The Cincinnati Insurance Company, lead property casualty subsidiary of Cincinnati Financial Corporation, will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs. More than 60 CIO council members reviewed more than 60 case studies in three divisions to select the winners for the 10th annual awards.
Cincinnati built a configurator to ingest algorithms to the rating engine without code. Developed in two years, the tool has saved 3,500 coding hours and reduced time to code rating algorithms by 75%. The project also led to 27% growth in new business.
“Cincinnati submitted a unique case study, one that’s especially impressive in that it’s tied to new business numbers. Many insurers have difficulty articulating value in hard metrics,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“We’re honored that Novarica recognized the innovation and technical expertise displayed in our rating configurator project,” commented John Kellington, senior vice president and chief information officer, at The Cincinnati Insurance Company. “It’s always fulfilling when business vision combines with technical know-how to add value and efficiency to the organization.”
Cincinnati’s case study, along with case studies of eleven other winners and more than 50 additional cases considered for Impact Awards, was published this week in Novarica’s 10th Annual Impact Case Study Compendium, online at https://novarica.com/impact/. Novarica has published nearly 300 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 400 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 can be found at https://novarica.com/council/.
The Council is managed by Novarica, a research and advisory firm that helps more than 150 insurers make better decisions about technology projects and strategy through published research, advisory services, strategic consulting, and special programs. https://novarica.com/
About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.