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  • ThinkAdvisor: Novarica Finds a Sign Annuity Issuers Still Need You

    ThinkAdvisor: Novarica Finds a Sign Annuity Issuers Still Need You
    - Novarica
    Analysts at Novarica, a Boston-based insurance technology consulting firm, write about individual annuity issuers’ current IT efforts in a new report: “With a push to lower fees, producers need to grow their client base to make up for lost income, but an increased compliance workload makes serving that base challenging.”
  • IIR: AIG, Standard Chartered Validate Blockchain for Insurance with IBM Solution

    IIR: AIG, Standard Chartered Validate Blockchain for Insurance with IBM Solution
    - Jeff Goldberg
    “It’s not usually necessary to utilize blockchain’s ability to create a trusted network because the insurer is already serving as the central trusted partner in a risk transfer relationship,” notes Jeff Goldberg, SVP of Research and Consulting at Novarica. “But with the AIG/Standard Chartered bank use case, there are many parties involved who need to be able to work in concert in a trusted manner, meaning blockchain is not just used because it’s a new technology but because it brings some key capabilities that can’t be found elsewhere.”
  • Insurance Journal: Startup Decisely: Insurtech ‘For Brokers, By Brokers’ Targets Small Business Benefits

    Insurance Journal: Startup Decisely: Insurtech ‘For Brokers, By Brokers’ Targets Small Business Benefits
    - Matthew Josefowicz
    “In a lot of ways a small commercial buyer is not a lot different than a personal lines buyer,” said Matthew Josefowicz, President and CEO of Novarica, adding that if you’re an owner of a business with 20 or 30 employees, you are often the one who is making all the decisions. “Small businesses are banking online, they’re buying their supplies online, they’re serving their customers online. There’s no reason they shouldn’t be buying their insurance online.”
  • PropertyCasualty360: Pressing tech issue: Enterprise software vs. cloud computing?

    PropertyCasualty360: Pressing tech issue: Enterprise software vs. cloud computing?
    - Novarica
    Among the common drivers for carriers to adopt SaaS system, according to Novarica, were standardization paired with release management, which reduces support costs and ultimately lowers the cost of ownership. However, that standardization, call it efficiency, is largely a trade-off between having key business processes undifferentiated from competitors that are on that same SaaS application and having a custom designed application that preserves competitive differentiation.
  • Employee Benefit Adviser: The risk and rewards of ‘Uberizing’ benefits

    Employee Benefit Adviser: The risk and rewards of ‘Uberizing’ benefits
    - Jeff Goldberg
    “We are at an intersection of these new technologies where the Internet of Things has this ability to gather all types of new data that we didn’t have access to before. Big data is actually the technology that allows us to consume that data and manipulate and visualize it,” said Jeff Goldberg, SVP of Research and Consulting at Novarica. “Then you look at AI being the third pillar, allowing us to gain new insight from that data in ways that we really couldn’t use it before.”
  • Canadian Underwriter: Master data management necessary to help make sense of big data: Novarica

    Canadian Underwriter: Master data management necessary to help make sense of big data: Novarica
    - Mitch Wein
    “MDM is more than a technology. It is a program of work involving an assessment of business needs, a data sourcing strategy, a data-cleansing strategy to address quality, an architecture and integration initiative, data documentation and classification, as well as an organizational evolution for data governance and ownership,” says Mitch Wein, brief author and Novarica’s vice president of research and consulting.
  • ITA PRO: What Do You Think? Novarica’s Take on Insights from Policyholder Data

    ITA PRO: What Do You Think? Novarica’s Take on Insights from Policyholder Data
    - Jeff Goldberg
    “Emerging technologies of interest to insurers include a stream of complex data about policyholders,” says Jeff Goldberg, SVP of Research and Consulting at Novarica. “There’s no question the insurance of the future–utilizing this growth–will include a focus on risk mitigation and risk indemnification.”
  • Information Management: Three steps to achieving real big data value

    Information Management: Three steps to achieving real big data value
    - Jeff Goldberg
    “One of the values of an unstructured data environment is that it’s not necessary to move all of an organization’s data into the system before moving to later phases,” said Jeff Goldberg, SVP of Research and Consulting at Novarica. “With an enterprise data warehouse, failing to consider some data during the initial creation of a normalized model can create serious problems later on.”
  • Dig-In: Three steps to achieving real big data value

    Dig-In: Three steps to achieving real big data value
    - Jeff Goldberg
    “More insurers are investing in big data and unstructured data environments, but many of these projects remain in the area of “innovation,” meaning that the intended ROI is not always clear,” said Jeff Goldberg, SVP of Research and Consulting at Novarica. “Even when insurers don’t have a specific goal or use case in mind, there’s a general understanding that the ability to process and analyze unstructured data will provide value over time.”
  • Dig-In: Insurers work to stock data to feed AI

    Dig-In: Insurers work to stock data to feed AI
    - Jeff Goldberg
    “Every time you open up a new channel for interaction, it’s not just about the channel. It’s all the back-end systems supporting it,” said Jeff Goldberg, SVP of Research and Consulting at Novarica. “That’s not a limitation of chatbots. It’s just a reality of how the AI fits on top of your data, APIs and web services.”