Farm Bureau Financial Services Wins 2016 Novarica Research Council Impact Award for Data Initiative
More than 40 Insurer CIOs Voted to Select Award Winners from Case Studies Submitted by Insurers
September 19, 2016 (BOSTON) – The members of the Novarica Insurance Technology Research Council, a membership group of hundreds of insurer CIOs, have selected Farm Bureau Financial Services as the winner of this year’s Novarica Research Council Impact Award for a Data Initiative at a Midsize Insurer.
Farm Bureau Financial Services built a hub-and-spoke architecture to address over 30 data integration points between disparate systems as part of a core system replacement initiative, reducing report processing time from one hour to three minutes. Complex data reporting dropped from two weeks to one hour.
This case study, along with dozens of other eligible cases, was published this spring in the Novarica Best Practices Case Study Compendium 2016, available at http://novarica.com/compendium2016/. It was selected as the winner in its category by insurer CIO members of the Council.
“Farm Bureau Financial Services is honored to receive recognition from Novarica and the insurance industry for our work to improve integration between disparate core systems,” said Casey Decker, Chief Information Officer at Farm Bureau Financial Services. “The infrastructure and processes we created have allowed us to support our business’ needs more efficiently while also streamlining the IT maintenance effort.”
Farm Bureau Financial Services will be presenting its winning initiative, along with winners in several other categories, on a webinar at 2pm ET on October 19. Interested attendees can register at https://attendee.gotowebinar.com/register/6539726214110425089.
“We congratulate Farm Bureau Financial Services on the peer recognition of their successful initiative,” said Matthew Josefowicz, president and CEO of Novarica, and lead moderator of the Research Council. “Since 2012, Novarica has published more than 150 case studies of insurer IT initiatives that drive business results, and the most impactful have been selected by our Council members for awards each year.”
About the Novarica Impact Awards
The Novarica Research Council Impact Awards are the largest purely peer-juried awards in insurance technology. Dozens of CIO members of the Novarica Insurance Technology Research Council vote annually to recognize the efforts of their peers to use technology to drive business value in digital, data/analytics, core systems, and IT operations.
The Novarica Insurance Technology Research Council is a free, moderated, knowledge-sharing community of more than 300 insurer CIOs and senior executives. In addition to recognizing successful initiatives through the Impact Awards, members participate in anonymized studies and private, vendor-free events. The Council is managed by Novarica, a research and advisory firm that helps more than 80 insurers make better decisions about technology projects and strategy. More information at http://novarica.com/council/
Novarica helps more than 80 insurers make better decisions about technology projects and strategy, through research, advisory services, and consulting on vendor selection, benchmarking, project assurance, and IT strategy. www.novarica.com