Everest will receive two Impact Awards from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs. More than fifty CIO council members reviewed dozens of case studies to select the winners for the 9th annual awards.
In the Digital award category, Everest Reinsurance is recognized for its platform to help automate business processes triggered by incoming emails by leveraging artificial intelligence-enabled technologies. Completed in less than a year, the project is credited with supporting over $5M in premium growth and $3.5M in efficiency gains across multiple areas of underwriting and claims.
In the Core category, Everest Insurance® is recognized for creating a standard library of APIs to onboard new partners quickly. This library also enables straight-through processing for common business transactions. Developed in phases over two years, the API suite has allowed the company to expand its broker and partner network to meet growth targets.
“Both of Everest’s winning submissions represent an impressive achievement and illustrate how large insurers can drive business value in multiple areas through automation and integration strategies,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“At Everest, we are committed to continuously evolving and adapting our processes to provide our customers with the best-in-class service they deserve. By leveraging automation and AI as part of our business model, Everest is embracing the future of technology to find more efficient and effective ways to serve our clients and trading partners,” said Terry Walker, SVP, Global CIO, Everest Re Group.
Two Impact Award winners are selected in each of four categories, covering projects focused on Digital, Data and Analytics, Core, and IT Practice and Infrastructure. An additional Everest project for a global marketing dashboard was also featured in the Data category.
Everest’s case studies, along with the case studies of six other winners and more than 20 additional cases considered for Impact Awards, were published this week in Novarica’s 9th Annual Impact Case Study Compendium, online at https://novarica.com/compendium2020/. Novarica has published more than 220 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. CIO 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, strategic consulting, and special programs. https://novarica.com/
About Everest Re Group, Ltd.
Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda and other territories.
Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.
Everest common stock (NYSE:RE) is a component of the S&P 500 index.
Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.