Novarica News

Lessons from the Grounding of the Boeing 737 Max: Viewpoint

This week President Trump grounded the Boeing 737 Max as a result of a crash of a second plane in Africa. The plane had already been grounded in Canada, China, the EU, UK, etc. There is a lot riding on …

Expect Direct Online to Gain in Small Commercial Insurance Market Share: Novarica

Changes in small business owners’ online habits and new market entrants are driving market demand for online purchasing of insurance, according to a report from advisory firm Novarica, which sees direct online sales capturing as much as 15 percent of …

Large Commercial Insurance Brokers Investing in AI, Analytics: Novarica

Large commercial brokers transacting business with multiple carriers and distributors are seeking to differentiate themselves in a competitive marketplace through improved technology such as artificial intelligenceI, analytics and workflow tools. In a new report, Business and Technology Trends: Large Commercial …

Novarica: Commercial Insurers Prioritizing Tech Advancements

A new report by the research and advisory firm, Novarica, shows that commercial insurance carriers are modernizing policy administration systems and agent portals to support complexities of business. Novarica also says use of drones, internet of things (IoT), and mobile …

Former Travelers, PMA Executive Klotz Joins Technology Advisory Firm Novarica

Novarica, a research and advisory firm focused on insurance technology strategy, announced that Jim Klotz has joined the firm as a vice president of research and consulting. Prior to joining Novarica, Klotz spent 15 years as the senior vice president …

Could Allstate’s ‘5 Minute’ Small Business Policy Transform Commercial Lines Sales?

At a time when technology startups are also targeting the small commercial insurance market, giant Allstate has debuted a hi-tech business insurance quoting platform that it says makes it possible for small business owners to buy a policy in about …

Insurers Take Risk in Not Growing Technology Budgets in Age of Disruption: Novarica

Despite the increased challenges facing insurers from new technology-enabled competitors, insurers’ 2017 information technology budgets look a lot like those of prior years, according to consulting firm Novarica. Novarica’s annual study of U.S. insurer IT budgets and projects analyzes results …

So, If the Future Arrived in 2015, What About 2016?

Repeatedly, we have described 2015 as the “year the future arrived for insurance.” Across the board, we saw significant changes in how carriers thought about the impact of new technology and innovation. It was the year in which the Millennial …

Former Liberty Mutual, Progressive IT Executive Ruzicka Joins Novarica

Novarica, a Boston-based insurance technology research and advisory firm, reported that Chuck Ruzicka has joined the firm as a vice president of research and consulting. Prior to joining Novarica, Ruzicka was chief information officer and senior vice president of the …

Mobile Technology Gaining with Insurers: Survey

While much of the attention around use of mobile devices in insurance has centered on consumer apps offered by large personal lines insurers, other property/casualty insurers and life/annuity insurers are rolling out mobile capabilities for their policyholders and agents as …