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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Best Negative Example: Launch of Healthcare.gov

Best Negative Example: Launch of Healthcare.gov

- Robert McIsaac The theme of the December issue is Best of the Year and, unequivocally, this year’s best example of a cautionary tale for insurance company CIOs was the highest profile IT failure in decades: the launch of Healthcare.gov. Whatever the eventual fate of the Patient Protection and Affordable Care Act, a.k.a. Obamacare, may be, the story of the failed initial launch of Healthcare.gov should never be forgotten by insurer CIOs.
CIO Wish List

CIO Wish List

- Matthew Josefowicz

Data, analytics, mobile, and self-servicing capabilities are among the items on insurance chief information officers wish lists.

Of Much-Hyped Technologies for Insurers, Mobile Generating Most Buzz Among CIOs

Of Much-Hyped Technologies for Insurers, Mobile Generating Most Buzz Among CIOs

- Chad Hersh

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.

8 Attributes of a Truly Modern Core Sytem

8 Attributes of a Truly Modern Core Sytem

- 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.
As Technology Rapidly Changes, Insurers Taking Steady, Incremental Approach

As Technology Rapidly Changes, Insurers Taking Steady, Incremental Approach

- 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.
Women Switching Banks Need Branches More Than Men

Women Switching Banks Need Branches More Than Men

- 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?
Contemporary Claims Systems Aim to Lower Labor Costs

Contemporary Claims Systems Aim to Lower Labor Costs

- 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.”
Most Insurance IT Budgets Rising, Analytics Hot: Novarica

Most Insurance IT Budgets Rising, Analytics Hot: Novarica

- Matthew Josefowicz Novarica’s annual US Insurance IT Budgets and Priorities report finds carriers focused on growth enabled by analytics investment.
Commercial insurers’ technology investment growing: Analysis

Commercial insurers’ technology investment growing: Analysis

- Matthew Josefowicz Market pressures are catalyzing commercial lines insurers to increase their investment in technology, insurance advisory firm Novarica L.L.C. concludes.
Does Social Media Work as a Customer-Acquisition Strategy?

Does Social Media Work as a Customer-Acquisition Strategy?

- 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.
Novarica Releases Report on Commercial Lines Insurers

Novarica Releases Report on Commercial Lines Insurers

- 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.
Commercial Lines Insurers Investing in Technology in Hyper-Competitive Market

Commercial Lines Insurers Investing in Technology in Hyper-Competitive Market

- 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.
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