July 09, 2020

ProSight Named Novarica Impact Award Winner

Morristown, N.J., July 9, 2020 /PRNewswire/ – ProSight Specialty Insurance is proud to announce that it has been named a 2020 Impact Award winner by the Novarica Insurance Technology Research Council. As its name states, the Novarica Impact Award is presented to insurance CIOs and their teams for delivering business impacts, and ProSight did just that with its award-winning Legacy Decommissioning project.

“We are honored to receive this recognition from our peers and fellow leaders in the insurance technology space,” said ProSight’s Chief Information Officer Nestor Lopez. “Our team has built a scalable technology platform that will continue to improve the experience for our customers and partners, and accomplish even more in the future.”

“Insurers have become increasingly comfortable with cloud deployments over the past several years, even for their core systems,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council. “ProSight’s success in this area shows how investment in this area can lead to faster product cycle times, easier upgrades, and simplified technical environments.”

In only nine months, ProSight was able to upgrade its cloud-based billing and policy systems and decommission outdated legacy systems, resulting in numerous positive impacts for the company. Retiring legacy systems saved ProSight over $1M in operating costs and enabled a new product dev cycle of 30 to 45 days. The billing upgrade also increased direct bill accounts by nearly 50%.

“I am so proud of Nestor and our entire team on this well-deserved recognition,” said ProSight’s Chief Technology and Operations Officer Darryl Siry. “This case study is evidence of our success in developing a technology platform that drives efficiency and scalability while supporting our differentiated business strategy and delivering a superior experience for customers.”

ProSight’s case study, along with case studies of seven other winners, was published this week in Novarica’s 9th Annual Impact Case Study Compendium. Novarica has published more than 220 case studies through this program since 2012.

About ProSight

Founded in 2009 and headquartered in Morristown, New Jersey, ProSight Global, Inc. is an innovative property and casualty insurance company that designs unique insurance solutions to help customers improve their business and realize value from their insurance purchasing decision. The company focuses on select niche industries, deploying differentiated underwriting and claims expertise with the goal of enhancing each customer’s operating performance.  ProSight’s products are sold through a limited and select group of retail and wholesale distribution partners.  Each of ProSight’s regulated insurance company subsidiaries are rated “A-” (Excellent) by A.M. Best. To learn more about ProSight visit www.prosightspecialty.com.

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/

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, strategic consulting, and special programs. https://novarica.com/

Inquiries:
Joe Hathaway
JHathaway@prosightspecialty.com