Industry Impacts Due to Technology

PRESS RELEASE

30+ CIOs DISCUSS IMPACT OF CHANGES IN TECHNOLOGY ON INSURANCE INDUSTRY AT NOVARICA COUNCIL MEETING

Amica CEO and PCI Chairman Robert DiMuccio Keynote Speaker

March 9, 2011 (Boston, MA) To the 30+ insurer CIO members of the Novarica Insurance Technology Research Council that gathered in Providence, RI last Wednesday, there was one overriding issue that they all face: the challenge of managing insurance IT in an era of accelerated change.

“The capabilities of information technology in society at large are changing at an unprecedented rate,” commented Matthew Josefowicz, partner and managing director of Novarica, who hosted the event. “This is having tremendous impact on customer expectations, distribution models, underwriting and claims capabilities as well as the IT operating model itself. Against all of this change, insurer IT leaders generally can deploy only modestly increased budgets, which means that the necessity for intelligent strategic planning, careful execution, and innovative approaches to solving business problems have never been more important.”

I find it interesting that insurance professionals are coming together to discuss the challenges that they all face as a result of technology changes and customer perceptions of products and services due to these changes. In this meeting, many different parts of the industry were represented from personal to commercial lines, specialty, life/annuity and others. As a result of this meeting, creative discussion and ideas were generated. 

I think it is great that insurance professionals from different aspects of the industry can come together to discuss similar challenges that they face due to changes that are occurring in technology. Communicating with different individuals who have the same challenges but different points of view helps to generate new ideas and solutions. This is a very important theme in the advancement of business as well as to careers on an individual level. The value of networking, and the sharing of ideas can really help the industry and its employees persevere.