June 24, 2019 (BOSTON) – Northbridge Financial will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurance industry CIOs. Fifty CIO council members reviewed dozens of case studies to select the winners for the 8th annual awards.
Northbridge Financial implemented a new core platform for its commercial businesses over five years to streamline underwriting and improve stakeholder experience. Results include a 3.4-point reduction in combined ratio and a projected 25% increase in underwriting efficiency.
“Northbridge Financial’s systems transformation is a great example of the results that insurers can achieve by embracing modern core systems,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“Improving customer experience is a top priority for Northbridge and this important investment ensures our core systems better enable us to keep up with quickly evolving consumer expectations” says Chris Harness, Chief Information Officer at Northbridge Financial. “It’s been an incredible team effort that positions us well for the future.”
Northbridge Financial’s case study, along with case studies of seven other winners, and more than 25 additional cases considered for Impact Awards, was published this week in Novarica’s 8th Annual Best Practices Case Study Compendium, online at https://novarica.com/compendium2019/. Novarica has published more than 200 case studies through this program since 2012.