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  • Dig-In: Security elbows its way in as top insurance IT priority

    Dig-In: Security elbows its way in as top insurance IT priority
    - Matthew Josefowicz
    As insurance companies prepare for 2018, many familiar topics appear at the top of priority lists – core systems replacement, data and digital strategy and talent, for example. But Novarica president Matt Josefowicz says “that’s actually starting to change.”
  • Insurance-Canada.ca: Insurer IT Priorities Evolving Faster than Budgets: Novarica Report

    Insurance-Canada.ca: Insurer IT Priorities Evolving Faster than Budgets: Novarica Report
    - Matthew Josefowicz
    “We may be starting to see some real evolution in insurer IT spending and planning,” said Matthew Josefowicz, president and CEO of Novarica, and lead author of the report for the last decade. “Security issues and innovation are breaking into the list of top concerns and challenges as multi-year core systems projects started in previous years are being completed. While average spending patterns haven’t changed significantly yet, there is a shift in priorities and challenges, and increased variability in the sample. It will be interesting to see how this evolves in the next few years.”
  • InsuranceNewsNet: Barriers to Accelerated Underwriting Beginning to Crumble

    InsuranceNewsNet: Barriers to Accelerated Underwriting Beginning to Crumble
    - Novarica
    “A report released Tuesday by the insurance consultancy Novarica found that 65 percent of 23 life and annuity companies surveyed said digital initiatives factor as a “top IT (information technology)” priority for 2018 and beyond.”
  • IIR: Haven Life Launches Redesigned Insurance Buying Experience

    IIR: Haven Life Launches Redesigned Insurance Buying Experience
    - Rob McIsaac
    Haven Life’s work provides a good example for other insurers who need to fundamentally rethink key business processes, including new business capabilities, according to Rob McIsaac, Senior VP of Research and Consulting, Novarica (Boston). “Consumers are now well-versed in what good, intuitive, customer experiences look like, from dealing with other aspects of their financial lives,” he comments.
  • Dig-In: Insurtech wave creates opportunity, not disruption for carriers

    Dig-In: Insurtech wave creates opportunity, not disruption for carriers
    - Jeff Goldberg
    The majority of insurtechs will help carriers innovate. But even those competing with incumbents head on can offer valuable lessons to insurers on how to improve customer interaction and utilize digital technologies, according to Jeff Goldberg, SVP of research and consulting, at Novarica.
  • ITA PRO: What Do You Think? Novarica’s Take on Chatbots

    ITA PRO: What Do You Think? Novarica’s Take on Chatbots
    - Jeff Goldberg
    “Just about everyone in the insurance industry is talking about chatbots and virtual assistants, but actual live examples are still rare,” says Jeff Goldberg, SVP of Research and Consulting at Novarica, “Even more difficult is getting an idea of how these chatbots are being used and any metrics around them.”
  • A.M. Best: Investing in the Future

    A.M. Best: Investing in the Future
    - Tom Benton
    “Automated tools also allow startups to effectively manage the multitude of data in the industry, better monitor risks in real time, improve customer engagement, more easily analyze operations like billing and claims and ‘provide capabilities that typically address a specific component of the customer journey but aren’t intended for managing the end-to-end insurance process,'” said Tom Benton, a vice president of research and consulting at Novarica.
  • ITL: 9 Elements for Customer Portals

    ITL: 9 Elements for Customer Portals
    - Rob McIsaac
    “The creation of a strong, customer-facing portal is an effort that defies the term “done.” CIOs implementing a customer portal should recognize that these initiatives will require continued funding, even after they are in production. Carriers will need to pay attention to the constantly changing trends and channels to meet evolving customer expectations.”
  • Life Annuity Specialist: Major Life Carriers Find a Second Home in Millennial Tech Hubs

    Life Annuity Specialist: Major Life Carriers Find a Second Home in Millennial Tech Hubs
    - Rob McIsaac
    “We increasingly see carriers’ technology units moving out of home offices and into these innovation centers,” says Rob McIsaac, a senior VP of research and consulting at Novarica, a research, advisory services and consulting firm for insurers. “Leading carriers have concluded that chief technology and data officers need to be closer to the places where tech talent is being groomed to be able to support innovation initiatives.”
  • Dig-In: Lessons for insurers from the Equifax cyberattack

    Dig-In: Lessons for insurers from the Equifax cyberattack
    - Tom Benton
    Insurance carriers should concentrate on improving security governance, data protection and breach response strategies in the wake of the Equifax cyberattack, says Tom Benton, vice president of research & consulting at Novarica.