Insurance Technology Case Study Compendium 2021: IT Practice

Report Summary

Insurance Technology Case Study Compendium 2021: IT Practice

Matthew Josefowicz
Head of Research Councils and Advisor to the CEO
Harry Huberty

July 2021 - Novarica’s tenth annual Impact Awards program reviewed 66 examples of insurer IT initiatives that delivered real business impact. This volume includes eight case studies of IT practice initiatives. Companion volumes include core, data/analytics, and digital initiatives.

Each case study details business goals, project sponsors, team structure, project timeline, tools and technology used, challenges faced, success factors, and business results delivered.

More than 60 insurer CIO members of the Novarica Research Council voted to select the winners of the 2021 Novarica Impact Awards.

2021 IT Practice Winners

  • Lincoln Financial for formal digital value measurement
  • The Hartford for total cloud migration as a proof of concept
  • Safety Insurance for migrating legacy data via RPA

Key Points and Findings

Infrastructure projects create impact. Insurers generated savings by automating migration or redeploying on cloud, often as a proof of concept for larger strategic programs.

Formal IT practices can create value across the enterprise. These can include centers of excellence to promote the use of new technology in a variety of applications.

Bottom-line impact is generally not formally measured. Less than half of insurers correlated their project outcomes in terms of real-dollar or person-hour value.

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