The members of the Novarica Insurance Technology Research Council, a membership group of hundreds of insurer CIOs, have selected Legal & General America as the winner of this year's Novarica Research Council Impact Award for a Core Systems Initiative at a Midsize Insurer.
Legal & General America updated its existing systems to allow them to enter the US pension risk transfer market in just 100 days. The new system includes 90% of the most common retirement annuity products. The project had a budget of less than $1m and has already resulted in sales over $500 million.
This project was an epitome of teamwork and is a prime example of the innovative spirit that flows throughout this great organization every day.
This case study, along with dozens of other eligible cases, was published this spring in the Novarica Best Practices Case Study Compendium 2016, available at http://novarica.com/compendium2016/. It was selected as the winner in its category by insurer CIO members of the Council.
"This project was an epitome of teamwork and is a prime example of the innovative spirit that flows throughout this great organization every day," said Rajesh Krishnan, AVP, Application Development.
"We congratulate Legal & General America on the peer recognition of their successful initiative," said Matthew Josefowicz, president and CEO of Novarica, and lead moderator of the Research Council. "Since 2012, Novarica has published more than 150 case studies of insurer IT initiatives that drive business results, and the most impactful have been selected by our Council members for awards each year."