CapSpecialty will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurance industry CIOs. Fifty CIO council members reviewed dozens of case studies to select the winners for the 8th annual awards.
CapSpecialty built a cloud-based platform that leverages third-party data to support straight-through processing for small to medium accounts. Developed in one year, the system supports a two-minute rate/quote/bind process and has enabled 200% growth in submission volume.
“CapSpecialty’s initiative is a great example of the real impact that digital initiatives are having on insurers’ businesses,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“This project has been a priority for CapSpecialty because it uses technology to increase the speed and efficiency in which business is transacted,” commented Doron Hai, Head of Information Technology and Operations at CapSpecialty. He continued, “Our goal has always been to improve the end-to-end transaction process, freeing up time that the wholesale broker can spend in the consultative role of ensuring the customer has the right coverage for the risk.”
Adam Sills, Head of Professional Liability and P&C Binding, added “that the collaboration with the end user, the wholesaler broker, Underwriting and IT makes this effort unique and contributed to its success.”
CapSpecialty’s case study, along with case studies of seven other winners, and more than 25 additional cases considered for Impact Awards, was published this week in Novarica’s 8th Annual Best Practices Case Study Compendium, online at https://novarica.com/compendium2019/. Novarica has published more than 200 case studies through this program since 2012.
About the Novarica Impact Awards
The Novarica Research Council Impact Awards are the largest purely peer-juried awards in insurance technology. Council members 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. No vendors, consultants, journalists, or members of the Novarica team participate in the selection committee, making the Novarica Impact Awards distinctive in being a purely peer-juried award.
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. More information at https://novarica.com/council/
The Council is managed by Novarica, a research and advisory firm that helps more than 100 insurers make better decisions about technology projects and strategy through published research, advisory services, and consulting on IT strategy, benchmarking, project assurance, capability and organizational assessments, and vendor selection. https://novarica.com/