Aflac Wins 2016 Novarica Research Council Impact Award for Core 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 Aflac as the winner of this year’s Novarica Research Council Impact Award for a Core Systems Initiative at a Large Insurer.
Aflac enabled one-day health claims payment. Executed within 12 months, the project enabled straight-through claims processing and direct deposit. As a result, 87 percent of Aflac’s online claims are now processed within one day— a year-over-year increase of 43 percent. Customer satisfaction rates are 91 percent.
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 https://novarica.com/compendium2016. It was selected as the winner in its category by insurer CIO members of the Council.
“We are proud to be recognized by the Novarica Insurance Technology Research Council as an honoree of the 2016 Impact Award for Core Initiative,” said Julia Davis, Aflac senior vice president, chief information officer. “The ability of our customers to get cash quickly in times of need is paramount to our mission at Aflac. This groundbreaking initiative, One Day Pay, gives policyholders the means to be paid faster than ever before.”
“We congratulate Aflac 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 https://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