Merchants Insurance Group will receive an Impact Award 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.
Merchants developed an online quoting system integrated with its legacy back-end system via APIs to support a new line of business. Deployed over a two-year period, the system led to a 250% growth in completed quotes and enabled straight-through processing.
“Delivering effective online quoting is critical for insurers in most lines of business, and Merchants’ initiative shows the real business impact of leveraging APIs to enable this key digital function,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“We are honored to be recognized by Novarica for this award,” said Stephen Cross, Vice President and CIO for Merchants. “Merchants Insurance Group is committed to innovation that improves the ease of doing business with our independent insurance agents.”
Merchants’ case study, along with case studies of seven other winners, and more than 20 additional cases considered for Impact Awards, was 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 Merchants Insurance Group
Merchants Insurance Group offers property and casualty insurance through a network of more than 1,000 independent insurance agents throughout the Northeast and North Central United States. With corporate headquarters and regional operations located in Buffalo, N.Y., Merchants also operates offices in Hauppauge, N.Y.; Mount Laurel, N.J.; and Bedford, N.H. Merchants’ website can be accessed at www.merchantsgroup.com.