Gerber Life Insurance Company 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.
Gerber Life implemented a cloud-based data lake and migrated over 3 billion records. Delivered in six months, the system led to a 50% improvement in processing speed and a 40% reduction in platform operating costs, realizing $700,000 in growth and efficiency, plus $9 million in potential sales and retention.
“Insurance is an information business, and Gerber Life’s case study shows the value insurers can create when they are able to manage their data more effectively,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“We have an awesome data team here at Gerber Life! They’ve worked tirelessly to unlock the keys to gathering our data and unleashing the power of that knowledge to deliver tangible results,” says Keith O’Reilly, CEO at Gerber Life. “To be recognized by your peers is a truly special honor.”
Gerber Life’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/