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Everest Re Group, Ltd. is pleased to announce the organization has received two Impact Awards from the Novarica Insurance Technology Research Council – the largest peer-juried awards in insurance technology.
LIBERTY CORNER, NJ – AUGUST 10, 2020 – Everest Re Group, Ltd. is pleased to announce the organization has received two Impact Awards from the Novarica Insurance Technology Research Council – the largest peer-juried awards in insurance technology. These awards are in recognition of recent technological enhancements relative to automation and integration within Everest’s operational infrastructure.
Each year, more than fifty CIO council members select two Impact Award winners in each of the four categories, covering projects focused on Digital, Data and Analytics, Core, and IT Practice and Infrastructure.
In the Digital award category, Everest Reinsurance was recognized for its platform to help automate business processes across several departments which are triggered by incoming emails. It leverages artificial intelligence (AI)-enabled technologies on a Multi-Cloud environment. This initiative enabled straight through processing of submissions and Claims Correspondences indexing, including First Notice of Loss (FNOL) resulting in better customer service, operational efficiency and enhanced data quality. These innovative initiatives underpin Everest’s industry leading expense ratio— the project, completed in less than a year, is credited with supporting over $5M in premium growth and $3.5M in efficiency gains across multiple areas of underwriting and claims.
In the Core award category, Everest Insurance® was recognized for creating a standard library of Application programming interfaces (APIs) to onboard new business more quickly and efficiently. By allowing broker portals to communicate directly with the Everest backend systems, quote letters, policy documents, endorsements and audits can be processed within minutes. This library also enables a seamless workflow for common transactions like clearance and agent license verification. Developed in phases over two years, the API suite has allowed Everest to expand its broker and partner network to meet growth targets.
“At Everest, we are committed to continuously evolving and adapting our processes to provide our customers with the best-in-class service and ease of use they deserve,” said Terry Walker, Senior Vice President, Global CIO, Everest Re Group. “By leveraging automation and AI as part of our business model, Everest is embracing the future of technology to find more efficient and effective ways to serve our clients and trading partners.”
Matthew Josefowicz, President/CEO of Novarica and moderator of the Council, commented: “Both of Everest’s winning submissions represent an impressive achievement and illustrate how large insurers can drive business value in multiple areas through automation and integration strategies.”
Everest’s case studies were published in Novarica’s 9th Annual Impact Case Study Compendium.
About Everest Re Group, Ltd.
Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda and other territories.
Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.
Everest common stock (NYSE:RE) is a component of the S&P 500 index.
Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.
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 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/