ACORD/LOMA Forum 2013: Novarica on Growth, Modernization, and IT Impact

Matthew Josefowicz

Chad, Karlyn, and I will be speaking at a number of this year’s ACORD/LOMA Forum, on topics ranging from modernizing your distribution channels to preparing insurers for new technologies and business strategies in 2014. If you’re planning to attend ACORD/LOMA this year, please let us know.

Our sessions are:


Tuesday, May 7

  • 2:15-3:30 PM. Creating Market Expansion Capabilities: Capitalizing on New Growth Opportunities (Karlyn Carnahan)

There has never been a better time for insurers to develop a strategy for capitalizing on new growth opportunities. The marketplace abounds with opportunities for carriers to offer critical products and services to commercial and private businesses. This panel discussion will cover how to get started on setting up your business for successful expansion, outline the benefits of industry partnerships and provide a comprehensive overview of the technology available to successfully expand your business to serve the markets you want to serve.

  • 2:15 PM – 3:30 PM e-Signatures: Implementers Discuss Their Experiences and the Benefits of Adoption (Rob McIsaac)
Rob McIsaac participates in a panel with Genworth, ESRA, and Warwick on e-Signatures benefits and challenges.

 

Wednesday, May 8

  • 8:30-9:30 AM. Evolving Your Distribution Channels: Modernization That Matters (Karlyn Carnahan)

Insurance isn’t purchased the way it was a decade ago. Unfortunately, insurers have maintained static distribution channels with little potential for significant growth. So, how can insurance distribution channels change with the times? For insurers, the evolution of distribution channels is modernization that matters. Attend this session to learn how automation can help distribution channels roll with the punches and improve producer management at the same time.


  • 10:00-11:15 AM. Analyst Panel: What is New in 2013 and What Should We Expect in 2014? (Matthew Josefowicz)

While many new technologies and business strategies are discussed during the event, is anything really new that is changing the industry? This panel will present point of views from the analysts on what is new this year and how much change is really happening within the industry. Panelists will discuss the major industry changes of 2013, whether insurers are really innovating, and what we can expect in 2014.

  • 1:15-2:15 PM. Core Policy Transformation: Real-World Insurer Stories (Chad Hersh)

This interactive session brings together technology, consulting and data conversion industry experts to discuss the different strategies insurers are taking to fundamentally improve their business. Hear real-world stories of insurance transformation from the teams that are executing on these projects. Topics will include understanding the compelling business reasons to transform, including product agility, excellent customer service, and reduced cost; and how business context impacts transformation strategy and business value of modern application architecture in a changing insurance value chain.

  • 2:30-3:30 PM. IT Initiatives That Deliver Business Impact (Matthew Josefowicz)

This panel of insurers presents case studies of real-life IT projects that delivered business impact by adopting new practices, delivering quick hit new capabilities, expanding the capabilities of existing systems, or transforming entire platforms. Learn how these insurance IT leaders worked with their business partners, overcame challenges, and delivered real business impact.

Novarica Research Council Impact Awards: Nominating Committee Announced

Matthew Josefowicz

The deadline for the 2013 Best Practices Case Study Compendium and Impact Awards is at the end of this month, and we’ve already received our first submission! We’re looking forward to many more by the end of the month.

I’m very pleased to announce the members of the 2013 Novarica Research Council Impact Awards Nominating Committee. These insurer CIOs will review all submissions and select the nominees for vote by the full council of 300+ members.

The committee members are:

  • Alexander Bockelmann, Fireman’s Fund
  • Don Desiderato, New York Life Investment Management
  • John Heveran, Liberty Mutual
  • Nimesh Mehta, National Life Group
  • Peter Moreau, Amica
  • Murali Natarajan, RLI Corp
  • Tony Paris, Pioneer State Mutual
  • David Shaw, Sammons Group
  • Samir Srivastava, The Hartford
  • Wayne Umland, Glatfelter Insurance Group
  • Richard Wiedenbeck, Ameritas
  • Andy Wood, Wilton Re

The submission form for the 2013 compendium and awards is online here, and you can download a summary of last year’s report here.

December New Research Roundup

Summaries of all reports are available for free downloads on our site. Some of our recent reports include…

Business and Technology Trends

  • Business and Technology Trends: Commercial Lines. Commercial market pricing is showing a decided recovery, leading commercial lines carriers to invest in core systems replacement, agent portal functionality, and business intelligence and predictive analytics.

