BOSTON--(BUSINESS WIRE)--MetLife will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs, for a machine learning initiative to optimize automobile underwriting requirements. More than 50 members of the Council reviewed dozens of case studies to select the winners for the 7th annual awards.
MetLife Auto & Home® built and deployed an algorithm-driven process to continually optimize the decision to order Motor Vehicle Reports (MVRs) for underwriting. Completed by an internal team, the system has already resulted in significant annual savings.
“Technology is transforming all industries, and for the third consecutive year, MetLife has proven its intent to lead the way through a concentrated focus on data and analytics as part of our comprehensive Digital strategy,” said Greg Baxter, executive vice president and Chief Digital Officer. “The unique algorithm-driven process developed by this team furthers our efforts to deliver our customers a differentiated experience and maximize operating leverage.”
“MetLife’s initiative was selected by our Council members as an example of an effective use of emerging technology to deliver real business results,” said Matthew Josefowicz, President and CEO of Novarica and moderator of the Council.
This is MetLife’s third consecutive Impact Award in the area of data and analytics. It was honored last year for its global analytics community, and in 2016 for enabling real-time interactive views and aggregations of derivatives and risk data.
MetLife’s case study, along with case studies of seven other winners, and more than 20 additional cases considered for Impact Awards, was published today in Novarica’s 7th Annual Best Practices Case Study Compendium, online at https://novarica.com/compendium2018/. Novarica has published more than 200 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. 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 300 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 at https://novarica.com/council/.
The Council is managed by Novarica, a research and advisory firm that helps more than 100 insurers make better decisions about technology projects and strategy through published research, advisory services, and consulting on IT strategy, benchmarking, project assurance, capability and organizational assessments, and vendor selection. https://novarica.com/.