07 Jan 2008

Novantas Launches Novarica to Provide Research and Advisory Services

Initial focus on insurance technology strategy, led by Matthew Josefowicz

Novantas LLC, the leading provider of management consultancy and information services to the financial services industries, today announced the launch of Novarica (www.novarica.com), a research and advisory services subsidiary.

Novarica provides information, insights, and perspective on markets, operations, and technology to the financial services and insurance industries through retained advisory services, published research, and project-based consulting.

“We believe that there is an opportunity to reinvent the way research and advisory services are delivered to financial services and insurance executives,” said Dave Kaytes, a Managing Director at Novantas.

“Novarica’s insurance practice is already providing actionable insights on market and technology issues, peer behaviors, and solution providers to our insurer clients,” said Matthew Josefowicz, the newly-named director of insurance at Novarica. Josefowicz, the founder and former managing director of the insurance practice at analyst firm Celent, joined Novantas last year.

Novarica today announced the publication of two research reports, Key Metrics for Insurer CIOs and Insurance Software Activity 2005-2007: Distribution, Policy Administration, and Workflow, as well as an executive brief, Best Practices in Insurance Software Vendor Selection. Additional research forthcoming this month includes materials on the business value of SOA and on life insurance distribution in China and India, co-authored with Sam Radwan of Novantas, who wrote about the topic in the latest edition of Best Review. All research is available for purchase at www.novarica.com without requiring a subscription.

Novarica also announced the formation of its Insurance Technology Strategy Advisory Board, which is made up independent individuals with deep industry experience. The advisory board holds an annual meeting with Novarica clients and shares its perspective and knowledge with the Novarica core team. Current members of this board include: Judith Campbell, former CIO of NY Life; John Hodge, former CIO of XL Group; Ed McHugh, former CIO of Fidelity Investments Life Insurance; and Jeff Stoll, former CIO of Met Life Individual Business.

Novarica will be presenting and discussing its research at several upcoming industry events, including the PCIAA Executive Roundtable in Naples, Fl on Jan 22, the 1st Annual Insurance Industry Web Services & SOA Summit in NYC on Jan 23, and the LOMA Emerging Technology Conference in Tampa, FL on Jan 31.

Novarica will also hold a short webinar to present its research on Key Metrics for Insurer CIOs on Jan 17 at 2 pm EST. Interested participants may register at www.novarica.com

Media contact: media@novarica.com or 212.419.2520