Northbridge Financial 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.
Northbridge Financial implemented a new core platform for its commercial businesses over five years to streamline underwriting and improve stakeholder experience. Results include a 3.4-point reduction in combined ratio and a projected 25% increase in underwriting efficiency.
“Northbridge Financial’s systems transformation is a great example of the results that insurers can achieve by embracing modern core systems,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“Improving customer experience is a top priority for Northbridge and this important investment ensures our core systems better enable us to keep up with quickly evolving consumer expectations,” says Chris Harness, Chief Information Officer at Northbridge Financial. “It’s been an incredible team effort that positions us well for the future.”
Northbridge Financial’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/
About Northbridge Financial
Northbridge Financial is a leading commercial property and casualty insurance group that’s been helping to protect Canadian businesses for more than 90 years. They are 100% Canadian and wholly owned by Fairfax Financial Holdings Limited. Northbridge offers a wide range of innovative solutions to Canadian businesses through their Northbridge Insurance, Federated Insurance and TruShield Insurance brands. Visit http://www.nbfc.com to learn more.