A recent Novarica survey asked 73 insurer CIOs and other senior IT executives, “What is the best, most effective or coolest thing you’ve done in the past 12 months as a CIO?” Novarica says 39% of the respondents said new technologies, 31% said execution and 30% said improving practices.
- Chad Hersh Core systems now need to address a world of app stores, mobile capabilities, voice recognition, touch-screen computing and many more technologies that have been “consumerized” in the past three years.
- Matthew Josefowicz Although insurance-technology budgets are increasing for 2014, spending ratios remain within historical ranges, and the overall trend for the industry appears to be continuity and incremental advancement rather than giant leaps forward, according to a recent report.
- Rob Rubin Across the board, more women than men say they need branches when switching banks. In fact, branches are the primary concern driving the switch decision for one in every four women over the age of 50. How should financial marketers respond?
- Karlyn Carnahan To lower loss costs and increase operational efficiencies, P&C insurers are looking to the lower labor costs associated with paper pushing and are increasing their workflow and document management capabilities and derive value from predictive analytics, according to “Property/Casualty Claims Systems: A Novarica Market Navigator Report.”
- Matthew Josefowicz Social media is not like other communications methods, and it’s not particularly effective as a customer-acquisition strategy, explained Matt Josefowicz, a principal at Novarica, at the Insurance CIO Summit in Atlanta.
- Karlyn Carnahan According to a report released by Novarica, commercial insurers are continuing to aggressively invest in technology across functional areas in order to survive in a highly competitive marketplace.
- Karlyn Carnahan Commercial insurers are continuing to aggressively invest in technology across functional areas in order to survive in a highly competitive marketplace, according to a report released by Novarica.
- Karlyn Carnahan This is part two in a three part series on outsourcing claims handling.
Just as insurers reduced their ranks of company field adjusters who were replaced by in-house or independent adjusters only to be embraced yet again, claims outsourcing is having a moment.
- Karlyn Carnahan This article is part one in a three part series on outsourcing claims handling.
Recent discussion on social media sites suggests claims outsourcing may be a new trend; however, industry experts say outsourcing some or all aspects of claims handling may be attracting interest but it isn’t new – it has been tried with varying results.
- Matthew Josefowicz The winners of the second Novarica Research Council Impact Awards were announced at a ceremony in New York, with Great American, PURE, Nevada General, and XL Group receiving top honors for their achievements in insurance industry IT initiatives and strategy.
- Novarica Novarica studied policy administration replacement projects and found that the average cost of replacement was over $4 million at midsized insurers and nearly $11 million at insurers with over $1 billion in revenue.