BOSTON--(BUSINESS WIRE)--AXIS Insurance, the insurance business segment of AXIS Capital Holdings Limited (NYSE: AXS), will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurer CIOs for its enterprise transformation project. More than 50 members reviewed dozens of case studies to select the winners for the 7th annual awards.
AXIS Insurance launched a multi-year enterprise transformation program including technology re-platforming and product/process redesign. The program has supported growth 40% above plan, financial returns 250% of initial estimates, and a 75% improvement in quote times in some lines.
“Throughout our enterprise transformation program, the goal for our IT team has been to provide AXIS Insurance with an insurance platform that was highly configurable and flexible to meet the needs of the business,” said Darryl Catts, CIO, AXIS Insurance. “The Duck Creek platform has handled these requirements at all levels of the implementation, thus enabling us to better align product, organizational process and technology.”
“AXIS’ initiative was recognized by our Council members as an example of a successful multi-year core transformation program that delivered solid business results,” said Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
AXIS’ 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/.