Menu

Log in
  • Insurance News Net: Here’s What to Expect if You Sell Annuities

    Insurance News Net: Here’s What to Expect if You Sell Annuities
    - Chris Eberly
    The days when annuities giants pumped out an “overwhelming volume of complex, tough-to-understand annuity products are gone,” said Chris Eberly, vice president of research and consulting with Novarica, an insurance IT consultancy. Insurers instead have focused on “a few key blocks of business and simplifying products within those blocks.”
  • Dig-In: Insurers moving forward on analytics, distribution pilots

    Dig-In: Insurers moving forward on analytics, distribution pilots
    - Novarica
    Insurance pilot programs are gradually moving into production, with more than half geared toward digital distribution and analytics projects, according to a new study by Novarica.
  • Insurance-Canada.ca: Annuities Carriers Defining Distribution and Simplifying Product Offerings

    Insurance-Canada.ca: Annuities Carriers Defining Distribution and Simplifying Product Offerings
    - Chris Eberly
    “The days of annuities giants offering an overwhelming volume of complex, tough-to-understand annuity products are gone,” says Chris Eberly, Vice President of Research and Consulting at Novarica. “Creating and managing a clear strategy seems to be the favored direction for carriers in the market. This simplification will support a lower learning curve for distribution and customers as well as reduce expenses associated with releasing and supporting products.”
  • ITA PRO: Insurtech Has Four Main Area of Focus for Insurers

    ITA PRO: Insurtech Has Four Main Area of Focus for Insurers
    - Rob McIsaac
    “InsureTech activity certainly remains high and Novarica has been working with multiple insurance-focused accelerators in 2017 to keep abreast of developments,” says Rob McIsaac, SVP of Research and Consulting at Novarica. “The four keys to InsureTech activities now are a focus on analytics, operational support, distribution, and what we call competitive carriers.”
  • Digital Trends: Your Insurance Adjuster May Soon Be a Drone Or An App

    Digital Trends: Your Insurance Adjuster May Soon Be a Drone Or An App
    - Matthew Josefowicz
    In the insurance world, time is money. “The faster you can settle a claim, typically the less you can settle it for, so there is a direct financial incentive,” said Matthew Josefowicz, chief executive of insurance-technology consulting firm Novarica. He pointed out that water damage and similar claims can get worse if they’re not addressed immediately.
  • Wall Street Journal: That Drone Hovering Over Your Home? It’s the Insurance Inspector

    Wall Street Journal: That Drone Hovering Over Your Home? It’s the Insurance Inspector
    - Matthew Josefowicz
    Automation can reduce the size of payouts, too. “The faster you can settle a claim, typically the less you can settle it for, so there is a direct financial incentive,” said Matthew Josefowicz, chief executive of insurance-technology consulting firm Novarica. Claims like water damage can get worse if they aren’t addressed quickly, he said.
  • IIR: SE2 and NTT Data Partner to Create Innovative TPA Capabilities

    IIR: SE2 and NTT Data Partner to Create Innovative TPA Capabilities
    - Rob McIsaac
    Traditionally, carriers have focused on the use of BPO and ITO services to support specific types of services associated with ongoing operations, according to Rob McIsaac, Senior VP of Research and Consulting, Novarica (Boston). Those activities have centered on closed blocks of business where one of the key metrics has been running the book at a specific price point and a targeted service level, he notes.
  • Canadian Underwriter: Digitized payment gateways playing larger role for insurers: Novarica

    Canadian Underwriter: Digitized payment gateways playing larger role for insurers: Novarica
    - Chuck Ruzicka
    “Payment gateways can serve a vital role in meeting customer expectations and providing secure services,” said Chuck Ruzicka, vice president of research and consulting at Novarica, who co-authored the brief with Novarica associate Christina Choi. “They offer the ability to enhance consumer-facing services, improve IT’s response to market changes while reducing its complexity, reduce carrier risk and reduce costs,” Ruzicka suggested. “Carriers who are evaluating their digital capabilities should consider how they provide billing services and how they can best leverage the capabilities of payment portal service providers to address their challenges.”
  • Insurance-Canada.ca: Rise of SaaS/Cloud Requires Rethinking Continuity Plans

    Insurance-Canada.ca: Rise of SaaS/Cloud Requires Rethinking Continuity Plans
    - Chris Eberly
    “Although cloud and hosted applications can offer substantial gains in security and efficiency, both insurers and vendors will eventually need to prepare for potential business disruption,” says Chris Eberly, Vice President of Research and Consulting at Novarica. “SaaS escrow is more than a matter of source code escrow, and insurers will need to ready their organizations for the event of service interruption.”
  • ITL: How Technology Drives a ‘New Normal’

    ITL: How Technology Drives a ‘New Normal’
    - Matthew Josefowicz
    “Digital, data and core capabilities have changed dramatically over the last decade and continue to evolve rapidly. To help insurers track these capabilities and their progress, we created the Novarica New Normal 100 benchmark, which we’ve conducted for the last few years,” says Matthew Josefowicz, President and CEO of Novarica. “In this article, we’ll discuss the role of digital, data and core capabilities in key functional areas — product development, marketing, distribution, underwriting, customer engagement, billing, claims and finance/operations — and review our findings on the current state and near-term plans of insurers.”