Novarica Celebrates Five Years

Matthew Josefowicz


Today is Novarica’s fifth anniversary. We launched Novarica at the beginning of 2008 to provide insights, information, and perspective to insurance and financial services executives, with a strict focus on the needs of our core customer communities. We believe that this relentless focus on the needs of our primary customers is what has allowed us not only to survive but also to thrive amidst the economic challenges of the past five years. From the beginning, we have been firmly committed to a business model that always treats these communities of industry executives as our customers, and never as an audience to be sold to sponsors.

Since our launch, the insurance technology strategy practice led by Chad Hersh and myself has focused on insurer CIOs and their teams as this primary community. We have built a retained client base of more than 60 insurer CIOs and IT organizations, including more than half of the top 25 P&C and Life/Annuity insurers as well as a broad range of midsize insurers. Our Research Council has grown to more than 325 insurer CIOs and senior IT executives from more than 300 different insurers.

Over the past five years, our insurance practice has published more than 200 reports for insurer CIOs and their teams. We’ve conducted more than a hundred strategic planning workshops, executive education days, and board presentations for insurers, presented our research at more than a hundred conferences and webinar sessions, and been quoted by the media on industry trends and issues hundreds of times.

We’ve also completed more than a hundred custom projects for insurers, including vendor selection projects in nearly every area of core systems, peer benchmarking reports, IT project and organizational assessments, IT strategy development, agent surveys, competitive assessments, and internal business user satisfaction projects.

As proud as we are of our service to our customers and to the industry, we’re even prouder of the team that we’ve assembled. We are proudest of their commitment to serving our clients and council members, to growing their already substantial knowledge through ongoing research, and to the integrity and independence of the information and advice that they provide to our clients personally and through our publications.

Last fall, Chad and I welcomed two new partners to this team to launch a new set of services focused on a new customer community: bank digital channels executives and senior business leaders. Robert Rubin joined us when we acquired his firm Facilitas, creator of FindABetterBank.com. This site attracts more than 45,000 active bank shoppers per month, and the data we collect from them is the basis for our new Bank Shopper Insights service. Facilitas’ proprietary bank website benchmarking methodology has become the basis of our Bank Digital Channels Strategy service. In addition, we welcomed Lee Kyriacou, a long-time partner at our parent firm, Novantas. Lee’s detailed custom industry analytics have long been a part of Novantas’ projects for its large bank clients, and we’re now able to bring a version of this proprietary analysis to a much broader client base through our new Bank Industry Insights service.

As we begin our sixth year, we plan to continue on the path that has made us successful while keeping a sharp lookout for opportunities to improve and expand our offerings to our customer communities. We look forward to continuing on our mission to provide the valuable insights, information, and perspective that our customer communities need to thrive.