(see full list of Business and Technology Trends Reports at http://www.novarica.com/sectorreports/)

CIO Surveys, Best Practices, and Case Studies

  • US Insurer IT Budgets and Projects for 2013. Modest budget increases, core PAS replacement projects, business intelligence, agent portal enhancements, and mobile and social media pilots are all on the 2013 priority list for insurer CIOs.
  • Best Practices Case Study Compendium 2012. These case studies, the fruit of the first annual Novarica Research Council Impact Awards, provide a useful set of examples of impactful IT projects. They offer insurer business and IT executives detailed examples across a broad range of diverse industry initiatives.

Novarica Market Navigators

Executive Briefs and Checklists

  • Minimizing Project Risk Checklist. Insurers’ core missions are tied to managing risk in a cost effective and predictable manner. This brief illuminates common factors that contribute to IT project failure and offers a checklist to reduce project risk.
  • Insurance IT Transformation Checklist. In order to survive and thrive in the future, CIOs need to facilitate and support business transformation efforts. This report provides a roadmap of things to consider for a transformational program.

Novarica Impact Awards Winners Honored in NYC

Matthew Josefowicz

The Novarica team gathered earlier this month in New York with all the nominees of the first Novarica Research Council Impact Awards, as well as several members of the nominating committee and the Research Council, to honor the winners and discuss what makes an IT project impactful and successful. With over 50 members of the Novarica Research Council voting on the nominees, the Impact Awards are the largest peer jury-awarded recognition in the industry.

Prior to the presentation of the Awards, insurer CIOs Peter Moreau of Amica and Stuart Tainsky of PURE joined Novarica Principal Rob McIsaac to discuss what stood out about the nominees they selected, and what qualities mark an IT project for success:

Following the panel, we announced the winners in each of the following categories:

  • Practice, in which insurers undertook enterprise-wide IT projects;
  • Quick Hit, in which insurers executed a short-term, rapid-impact IT project;
  • Expansion, in which insurers expanded capabilities of existing systems;
  • Transformation, in which insurers undertook long term projects that substantially transformed their organization’s IT capabilitities.

Walter Berkowitz accepts for Allstate Financial

Allstate Financial took home the top prize for Practice, for establishing an enterprise-wide test environment which uses one algorithm to scrub data across applications.

 

Santosh Dalal and Mark Bunch accept for Great American

Great American Insurance Group was the winner in the Quick Hit category, for their development of customer mobile apps to deliver self-service functionality.

 

 

 

 

Rich Mathews accepts for Cincinnati Insurance

Cincinnati Insurance Company was the winner in the Expansion category, for transforming how independent agents process business using ACORD XML standards and real time from agency systems.

 

There were two winners in the Transformation category.

Courtney Larsen and Kaelin Fontaine accept for Capitol Insurance

Capitol Insurance replaced multiple legacy surety systems with a single modern platform and enabled online self-service for agents.

 

 

 

 

Mohan Nadakuduti and Mike McGovern accept for American Safety

American Safety Insurance consolidated all underwriting units across the company into a single system.

 

 

 

 

 

 

In addition to announcing the winners, we also released our Best Practices Case Study Compendium 2012, an 85-page report featuring more than 40 full case studies including the winners and nominees. A free summary of this report is available online by clicking here.

Novarica Research Council Impact Awards Nominees Announced

Matthew Josefowicz

Today we announced the nominees for the Novarica Research Council Impact Awards, which will be judged by all 300 members of the Novarica Insurance Technology Research Council, making them the largest peer-jury awarded recognition in the industry.

The nominees were selected from more than 40 submissions of case study information by insurers, most of which will be included in a compendium published this fall. I want to thank the nominating committee of Research Council members for their work in selecting the nominees. Committee members Andy Wood (Wilton Re), Dan Simpson (Trustmark), Eric Bulis (SBLI USA), Larry Fortin (Millers Mutual Group), Mark Berthiaume (Chubb), Pete Moreau (Amica), Piyush Singh (Great American Insurance Company), Reuben Broadfoot (LifeMap), Sal Abano (Tower Insurance), Stuart Tainsky (PURE), and Tim Billow (ING) spent time carefully reviewing more than 40 submissions to make their selections.

