Insurance Technology Group Announces Policy Admin Study

SOURCE:

ITG

2008-08-19 07:59:00

Insurance Technology Group Announces Policy Admin Study

OCG to Support, Business Insurance to Sponsor Evaluation of Needs, Providers, Solutions

TORONTO and HARTFORD, CT–(EMWNews – August 19, 2008) – Insurance Technology Group, Inc.

(ITG), with the support of O’Brien Communications Group, LLC (OCG), has

announced plans to conduct a comprehensive study of commercial policy

administration needs, practices, and solutions. The study will be

sponsored by Industry Focus (Business Insurance magazine’s monthly

supplement for strategic decision makers in commercial insurance) and will

comprise original, primary research, in two main parts:


    1.  An industry-wide survey to inform the scope and detail of item #2

    (below), investigating business strategies and drivers; as well as

    experiences with Policy Admin practices and solutions.  The survey, to

    target CXOs from insurance companies that exhibit similar business and

    IT behavior, will be conducted through one-on-one telephone interviews.

    The survey will begin in September of 2008.  It will culminate in a

    webcast that will share initial results with all survey participants by

    mid-November.



    2.  In-depth intelligence-gathering on vendors and their solutions, via

    a detailed RFI; a detailed Due Diligence Questionnaire for determining

    business strength, product vision, development capabilities, ability to

    deliver, and customer support capacity; and a Demo Script to allow

    balanced validation of key feature/function claims made by the vendors.

    The study will begin in January of 2009.  Results will be published and

    available early in Q2 '09.

“Insurance companies and technology vendors depend on each other,” said

Andreja Bozovic, Managing Director at ITG. “Yet they don’t meet on common

ground. In working with carriers we consistently encounter this gap which

frustrates business strategy and fosters indecision. This is particularly

true for the mid tier — the largest, most diverse yet persistently

underserved insurance segment. While various technology conferences and

reports get produced every year, there seems to be a lack of relevant

business context — whether by carrier size, segment, specialty, or other

criteria — and therefore a lack of scrutiny of carrier behavior in using

technology. This study is an initial step in bridging that gap.”

“In our work, particularly with vendors, we see this gap lengthening sales

cycles needlessly,” said Mark O’Brien, principal of OCG. “The resulting

due diligence may or may not yield a match. The vendor may end up without

a sale. The carrier may end up without a solution. But time and money are

spent, nevertheless. This study will give vendors and carriers an

objective medium for communication.”

“We’re happy to be working with ITG and OCG on this study,” said Rodd

Zolkos, editor of Industry Focus. “It complements our intent to be a

source of strategic information to our readership. And it supports our

contention that the common ground between the business and the IT sides of

the carrier’s house is operations. This study will bring them together.”

About Insurance Technology Group

Insurance Technology Group, Inc. (www.insurancetg.com) is a management

consulting, advisory, and research firm dedicated exclusively to the

insurance industry. ITG improves the effectiveness of insurance companies

and vendors by providing strategic guidance, in-depth industry

intelligence, and best industry practices, helping them to maximize return

on their management decisions, organizational structures, business

processes, and IT investments.

About O’Brien Communications Group

O’Brien Communications Group, LLC (www.obriencg.com) is a

business-to-business brand-management and marketing communication firm.

OCG offers strategic consultation and planning services. OCG creates,

packages, distributes, and measures the effectiveness of brands, messages,

and marketing communication programs.

About Business Insurance/Industry Focus

Business Insurance serves senior-level corporate executives who are

responsible for the purchase and administration of corporate

insurance/self-insurance programs, encompassing property and liability

insurance; risk management and risk financing; employee benefits

management; and workers comp, rehabilitation, and disability management.

Industry Focus (www.businessinsurance.com/cgi-bin/industryFocus.pl) serves

strategic decision-makers in commercial insurance, who are responsible for

marketing and for providing and administering commercial insurance products

and related services.

Media contacts:
Andreja Bozovic
416-319-7958

Mark O’Brien
860-944-9022

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