Legal and General America Wins 2016 Novarica Research Council Impact Award for Core Systems 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 Legal & General as the winner of this year’s Novarica Research Council Impact Award for a Core Systems Initiative at a Midsize Insurer.
Legal and General America updated its existing systems to allow them to enter the US pension risk transfer market in just 100 days. The new system includes 90% of the most common retirement annuity products. The project had a budget of less than $1m and has already resulted in sales over $500 million.
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.
“This project was an epitome of team work and is a prime example of the innovative spirit that flows throughout this great organization every day” said Rajesh Krishnan, AVP, Application Development.
The company will be presenting its winning initiative, along with several other winners in other categories, on a webinar at 2pm ET on October 19th. Interested attendees can register at https://attendee.gotowebinar.com/register/6539726214110425089
“We congratulate Legal and General America 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