QBE North America will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs. More than ninety CIO council members reviewed more than 60 case studies in three divisions to select the winners for the 10th annual awards.
QBE developed an API marketplace that enables straight-through processing, automated claims adjuster assignments, omni-channel experience, and new business channels. Delivered in 9 months, the project led to 36% transaction growth in quote/bind and saved $3.1M via API reusability.
“Integration and connectivity are major challenges for many insurers, and they can limit how much value new technologies can create within an organization if they’re not created effectively,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“We are honored to recognized by our insurance technology peers in the Novarica Research Council,” adds Ketan Pandit, CIO for QBE North America. “The API marketplace has been a key part of our modernization efforts to improve connectivity and service for customers and work more efficiently. Its adaptability and reusability will continue to pay dividends in the years ahead, and we are very proud of the large team that made the project a success.”
QBE’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/
QBE North America is global insurance leader focused on helping customers solve unique risks, so they can focus on what matters most. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in 2020 of $4.775 billion. QBE Insurance Group’s 2020 results can be found at www.qbe.com.
Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated “A” (Excellent) by A.M. Best and “A+” by Standard & Poor’s. Additional information can be found at www.qbe.com/us or follow QBE North America on LinkedIn and Twitter.