BOSTON--(BUSINESS WIRE)--Lincoln Financial 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.
Lincoln Financial designed a custom process and metrics to measure business value and return on investment from its digital program. Executed in 24 months, the project generated approximately $50 million in net benefits via optimization in 2020 and led to the ability to self-fund the company’s digital program.
“Many insurers struggle to measure the value their technological investment creates or articulate the benefits of new technology in hard dollar terms, so it’s commendable that Lincoln Financial has developed a systematic approach to facilitate that process,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“Key to our success has been staying true to our focus – delivering a differentiated customer experience by investing in technology that provides immediate and ongoing value to our customers,” said Ken Solon, executive vice president, chief information officer and head of IT, Digital and Enterprise Services at Lincoln Financial. “Thanks to the vision, leadership and efforts of our incredible team, we’ve been able to innovate and develop better, more seamless experiences for the customers we serve.”
Lincoln Financial’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/
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $311 billion in end-of-period account values as of March 31, 2021. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ Best Large Employers and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.