The nominees for each category are:

Practice

  • Erie overhauled IT cost reporting by using PPM application to track all costs across 13 discreet portfolios.
  • CAMICO initiated the Open Innovation Program to allow employees to submit, vote, and support ideas to leverage employee creativity.
  • Allstate Financial established an enterprise-wide test environment which uses one algorithm to scrub data across applications.

Quick Hit

  • Great American created customer mobile apps to deliver self-service functionality.
  • Oregon Mutual deployed an iPad and cloud-based agency relationship management tool.
  • Zurich allows program administrators to upload commercial specialty business in real time from their agency systems.

Transformation

  • American Safety undertook an initiative to consolidate all underwriting units across the company into a single system.
  • A large multiline P/C insurer undertook a three year project to replace legacy policy administration systems with a modern configurable system.
  • Capitol replaced multiple legacy surety systems with a single modern platform and enabled online self-service for agents.

Expansion

  • Cincinnati Financial transformed how independent agents process business using ACORD XML Standards and real time from agency systems.
  • Patriot National created a web-based, real time rating and quoting portal capable of quoting companies in all states.
  • Allstate Financial enabled producers and customers to legally bind an electronic signature to a life insurance application via Internet.
  • PEMCO created SmartSearch, allowing CSRs to find customers without exact spelling or policy number, and The Hub, which offers a consolidated customer overview.

The full council is voting now, and the winners will be announced at our Event on Tuesday, October 30th in NYC.

Novarica September Update.

Matthew Josefowicz

So…our Impact Awards will be presented 10/30 in NYC, we’re running our IT Leadership Training Seminar again this November, the CIO Insurance Summit is coming up, there’s a new report on Southeast Asia, reports on enterprise architecture and US Insurance IT Budgets and Projects for 2013 are coming soon, we bought a banking advisory firm and hired the CEO, we hired a new principal with life, investments, and banking background, and one of our analysts got married.

Man, I thought August was supposed to be slow.

Novarica Research Council Impact Awards 2012

Here’s an overview of our Impact Awards program. Deadline for information submission is June 30. Download the submission form here.


Novarica Research Council Impact Awards Information

The awards will be judged by all 300 members of the council, making them the largest peer-jury awarded recognition in the industry.

Nominees from for the award will be selected from a collection of case studies that we’re currently working on by a nominating committee of Research Council members, including Andy Wood (Wilton Re), Dan Simpson (Trustmark), Eric Bulis (SBLI USA), Larry Fortin (Millers Mutual Group), Mark Berthiaume (Chubb), Pete Moreau (Amica), Piyush Singh (Great American Insurance Company), Reuben Broadfoot (LifeMap), Sal Abano (Tower Insurance), Stuart Tainsky (PURE), and Tim Billow (ING).

CIO Council Meeting Report Published and New Impact Awards Announced

Matthew Josefowicz

More than 50 insurer CIOs gathered at the latest meeting of the Novarica Insurance Technology Research Council meeting last week in Providence, RI.Today, we’ve published a report that includes the materials presented at the meeting, plus summaries of the discussions. Current clients and council members can download the report for free. Non-member insurer CIOs are welcome to apply for membership here.

We’ve gotten great feedback from the meeting, including the following attendee quotes:

It gave me the opportunity to hear what others are doing, get some valuable lessons learned and gave me a second wind to continue to work through the relationship building process and governance issues. Well done!

The quality of the discussion and the thoughtfulness of both the attendees and presenters was high. The length of the meeting was just right. I liked having a chance to talk informally with people at the dinner the night before as well.

The Novarica Council event is the only place where the door is shut and CIOs from around the industry speak openly and honestly about how to solve real world problems…without being pitched hard by sales folks.

Novarica Research Council Impact Awards

Also, at the meeting, we unveiled our new Novarica Research Council Impact Awards, which will be judged by all 300 members of the council, making them the largest peer-jury awarded recognition in the industry.

Nominees from for the award will be selected from a collection of case studies that we’re currently working on by a nominating committee of Research Council members, including Andy Wood (Wilton Re), Dan Simpson (Trustmark), Eric Bulis (SBLI USA), Larry Fortin (Millers Mutual Group), Mark Berthiaume (Chubb), Pete Moreau (Amica), Piyush Singh (Great American Insurance Company), Reuben Broadfoot (LifeMap), Sal Abano (Tower Insurance), Stuart Tainsky (PURE), and Tim Billow (ING). For more on the case studies and awards, click here.