increased focus on technology, carriers still base their IT spending on a percentage of premium dollars.
Novarica Report Reveals Time and Cost Advantages Using ISO Electronic Content

Novarica Report Reveals Time and Cost Advantages Using ISO Electronic Content

- Chad Hersh A new industry report by Novarica reveals several time and cost advantages for insurers that use electronic content from ISO. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
Telematics is the New Battleground

Telematics is the New Battleground

- Matthew Josefowicz

Mobile consumer applications have now become commonplace in the personal lines insurance business, and the top technology initiatives among personal lines insurers include agent and customer portal enhancement, business intelligence and core system upgrades or replacements.

ValueMomentum Launches BizDynamics™ To Drive Customer-Centricity for Insurance Carriers

ValueMomentum Launches BizDynamics™ To Drive Customer-Centricity for Insurance Carriers

- Chad Hersh “As insurers recognize the importance of the agent and customer experience and put additional emphasis on the ease of doing business with both, insurance focused CRM is likely to grow in importance. These types of tools can be used to empower marketers, producers, customer service representatives and field operations teams to effectively deliver differentiated experiences to agents, brokers and customers to drive profitable growth and retention,” said Chad Hersh, Managing Director at Novarica.
SaaS/Hosted PAS Projects More Numerous

SaaS/Hosted PAS Projects More Numerous

- Matthew Josefowicz While the fact that insurers continue to show interest in policy administration system projects may not be surprising, that they’re opting for SaaS or hosted solutions is, according to Novarica’s recent reports.
Competitive Advantage Through Analytics

Competitive Advantage Through Analytics

- Martina Conlon Insurers have many opportunities to leverage advanced analytics across the enterprise, including underwriting, claims and marketing. But without a solid foundation, analytics can overwhelm companies that have yet to get the most out of structured enterprise data.
Building An Analytic Culture

Building An Analytic Culture

- Martina Conlon The winds of change are ruffling the insurance industry as senior business and IT leaders have committed to remaking their business with big data and analytics and becoming truly data driven organizations.
Competitive Advantage Through Analytics

Competitive Advantage Through Analytics

- Martina Conlon Insurers have many opportunities to leverage advanced analytics across the enterprise, including underwriting, claims and marketing. But without a solid foundation, analytics can overwhelm companies that have yet to get the most out of structured enterprise data.
Data Driven

Data Driven

- Martina Conlon “Demand for data scientists and data analysts has always been strong in the sector but it’s even stronger now that the buzz of big data is out there”
After Telematics: What Smart Homes Mean for Insurance Product Innovation

After Telematics: What Smart Homes Mean for Insurance Product Innovation

- Chad Hersh

As smart home technology evolves, insurers may have the opportunity to utilize real-time machine-to-machine (M2M) communications for the assessment of risk and prevention of loss.

Don’t Bail On Your Vendor Partners

Don’t Bail On Your Vendor Partners

- Martina Conlon Our 2014 projects and priorities research has shown that, once again, policy system replacements are the top priority for most insurers today. I’m involved in many system selection efforts and recently participated in a number of reference discussions with prospects and existing clients for various products.
Novarica Names Associate Research Director, UK/European Insurance

Novarica Names Associate Research Director, UK/European Insurance

- Catherine Stagg-Macey

Novarica, a research and advisory firm focused on insurance technology strategy, announced today that Catherine Stagg-Macey, will serve as the associate research director for UK and European Insurance. Stagg-Macey is the former head of the European insurance practice at research firm Celent, an Oliver Wyman company.

The Challenges Around Big Data and the Lessons to Be Learned

The Challenges Around Big Data and the Lessons to Be Learned

- Martina Conlon

The hype around big data is focusing ever more attention on insurers’ data management and analytics capabilities. Analysis of data, creation of predictive models and the ability to take action based on the outcome of those models stand at the core of the industry and will continue to be a source of competitive advantage for insurance companies large and small.

Insurance CIOs Must Bridge Gap on Security: Novarica

Insurance CIOs Must Bridge Gap on Security: Novarica

- Tom Benton

The 95 respondents to Novarica’s recent IT Security Issues Update study, authored by principal Tom Benton, found more than half of insurers planning to increase their spending on IT security solutions.

Top IT Security Concerns for 2014

Top IT Security Concerns for 2014

- Tom Benton

By category, the top IT security concerns for U.S. insurers are network technology vulnerabilities, application/database security and user access issues, according to “IT Security Issues Update,” a report from Novarica, an insurance technology consulting company. Configuration issues and “other,” rounded out the top five.

Insurers Poised to Change Rates of IT Outsourcing in 2014

Insurers Poised to Change Rates of IT Outsourcing in 2014

- Matthew Josefowicz

The survey of 95 chief information officers of insurance companies (19 life/annuity and 76 property/casualty) conducted in the fourth quarter of 2013 by Novarica reveals that the heaviest current users of outsourcing are the ones that plan to cut back.

Insurers Adding Capabilities Through Outsourcing

Insurers Adding Capabilities Through Outsourcing

- Matthew Josefowicz

Technology talent in the United States is scarce, and yet 42 percent of heavy IT outsourcing users plan to reduce their spending in 2014 for application development and maintenance outsourcing, according to “Insurance IT Outsourcing Update,” a report from Novarica. According to the report, insurers are spending between 16 and 24 percent of their IT budgets on outsourcing and external staff accounts for between 20 and 40 percent of headcount, Novarica said.

Predictive Analytics—The Insurance Industry’s New Focus for Greater Profitability

Predictive Analytics—The Insurance Industry’s New Focus for Greater Profitability

- Karlyn Carnahan

Based on Novarica research and years of insurance industry client relationships, Carnahan guided seminar participants in understanding the importance of analytics in our growing world of big data, defined by volume, velocity, and variety. Although insurers have swifter and greater accessibility to internal and external data—including from new data sources such as customer contact data, social media data, telematics data, and others—their ability to effectively analyze these data for deeper understanding is critical to successful and profitable operations.

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